What is the amount you pay before your insurance pays the balance?

Question

For example, I have to pay the first 50 euros and then the insurance pays the remainder.

Answer 1

deductable

Answer 2

The amount you pay before the insurance pays the balance is known as the 'excess' on the policy.

The excess may or may not apply under different sections of the policy and may be for variable amounts. For instance in motor insurance there is (usually) no excess under the liability section - the insurer pays it all, then there may be a £100 excess for fire/ theft claims, a £250 excess for accidental damage claims and a £60 excess for windscreen claims.

Customers can increase the excesses under some sections and, because the insurance company will pay out even less they will reduce the premium. Please note that a voluntary excess is IN ADDITION TO policy excesses - if you are a young driver you may have a £100 policy excess, a £250 young driver excess so when you take a voluntary excess of £100 the total excess is £450.00. Watch out for internet policies as they ALWAYS have high excesses as standard and may already include a substantial voluntary excess.

Finally. The excess is payable no matter the amount of the claim so don't hink that you will take a high excess as you won't claim for losses up to £500 for instance. If you took a £500 excess in total then if the claim was £1000 you would get £500 only. You should always think about whether you could suddenly find your excess should you make a claim as the discounts you obtain will usually be much less than the amount of the excess.

Answer 3

hollow will pay the version between the honestly money fee (with out earlier harm) and the private loan payoff. Had you before been paid, for that scratch declare? if so, you are able to no longer assume to gets a commission two times, for an analogous harm! you haven't any longer any recourse. And in case you placed a great sufficient down charge down on your vehicle - like 20%, you will no longer want hollow insurance, as you merely isn't "the different way up" on the private loan. (whether, to me, figuring out to purchase a sparkling vehicle ITSELF is a "bend over" pass - as they depreciate a lot the 2d you stress it off the lot. I in no way purchase autos sort new. i might desire to purchase a vehicle, with manufacturing unit guarantee, one 300 and sixty 5 days previous, for approximately 0.5 what some sucker paid sticky label fee for, from an analogous broking. And pay $5 for the hot vehicle scent spray.)

Answer 4

Excess

Answer 5

since you already know the amount you pay (50 euros) am i to assume you want to know how much I pay for my deductible? well that would be 500 usd

Answer 6

This amount should be stipulated on your insurance policy. It is called excess, and this is what you have to pay on any claim you make.

Answer 7

The excess

Answer 8

In one word,its definitely 'Policy Excess'

Answer 9

It is called the deductible, it varies with the policy and company. a smaller deductible usually has a bigger premium.

Answer 10

hi - in the UK its called Excess, but can also be known as the Deductable

Hope this helps! x

Answer 11

It's called a deductable.