What is insurance excess

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 the meaning of excess in insurance?

An excess is the amount you pay towards the cost of your claim for each incident covered by your policy. The total excess you are required to pay is determined by the circumstances of your claim. There are different types of excess, including: standard excess. voluntary excess.

Is it better to have high or low excess?

Generally, a higher excess is considered higher risk. But it might save you money right now. If you're an infrequent driver and mostly have your car safely stored then the level of risk may be low and the savings could be great.

What does excess amount mean?

adjective [ADJECTIVE noun] Excess is used to describe amounts that are greater than what is needed, allowed, or usual.

What is an excess and why is it paid?

Many policies include an excess. This is the amount you have to pay if you decide to make a claim on your policy. It's a way of you accepting a small portion of the risk yourself. The amount of the excess is specified in your policy.