Car hire insurance where FCDO advises against all but essential travel

GB01

Hi all,
I've just booked car hire for a trip to Italy in August for our honeymoon (we know there is a current 5 day quarantine). My question is around car hire excess insurance, i've followed the links as suggested on here but every policy is invalid if it relates to a country where the FCDO advises against all but essential travel. Does anyone know a way around it? 
At the moment it's looking like we'll have no choice but to take our their expensive car hire insurance so i was wondering what other people are doing?

Thanks!

MattMattMattUK

GB01 said:

Hi all,
I've just booked car hire for a trip to Italy in August for our honeymoon (we know there is a current 5 day quarantine). My question is around car hire excess insurance, i've followed the links as suggested on here but every policy is invalid if it relates to a country where the FCDO advises against all but essential travel. Does anyone know a way around it? 
At the moment it's looking like we'll have no choice but to take our their expensive car hire insurance so i was wondering what other people are doing?

Thanks!

What other people are doing is probably not going, those who are going and who are hiring a car will be self insuring for the excess insurance. 

Sandtree

MattMattMattUK said:

GB01 said:

Hi all,
I've just booked car hire for a trip to Italy in August for our honeymoon (we know there is a current 5 day quarantine). My question is around car hire excess insurance, i've followed the links as suggested on here but every policy is invalid if it relates to a country where the FCDO advises against all but essential travel. Does anyone know a way around it? 
At the moment it's looking like we'll have no choice but to take our their expensive car hire insurance so i was wondering what other people are doing?

Thanks!

What other people are doing is probably not going, those who are going and who are hiring a car will be self insuring for the excess insurance. 

More likely just either paying the hire car company's charge to reduce the excess or simply planning to pay the excess in the event of an accident. Not sure how many will be bothering to "self insure" for the sake of a single trip

MattMattMattUK

Sandtree said:

MattMattMattUK said:

GB01 said:

Hi all,
I've just booked car hire for a trip to Italy in August for our honeymoon (we know there is a current 5 day quarantine). My question is around car hire excess insurance, i've followed the links as suggested on here but every policy is invalid if it relates to a country where the FCDO advises against all but essential travel. Does anyone know a way around it? 
At the moment it's looking like we'll have no choice but to take our their expensive car hire insurance so i was wondering what other people are doing?

Thanks!

What other people are doing is probably not going, those who are going and who are hiring a car will be self insuring for the excess insurance. 

More likely just either paying the hire car company's charge to reduce the excess or simply planning to pay the excess in the event of an accident. Not sure how many will be bothering to "self insure" for the sake of a single trip

By "self insure", I mean take the risk oneself, not go and have it underwritten elsewhere.

Self-insurance is a situation in which a person or business does not take out any third-party insurance, but rather a business that is liable for some risk, such as health costs, chooses to bear the risk itself rather than take out insurance through an insurance company.

https://en.wikipedia.org/wiki/Self-insurance

Sandtree

MattMattMattUK said:

Sandtree said:

MattMattMattUK said:

GB01 said:

Hi all,
I've just booked car hire for a trip to Italy in August for our honeymoon (we know there is a current 5 day quarantine). My question is around car hire excess insurance, i've followed the links as suggested on here but every policy is invalid if it relates to a country where the FCDO advises against all but essential travel. Does anyone know a way around it? 
At the moment it's looking like we'll have no choice but to take our their expensive car hire insurance so i was wondering what other people are doing?

Thanks!

What other people are doing is probably not going, those who are going and who are hiring a car will be self insuring for the excess insurance. 

More likely just either paying the hire car company's charge to reduce the excess or simply planning to pay the excess in the event of an accident. Not sure how many will be bothering to "self insure" for the sake of a single trip

By "self insure", I mean take the risk oneself, not go and have it underwritten elsewhere.

Self-insurance is a situation in which a person or business does not take out any third-party insurance, but rather a business that is liable for some risk, such as health costs, chooses to bear the risk itself rather than take out insurance through an insurance company.

https://en.wikipedia.org/wiki/Self-insurance

https://www.investopedia.com/terms/s/self-insure.asp
Self-insure is a risk management technique in which a company or individual sets aside a pool of money to be used to remedy an unexpected loss. 

Self insurance, to me at least, does require an active element of putting monies aside (hence people say about warranties or pet insurance etc of opening a savings account and putting the money that you are saving on premiums in there) else you are simply running a risk rather than ensuring you have funds to cover it.

If you don't require the active aspect then someone who forgets to renew their home insurance  is "self insuring" whereas clearly they are just running an unknown risk

GB01

Thanks for the replies.
So it sounds like we have no choice but to pay their insurance, its only £100, so only £70 extra than the normal insurance but having been involved in an road accident abroad before (not our fault I must add!) I would rather not "self insure"

MattMattMattUK

Sandtree said:

MattMattMattUK said:

Sandtree said:

MattMattMattUK said:

GB01 said:

Hi all,
I've just booked car hire for a trip to Italy in August for our honeymoon (we know there is a current 5 day quarantine). My question is around car hire excess insurance, i've followed the links as suggested on here but every policy is invalid if it relates to a country where the FCDO advises against all but essential travel. Does anyone know a way around it? 
At the moment it's looking like we'll have no choice but to take our their expensive car hire insurance so i was wondering what other people are doing?

Thanks!

What other people are doing is probably not going, those who are going and who are hiring a car will be self insuring for the excess insurance. 

More likely just either paying the hire car company's charge to reduce the excess or simply planning to pay the excess in the event of an accident. Not sure how many will be bothering to "self insure" for the sake of a single trip

By "self insure", I mean take the risk oneself, not go and have it underwritten elsewhere.

Self-insurance is a situation in which a person or business does not take out any third-party insurance, but rather a business that is liable for some risk, such as health costs, chooses to bear the risk itself rather than take out insurance through an insurance company.

https://en.wikipedia.org/wiki/Self-insurance

https://www.investopedia.com/terms/s/self-insure.asp
Self-insure is a risk management technique in which a company or individual sets aside a pool of money to be used to remedy an unexpected loss. 

Self insurance, to me at least, does require an active element of putting monies aside (hence people say about warranties or pet insurance etc of opening a savings account and putting the money that you are saving on premiums in there) else you are simply running a risk rather than ensuring you have funds to cover it.

If you don't require the active aspect then someone who forgets to renew their home insurance  is "self insuring" whereas clearly they are just running an unknown risk

It depends what you view as "active", I look at a lot of things and think that the cost of the insurance is not worth it, I do not specifically put the money into a savings account that I would have otherwise spent on the insurance, but if the cost did occur it would come out of general expenditure or savings.

I insure things which are legally required (car insurance), but also things with either a high risk, or potential high cost should they occur. I would not go abroad with adequate insurance, I have home and contents insurance, I have car insurance. I do not insure keys, or boilers, or my mobile, or take extended warranties because on balance I do not think they are worth it. If I lost my phone it might cost £500-1,000 to replace, but as I have never broken or lost a phone in the 22 years I have had one I have saved considerably against the cost of insurance. At the same time I have insurance at home, a burst pipe, whilst unlikely could cause tens of thousands of pounds worth of damage, however the cost is only a couple hundred a year, so the cost vs the list makes sense. However I do not think that active means specific allocation of funds or putting them to one side. 

Sandtree

MattMattMattUK said:
However I do not think that active means specific allocation of funds or putting them to one side. 

How would you differentiate between uninsured and self-insured? Or are they just synonyms to you?

MattMattMattUK

Sandtree said:

MattMattMattUK said:
However I do not think that active means specific allocation of funds or putting them to one side. 

How would you differentiate between uninsured and self-insured? Or are they just synonyms to you?

Uninsured - Did not think about insurance, did not bother to insure, decided that they did not want to pay etc. No evaluation of risks and exposure.

Self-insured - Looked at costs of insurance vs likelihood of occurrence and cost of any potential incident, decided that on balance it was more economically sensible to not pay for insurance when accounting for the risk and cost should the incident occur. 

One requires an understanding of costs and risk, the other is inaction or attempting to cut current expenditure at the expense of an uncalculated risk of future expenditure.