When you buy an insurance policy generally there is some type of excess for you to pay in the unfortunate event you have to make a claim. Most of these excess payments are compulsory however it is now becoming more common that you can receive lower premiums if you are prepared to accept a higher voluntary or mandatory excess.
Excess insurance is simply an added insurance product you can take to cover you in the event of a claim ensuring you can claim back the excess payment you have had to pay.
How it works?
You spill a glass of red wine on your beautiful white carpet. You claim on your home insurance policy for the cost of a new replacement costing £1,000. You have an excess of £350 for accidental damage.
The insurer would pay you £650, we will refund you the £350 excess easy!
This would be subject to you choosing a high enough cover limit. Let's say you have selected an annual cover limit of £500, any further claim (provided the excess was above this figure) would also be paid up to the remaining £150.
Cover limits can be selected for amounts up to £2,000. We do not restrict the number of claims that can be made until the aggregate amount reaches the cover limit.
Things To Look Out For!
Increasing any excess with your insurance company will obviously result in lower premiums, that being said there is also the cost of the excess insurance. You will need to weigh up the gains against the losses to see how it benefits you.
That being said, our customers tell us they buy excess insurance as they do not want to worry about having disposable funds for their agreed excess payments with their insurance companies.
Could you afford or even want to find a £2,000 hire car excess if you had just returned from the holiday of a lifetime!
We provide a full range of excess insurance products in both single and multi format policies:
Reimburses your motor insurance excess where you are at fault or unable to reclaim your excess, following the successful settlement of a Motor Insurance claim.
Motor & Car Hire Excess
Reimburses your motor insurance excess where you are at fault or unable to reclaim your excess, following the successful settlement of a Motor Insurance claim for your own vehicle and worldwide car hire rental.
Building & Contents Excess
Reimburses your Building & Contents insurance excess where you are unfortunate enough to have to make a claim.
Reimburses your excess payments on multiple insurance policies, including Motor, Home, Travel, Pet & Health Insurance policies.
All of our policies include the following features:
Six levels of cover from £250 to £2000.
Multiple claims allowed up to your annual cover limit.
Immediate cover on purchase of the policy
14 Day Money Back Guarantee
Do I need Excess Insurance?
If you have an excess on your policy which you do not wish to be liable for or in fact are unable to afford to pay, then the answer is YES!