Excess protection is an additional cover that is included as standard in some car insurance policies or can be added on to others for a fee. It basically refunds the excess that you have to pay in a claim where there is no responsible third party.
What is insurance excess protection?
Paying excess for an insurance claim can be expensive, excess protection is an insurance policy that recovers the excess costs. … If you claim on an insurance policy, you will pay the excess amount that you agreed to when buying your policy, and then the excess insurance will return the money back to you.
How does excess work on insurance claims?
- The excess is the amount you have to pay when you make a claim on your car insurance. …
- Generally, you only pay an excess for your own losses and when it’s your fault.
- You usually pay the excess upfront to get a claim started – so make sure you can afford it.
What is excess protection for home insurance?
Home Excess protection is an additional cover that refunds the excess that you have to pay if you make a claim under your main home insurance.
Is excess protect worth it?
Excess protection is not just a good option for your own car. It can give you real peace of mind when you hire a car on holiday or on business. When you hire a car, it is insured by the car hire company and you’ll pay an agreed excess fee if any damage occurs.
Can you insure your excess?
Excess insurance can cover insurance policy excesses, like your motor or home cover, and the high excesses charged by hire car companies. An excess insurance policy can cover compulsory and voluntary excesses on a range of insurance policies. You will need to agree to an excess limit before you take out cover.
What are the disadvantages of insurance companies?
- 1 Term and Conditions. Insurance does not bear every type of loss that occur in individual and business. …
- 2 Long Legal formalities. …
- 3 Fraud Agency. …
- 4 Not for all People. …
- 5 Potential crime incidents. …
- 6 Temporary and Termination. …
- 7 Can be Expensive. …
- 8 Rise in Subsequent Premium.
Who pays the excess on a car insurance claim?
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.
How do I claim my excess back?
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. If you have a no fault accident, a credit hire company can also make a claim on your behalf.