I'd be interested to know how you get on.
I find the excuse about the banks wanting to change the wording a bit odd. The bank is counter-indemnified by you in exactly the same terms as the guarantee given to the RAC so as long as it feels it has sufficient financial cover I doubt it would be too concerned.
Can you get confirmation from your bank that they will accept the RAC's standard guarantee wording? If so, it's difficult to see what the RAC's objection could be.
If they insist on this line then they should at least increase the limit on the deposit they will accept. I've never understood the reason for this ceiling.
In practical terms this could scupper people who want to cross Egypt and therefore need cover for 800% of their vehicle value. If I had had to go down the insurance route for my 3 year trip rather than the bank guarantee it would have cost me a fortune.
|