Insurance excess is the amount you have to pay towards the overall cost of an insurance claim. It’s usually a pre-agreed amount. Your insurer will then contribute the rest – up to the limit of the cover. You’ll see insurance excess on insurance products like travel, motor, home and health.
What is free excess cover?
Free excess cover. Buy car insurance with us and we’ll refund your excess if you make a claim. Get a car insurance quote. [1]Up to £250 refunded after claim settled. Excludes breakdown and windscreen repair or replacement.
Who is responsible for excess?
Generally, the owner who submits the claim will be responsible for the excess payment, but there are some circumstances where this may differ.
Can I claim back excess?
Paying excess for a car accident that isn’t your fault
If you have trouble getting your money back, you can take the insurance company or driver to court. If your insurance company have dealt with the claim, they should claim the excess back for you.
What is an excess cover? – Related Questions
Is it better to have high or low excess?
Generally, a higher excess is considered higher risk. But it might save you money right now. If you’re an infrequent driver and mostly have your car safely stored then the level of risk may be low and the savings could be great.
Is it worth claiming on car insurance for a dent?
If you have an accident and the cost of repairing your car or another person’s vehicle is cheaper if you claim on your insurance, it’s probably the best idea. Insurance is there for these circumstances after all, so you shouldn’t avoid using it if you have to.
How long will it take to get my excess back?
If you are wondering how long it will take to get you excess back after a claim, this is almost impossible to say – even your insurer may not know. Depending on the complexity of your accident claim however, it can take anything from a couple of months to over a year.
How does health insurance excess work?
Having an excess on your Hospital cover is a way of making your health insurance cheaper. Generally, the higher your excess is, the lower your premiums will be. Just like with your car or home insurance, an excess is a contribution you’re required to pay towards a Hospital claim you make on your policy.
What is excess buy back in insurance?
The process is called excess buyback. The implication is that if your vehicle is insured for N10m, for instance, you get full payment in the event of a total loss, without recourse to excess. But excess buyback only applies to motor insurance; in other types of insurance, excess is a cup every policy holder must drink.
Do I have to pay my excess if my car is not damaged?
Do I have to pay an excess on my car insurance policy if only the other party is claiming? An excess is the amount you pay towards your own repairs or claim, so you don’t have to pay an excess for a third party’s claim. Also, if you don’t claim for your own damage, you don’t pay an excess either.
Why do I have to pay my excess if someone hits me?
Excesses help to deter fraud and reduce the number of very low-value claims. Having to pay an excess means anyone making a claim is more likely to be genuine – it’s a way for insurers to protect against fraud and false claims.
What happens if you don’t tell your insurance about an accident?
But the outcome of not telling your insurer about an accident could be much less favourable. If you don’t let your insurer know, they could have the right not to renew your policy. In some cases, your insurer might consider you to be deliberately withholding information, which is a form of fraud.
How does excess affect car insurance?
Generally, the higher the overall excess, the lower your premium cost will be. The reason is fairly simple – if you’re willing to pay towards any damage done to your car, the amount the insurer needs to pay out is reduced.
Is it worth paying voluntary excess?
A voluntary excess is an amount you’re willing to pay towards the cost of a claim. The main reason you might agree to do this is because it’s likely to reduce the cost of your car insurance. When you get a car insurance quote, it’s worth looking at how changing the voluntary excess affects your price.
What should I set my voluntary excess at?
The voluntary excess amount that you commit to will mostly be determined by the disposable income you have access to if the need for a claim arises. It should be set at an amount that you can comfortably manage to pay whilst taking the inclusiveness of compulsory excess into consideration.
What should my excess be?
As a general guide, standard excesses tend to range from around $200 up to $700, but could be higher or lower depending on your circumstances.
Why is my car insurance excess so high?
This is the fixed amount pre-set by your insurer to be paid if you make a claim on your car insurance. The excess level tends to be higher for new drivers with less driving experience, or those who drive high-performance cars – depending on the car’s insurance group.
What if excess is more than damage?
What’s an excess? It’s the amount that you’ll pay out of your pocket when you make a claim. If the cost of repairing or replacing your car is higher than the excess, AAMI will pay the rest (up to the amount covered). Excesses may be annoying, but they help keep your premiums low.
What is standard excess car insurance?
Car insurance excess explained. 04 March 2021. An excess is a payment you’ll need to make if and when you make a claim on your Car Insurance, and your insurer accepts that claim. This amount is confirmed when you take up or renew your policy, and the money goes towards the cost of repairing or replacing your vehicle.
What if damage is less than excess?
If the damage to your vehicle is minor, and the cost of repairing it is less than your excess, lodging a claim is unnecessary. You can still have a claims adjustor make an assessment of the damage so you have an accurate idea of the bill you’re facing, but without any obligation to file a claim.