If you’ve ever been in the unfortunate position of needing to make a motor insurance claim, the chances are that one of the most frustrating aspects is the financial contribution you are expected to make when any settlement is made. You’ve paid the premiums, after all, so forking out a typically not inconsiderable sum by way of an excess may seem especially unfair.
- so, is there any way to avoid it?
- the good news is that the answer is yes;
- the even better news is that it may be very simple and straight forward to ensure;
- the answer in fact lies in a straight forward, complementary policy that insures you against your liability for the excess itself (up to predefined limits);
- your motor policy might include a compulsory excess, for example, but a simple additional insurance may ensure that the amount of any such excess is readily covered – if you need to pay it, reimbursement is easily and immediately available through the top-up policy;
- a further bonus with some types of this motor excess protection insurance is that it also extends to any rental car you might hire in the UK – thus freeing you from an invariably expensive damage excess waiver that is typically charged;
- but the good news may be even better still;
- when you are arranging or reviewing your current motor insurance, you may notice that reduced premiums may be offered in return for your accepting an additional voluntary excess;
- the reasoning is straight forward – you accept a greater degree of risk by assuming a higher excess, so the insurer is exposed to a lesser risk and, so, offers cover at a reduced premium;
- if you are secure in the knowledge that your increased excess may still be completely covered by a supplementary, standalone insurance policy, of course, there may be no difficulty in your accepting such a voluntary excess – and enjoying the reduced premiums that go with it;
- the simple expedient of protecting your excess, therefore, may readily, safely and comfortably lead to your saving money on the overall cost of your motor insurance.
Safeguarding any excess that you might otherwise have to pay as the result of any motor claim, therefore, might result in a twofold economy – not only do you save on the cost of the amount you may otherwise need to pay in the event of a claim, but you might also enjoy the immediate saving in the cost of your motor insurance.