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This week may be the time to rent a car for a European trip this summer.

Two major companies, Hertz and the Kemwel Group, offer special rates that expire on March 31. Avis, Auto Europe and Europcar have no looming deadlines, but with the value of the dollar vacillating, the rates quoted here in mid-March may change.

All the companies here say they will guarantee dollar rates: Once the rental is reserved, the companies say, the price will not increase.

“A rental from a major company tends to cost much less if you negotiate it at home,” according to Eric Bredesen, author of “Moto Europa” (Seren Publishing, $24.95), a recent book that covers the field.

When you shop by phone, whether through a travel agent or direct to the company, be aware of several factors. First, the value added tax, or VAT, varies by country but is usually steep: 18.6 percent in France, for example, and 19 percent in Italy. In comparison shopping, be sure that the prices quoted all do or do not include the VAT.

Second, rentals in Italy require theft coverage separate from any collision damage waiver. This relieves the renter of responsibility if all or part of the vehicle is stolen. The cost will vary-one company charges $11.36 a day for midsized manual autos-but be sure it is included in the quoted rate.

Third, be sure you find out from your insurance broker and credit card company what coverage you already have before you get into a dispute about a collision damage waiver.

Last, some of the least-expensive European cars are really small; they may have four seats, but they are better for two adults and two children. We rented a Renault Clio Fiji for four adults in Italy last year and the knee room was snug. For longer trips, the men sat in the front and the women in the back, with some luggage on the back seat as well. Tell the rental agent how many people and how much luggage you will carry.

Remember also that inexpensive rentals are likely to be manual shift. If you cannot operate a stick shift, driving lessons now may be cheaper than the added costs, say $90 a week, the differential quoted by Auto Europe for an Opel Vectra in Germany.

And one warning: Speeding fines can be serious, and the police are usually authorized to collect from foreigners on the spot. The Boots family of Oak Park, Ill., paid $750-950 Swiss francs-when they drove out of the 10-mile single-lane St. Gotthard Tunnel into the Canton of Uri, Switzerland. The charge was driving 123 kilometers an hour-72 miles an hour-in a zone where the limit was 80 kilometers, or 49 mph. Steven Boots paid on his Mastercard at a table set up for the purpose, his mother, Joanne Boots, wrote.

When asked about the incident, Evelyne Mock of the Swiss National Tourist Office said that 50 Swiss francs was a fee for the district attorney’s office and 900 francs was a deposit until the court decided the fine. The Boots’ car was tagged on Sept. 5, 1994, and the case was still pending on March 13, Mock said.

Here are guaranteed dollar rates for weekly rentals with unlimited mileage, reserved and paid in advance. The rate for the smallest model is quoted for comparison purposes.

Kemwel, a booking agency in the United States for various rental companies in 26 European countries, calls its program Super Saver. These prices, effective until March 31, do not include VAT or collision damage waiver. Kemwel’s “A” (or smallest) cars, a spokesman said, are manual-transmission two-door minicars useful for two passengers with limited luggage. In Britain, the weekly rate for such a car is $119; in France, $169; in Germany, $99; in Spain, for a rental between June 1 and Sept. 30 (Spain has a high season at Kemwel), $205, and in Italy, $157 with the theft waiver. Kemwel throws in a bonus of a $25 debit card for telephoning home.

Kemwel, 800-678-0678.

Hertz’s Affordable Europe Early Booking Special also requires payment by Friday. The price does not include VAT or collision damage waiver. Hertz’s smallest car is a Ford Fiesta or equivalent. In Britain, the weekly cost is $128; in France, $194; in Germany $161; in Spain, $179, and in Italy, $231 including the theft waiver.

Hertz International, 800-654-3001.

Avis Europe’s program is called Discover Europe. This company’s “A” car is an Opel Corsa or Peugeot 106 or the equivalent with two doors. Weekly rates for this model, without VAT or collision damage waiver: Britain, $142; France, $186; Germany, $149; and Spain, $180. In Italy, Avis’ smallest car is a “B,” a Lancia Y10 or the equivalent, another car better for two people than four. A rate for this model, quoted in mid-March for the week of May 2-9, was $201, including the theft waiver.

Avis Worldwide, 800-331-1212.

Europcar, an affiliate of National, calls its guaranteed dollar rate Advansaver. Europcar’s economy cars are the Renault Clio, Ford Fiesta, Opel Corsa or the equivalent. The weekly rate, without VAT or collision damage waiver, in Britain is $143; in France, $212; in Germany, $128; in Spain, $198; and in Italy, $276 with theft protection.

National Europcar, 800-227-3876.

Auto Europe, another booking agency for overseas companies, uses Avis, Europcar and independent operators in 26 European countries. The smallest cars are the Opel Corsa, Fiat Punto or the equivalent. The rate, without VAT or collision damage waiver, in Britain is $135; in France, $185; in Germany, $109; in Spain, $167; and in Italy, $269 with the theft waiver.

Auto Europe, 800-223-5555.

Some companies offer extras this year. Avis has special services for Britain, France, Germany or Italy. The first, Know Before You Go, is reached in the United States by calling 800-297-4447, 24 hours a day. It answers questions about driving in these countries-for instance the price of a gallon of fuel in dollars.

This line also provides the number for a second service, On Call, which offers toll-free numbers in Britain, France, Germany or Italy for support services 24 hours a day. On Call is intended for such crises as finding an English-speaking doctor or a cash machine. The appropriate number must be obtained before departure. A number for getting or retrieving phone messages also may be obtained before departure.

Hertz offers Le Swap for renters using the train through the Channel Tunnel. Renters can leave left-hand-drive cars behind and get right-hand drive in Calais, France, to use in England, or do the reverse in the other direction. If a renter on this plan does not return the car to the original country, there is no drop-off fee.

Prices for this program, Shuttle passage included, start at $259 a week for an economy rental that starts in Britain or $320 in France. Hertz also has a system for renting in one of 16 countries and dropping off in another for a lower drop-off fee: about $55, calculated in local currency.