For rental car companies like Europcar, Avis and Sixt, offering high-quality service at competitive prices is key to client attraction. But have you ever considered the potential benefits of partnering with a travel insurer for holiday car rentals?
In this article, we’ll explore the benefits of having a travel insurer as a partner for holiday car rental companies.
By providing holiday car rental with trip insurance as an additional service, not only will the revenue potential be boosted but there is a high likelihood that customers would purchase it. A study conducted by National Car Rental in 2018 found that “customers who were offered travel insurance were more likely to buy it compared to those who weren’t.” Thus, offering travelers this exclusive option may improve customer satisfaction and overall business profits.
Offering travel insurance not only increases overall revenue of the rental by increasing transaction values, but can also increase customer loyalty. By offering various options such as basic and premium coverage levels that fit different budgets and needs, customers will appreciate the extra service you provide and build trust with your business. Additionally, repeat customers who spread positive word-of-mouth recommendations are highly likely in this scenario!
In addition to the revenue benefits, partnering with a travel insurer can also help car rental companies minimize risk. Travel insurance can provide coverage for damages and accidents that may occur during the rental period, which can reduce the financial burden on the car rental company.
Travel insurance can also provide liability coverage, protecting the car rental company in the event that a customer is found to be at fault in an accident. This can also help to reduce the likelihood of legal disputes, saving the company time and money in the long run.
When looking for a travel insurance partner for a holiday car company, it is important to consider several factors. One of the most important is the reputation of the insurance provider within the industry. It would be wise to pick a provider with a good track record of quality service and reliable claims management.
The coverage offered by the insurance provider should also be closely evaluated to ensure it meets the needs of the holiday car company and its customers. Other factors to consider include the cost of the insurance and the ease of purchasing and using the insurance. It’s also good to check if the insurance partner has good communication channels, 24/7 assistance, and if they have any partnership with other companies that can offer additional benefits. Overall, finding the best travel insurance partner will require careful research and consideration of all relevant factors.
References:
National Car Rental. (2018). The Benefits of Offering Travel Insurance. National Car Rental. Retrieved from https://www.nationalcar.com/en/about-us/news/the-benefits-of-offering-travel-insurance.html
Marsh, J. (2018). The Benefits of Offering Additional Services to Car Rental Customers. Forbes. Retrieved from https://www.forbes.com/sites/jimmymarsh/2018/05/24/the-benefits-of-offering-additional-services-to-car-rental-customers/?sh=1f711f6e5f09
European Commission. (2019). Car Rental and Leasing. European Commission. Retrieved from https://ec.europa.eu/info/business-economy-euro/business-and-b2b/sales-and-marketing/car-rental-and-leasing_en