What is excess fee in insurance

Insurance excess is the amount you have to pay towards the overall cost of an insurance claim. It's usually a pre-agreed amount. Your insurer will then contribute the rest – up to the limit of the cover. You'll see insurance excess on insurance products like travel, motor, home and health.

What is excess fee?

The excess fee is the fee applicable when contracting our “FULL/FULL “rate. It is the maximum amount that the customer will pay in case of vehicle damage or accident. Such excess fee varies depending on the car group.

What is excess insurance example?

How does it work? If your home is damaged in a storm, the cost of repairing the damage might be $4000. If you had a $600 excess, you'd pay the first $600 and the insurer would pay the remainder. Not every type of policy has the same kind and level of excess, and excesses don't all apply in the same situations.

What happens when you pay excess?

You pay the excess in the event of any claim made on your insurance policy regardless of who's to blame. However, if it's proved the accident was the other person's fault and the full cost is recovered from their insurer, you may be able to recover this amount.

Who pays the excess?

What's an excess? When you make a claim, your excess is the dollar amount that comes out of your pocket when your vehicle needs repair. The rest is covered by your policy. For example: If your repair bill is $10,000 and your excess is $500, then you pay $500 and your insurer pays $9,500.