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Your Motor Insurance Policy Has An Excess

Your Motor Insurance Policy Has An Excess. Apart for some windscreen cover, you will pay an excess no matter which policy or cover type you have. A compulsory excess is the minimum excess payment the insurer will accept on the insurance policy.

Understanding Your Car Insurance Policy
Understanding Your Car Insurance Policy from

This insurance will pay for your excess in the case of an accident. Your total excess is usually made up of a compulsory and voluntary excess. Many policies include an excess.

You Will Bear The First N50,000 (The Excess) While Your Insurance Company Pays N200,000.

This is money towards covering the costs of the damage. A sum of n250,000 is required to repair the car. Having an excess on your policy will help to keep the premium down.

That’s Where The Claim Amount Is More Than The Excess On Your Insurance Policy.

When you fill out a quote, your excess will usually default at about the $650 mark. You may have a policy excess where you are responsible for the first £50.00, £100.00, £200.00, etc, of any claim in respect of your vehicle and you will either have to pay that sum to the garage, getting a receipt in the process, or that sum will be deducted from any total loss payment if your vehicle is beyond economical repair. Excess insurance is a form of insurance that works next to your traditional car insurance policies.

Minimum Excesses Vary According To The Personal Details, Driving Record And The Insurance Company.

Your insurance policy might have a voluntary and compulsory excess. The amount of the excess is specified in your policy. The excess itself can also be protected by a motor excess insurance policy.

A Compulsory Excess Is The Minimum Excess Payment The Insurer Will Accept On The Insurance Policy.

Compulsory deductible or excess for car insurance is that amount that is mandatorily deducted by insurance companies on each and every claim you make. Compulsory excess is set by your insurer and is the lowest amount that you can agree to. To understand whether you’d benefit from it, it might be useful to first explain what a car insurance excess is, and how excess recovery works.

Again, With Budget Direct Insurance You Have The Flexibility To Reduce This Amount To Zero Or Increase Your Excess To $800.

Apart for some windscreen cover, you will pay an excess no matter which policy or cover type you have. If you’re not at fault and the other party has caused the accident then you may not have any out of pocket at all. For motorcycles the standard policy excess is $500.