when booking insurance, what is the 'excess'?

Answer 1

do you mean what is it ~ it is the ammount you have to pay befor you make a claim ie my dogs excess is £70 this means i have to pay the first £70 of any claim
or do you mean how much is it ~ depends on the insurance company generally the higher the excess the lower the insurance premuim

Answer 2

In an insurance policy, the deductible or excess is the portion of any claim that is not covered by the insurance provider. It is normally quoted as a fixed amount and is a part of most policies covering losses to the policy holder. The deductible must be "met", that is, paid by the insured, before the benefits of the policy can apply.

In a typical automobile insurance policy, a deductible will apply to claims arising from damage to or loss of the policy holder's own vehicle, whether this damage/loss is caused by accidents for which the holder is responsible, vandalism or theft. Third-party liability coverage generally has no deductible, since the third party will likely attempt to recover any loss, however small, for which the policy holder is liable.

Most health insurance policies and some travel insurance policies have deductibles as well. Typically, a general rule is: the higher the deductible, the lower the premium, and vice versa. The type of health insurance deductibles can also vary, as individual amounts and family amounts. Major medical insurance policies are known for often having a deductible which does not cover the cost of routine visits (e.g., to a doctor's office).

Answer 3

As already mentioned excess is the agreed amount you pay in the event of an accident.

If it's not your fault (i.e. car insurance) you can often claim the excess back off the other driver's insurance.

Many companies also have a voluntary excess policy where you can volunteer to pay a certain amount more (e.g. £100 or even £300 excess) which in turn will lower your overall premium cost, however you will obviously have to pay a fair bit more if you do have an accident.

Answer 4

Its the amount you have to pay first before the insurance company is liable.

So lets say you insure something for £500 but your excess is £50, that means that if you make a claim you would pay the first £50 and the insurance company would pay the remaining £500.

It's basically a way of insurance companies getting out of being liable for smaller claims - which subsequently are more likely than larger claims.

Answer 5

Should you make a claim you have to cover the excess, not the insurance company. The higher the excess, the lower the premium

Answer 6

The amount you have to pay to contribute towards any claim on an item.

For example, car windscreens often have an excess of £50. You pay £50 and your insurance foots the rest of the bill.

Answer 7

the excess is what you pay towards the repairs. for example if your car is in an accident and needs repairing you pay the excess amount towards the repairs. if the vehicle is unrepairable the excess is taken out of the settlement amount so you will recieve a cheque for the amount agreed minus the excess. before choosing an excess amount, think about what you will be able to afford to pay,
(worked for churchill insurance for 6 years)

Answer 8

It's what you have to pay before you get any money from a claim e.g. if you have £100 excess and you were claiming for a broken coffee table that would have cost £300 then you would only get £200

Answer 9

Excess is an agreed amount of money that you pay when making a claim.

Answer 10

in addition to all the above it is a deterrent to claiming for any and everything so if you got a small dent in your bumper you would think twice about claiming if your excess was £200.