Excess - Preset non recoverable insurance condition
Excess is usually a set amount or percentage of insurance cover that the customer is responsible for when making a claim. Excess exists to limit fraudulent claims and reduce the risk to insurers.
It is possible to take UK insurance out to cover the loss of property from theft and damage and also to cover earnings lost due to illness, redundancy and to cover possible medical bills. When taking insurance cover out the consumer entered into a legally binding contract with the insurer where the consumer agreed to pay the first £X amount of any claim irrespective of blame. This is excess and is an uninsured loss and has to be paid as a condition of the claims procedure.
Excess Example - UK Online Insurance
A few minutes spent obtaining insurance quotes online from UK insurance companies could really save a substantial sum on UK assurance premiums. Premium price can certainly be a major factor when weighing up the difference between insurers and their products. But other factors should also be taken into consideration. What type of cover is wanted? What extras are required? What is the payment schedule? What is the policy excess? What are the exclusions?
Insurance Information
Getting UK online insurance quotes from several providers will enable consumers to quickly find savings on their insurance premiums. Going through all the items to be insured could mean savings for consumers in the hundreds.