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Third Party Car Insurance
Excess is part of most car, home and travel insurance plans. It is an odd word, and not always fully explained in an insurance context. If you ask people about excess and what it means, many may have some explanation, but most won’t completely understand what excess is and how it applies to their vacation insurance contract. Let us have a closer look at excess, and explain correctly what it means and why it is on your policy. Excess is the part or part of the travel insurance claim not covered by the travel insurance provider. It is often the first part of the claim as opposed to a cap on the claim itself.

Third Party Car Insurance
Third Party Car Insurance
Which implies that the excess is more prone to be the first 1-500 pounds of a travel insurance claim as opposed to only covering you for 1-500 of costs and after that you need to pay the rest. Excess is also frequently applied to personally caused travel insurance claims as opposed to claims involving a 3rd party. Though it appears like an odd idea, excess works because most cost effective losses, damages, and thefts etc. Which are caused by the policy holder might be easily fraudulent or not a situation that would necessitate insurance action. An example of this will be you play with a beach ball indoors and smashing a window.

The cost will be quite low, but you couldn’t really claim it was anyone else’s fault, so it isn’t a situation where your holiday insurance should come into effect. If you tripped over your very own legs in a museum and smashed a 1, 000,000 vase while on holiday, insurance payouts will be necessary to cover the expenses over the 500 excess that you’d pay. A high excess might seem to deny the point of travel insurance in the first place, but it’s its up side. A high excess is usually accompanied with low premiums. It is far better to pay cost effective premiums with a possible excess than paying high premiums for something which probably will not happen.

High excesses are employed by some inexpensive travel insurance agencies to keep prices low, but really good companies may have low premiums and excesses of about 50-250 per person per claim, obviously on a case by case basis. Companies with a much higher excess and higher premiums are price gouging, and should be avoided. Excess is very rare if ever charged on cases involving 3rd parties where the claim is their fault. Be wary if a company wants to charge you non refundable excess on such an accident. Travel insurance agencies might ask you to pay the immediate costs – it is impractical for them to get a representative out to a small Greek island to pay the fee to tow your vehicle – but most companies repay these expenses, so that they are not really excess.

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