If you’ve rented a car from time to time, you’ll be familiar with a decision you have to take every time you pick the car up from the agency.
You get asked if you would like to “buy back the excess”, or “waive the excess for a fee”.
What this means is that you pay an extra amount per day, and they remove the excess on the car insurance. If you do not take this option and you have an accident, or a person steals or vandalises the car, you’ll have to pay the first £400 to £4000 of costs towards that damage before the car rental company’s insurance takes the rest. If you do take this option, that gets reduced to zero and you’re safe.
This option can cost anything between £5 to £45 per day, and if you think that’s a lot to pay to get rid of a risk, you’re right. You can get the same thing for much less money.