If your vehicle is repaired then your excess is paid to the repairer when you collect it. If your vehicle is written off or stolen then your excess is deducted from the final claim payment.
Insurers often give premium discounts for volunteering a larger excess.
Some vehicles attract a high excess, for example high performance and high value cars. Young drivers, normally under 25, also often attract a higher excess.
Excess protection insurance is a fairly new product and rapidly becoming popular.
You can protect yourself against the pain of paying a high excess for a small annual premium.
How it Works.
If you have a £500 excess on your car insurance and you have a claim for £2,000, you are liable for the first £500 of the claim and the insurance company will pay you the remaining £1,500.
An excess protection policy would reimburse you for the £500 excess.
So when would excess protection insurance be used?
If you are a young driver
If you drive a high performance or high value car
If you car insurance gives you a large discount for volunteering a high excess and the cost of an excess protection policy is less, saving you money
If you insure a commercial vehicle, minibus or coach
If you are a driving instructor
If you insure a taxi
In fact, this policy can cover all manner of vehicles including:
Cars, motor bikes, quad bikes, caravans, motor homes, commercial vehicles, taxis, mini buses, coaches, dual control vehicles and chauffeur driven vehicles
How do I buy this cover?
Simply visit http://www.entrust-insurance.co.uk/excessprotection.html to see the premiums and cover details.
You can request cover online or phone us on 0844 272 5358.
You may also be interested in:
Our Car Insurance – http://www.entrust-insurance.co.uk/carinsurance.html
Our Commercial Vehicle Insurance – http://www.entrust-insurance.co.uk/commercialmotor.html
High Net Worth Insurance (insure your home and multiple cars on one policy) – http://www.entrust-insurance.co.uk/highnetworthinsurance.html