Featured within the Which? Report on Gap Insurance.
Protected by the Financial Services Compensation Scheme.
Motor Insurance excess policies are nothing new in fact they have been around for many years protecting hundreds and thousands of customer each and every year. So what can a motor insurance excess policy do for you and how does it work?
If your vehicle is damaged you would naturally make a claim on your motor insurance policy. They would repair the vehicle and then ask you to pay your motor insurance excess. This is the first part of any claim that you are responsible for paying.
Normally when you buy your motor insurance you will be asked to pick a voluntary excess and sometimes the insurance company may impose a compulsory excess. This means that even if your vehicle is damaged through no fault of your own you may be left paying a considerable amount of money in order to have your vehicle repaired.
So why does your motor insurance company encourage you to, in some cases, increase your excess by reducing your motor insurance quote when you do?
The simple answer is because it means that you are paying a big chunk of money each and every time you have to make a claim. Did you know that some young drivers insurance can decrease many hundreds of pounds simply by increasing your excess. Sounds good well yes until that is you need to make a claim and then potentially you are left having to find in some cases thousands of pounds.
Excess Insurance would mean that you would pay your excess and then simply claim it back from your policy. It genuinely is as simple as that.
This can be a combination of compulsory and voluntary excess.
Like all insurance policies, the Motor Excess cover from Total Loss Gap will have some typical exclusions. These may include:
Why not click or call 0151 647 7556 and see just how affordable excess insurance can be?
Your policy is fully FCA regulated and backed by the Financial Services Compensation Scheme.
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