Insurance Policy Excesses
I am buying an insurance policy for the first time but it says that I have to pay excesses of £250 so I just wanted to know if I will be refunded that £250 if nothing goes wrong like no accidents or anything like that. Thanks
Original post by shamensaki
I am buying an insurance policy for the first time but it says that I have to pay excesses of £250 so I just wanted to know if I will be refunded that £250 if nothing goes wrong like no accidents or anything like that. Thanks
No that’s not correct.
IF you have an accident and your car has damage they pay to repair you pay the first £250. If your car is written off the take £250 off the amount they tell you it’s worth.
Original post by shamensaki
I am buying an insurance policy for the first time but it says that I have to pay excesses of £250 so I just wanted to know if I will be refunded that £250 if nothing goes wrong like no accidents or anything like that. Thanks
You don't pay the excess until you claim.
Original post by IWMTom
You don't pay the excess until you claim.
Thank u sir.
Original post by virgil1
No that’s not correct.
IF you have an accident and your car has damage they pay to repair you pay the first £250. If your car is written off the take £250 off the amount they tell you it’s worth.
IF you have an accident and your car has damage they pay to repair you pay the first £250. If your car is written off the take £250 off the amount they tell you it’s worth.
Almost - If you have a non-fault claim and all costs are recovered from the third party, you should not have to pay the excess. If your insurance company has to pay out anything, you will pay the first £250, regardless of fault. Note that event in the event of a non-fault claim, you may still be asked to pay the excess up front but then get it refunded when the claim is settled and costs recovered from the third party insurer.
£250 is pretty fair for a new driver. Most insurance companies have a higher compulsory excess for new or young drivers.
Original post by Talon
Almost - If you have a non-fault claim and all costs are recovered from the third party, you should not have to pay the excess. If your insurance company has to pay out anything, you will pay the first £250, regardless of fault. Note that event in the event of a non-fault claim, you may still be asked to pay the excess up front but then get it refunded when the claim is settled and costs recovered from the third party insurer.
£250 is pretty fair for a new driver. Most insurance companies have a higher compulsory excess for new or young drivers.
£250 is pretty fair for a new driver. Most insurance companies have a higher compulsory excess for new or young drivers.
Ah yes you’re, of course, completely correct. I was only meaning for fault claims but on re-reading I wasn’t 100% clear.
I was thinking £250 was really low too, I wonder if that’s the voluntary and the OP isn’t mentioning the compulsory portion.
Original post by Talon
Almost - If you have a non-fault claim and all costs are recovered from the third party, you should not have to pay the excess. If your insurance company has to pay out anything, you will pay the first £250, regardless of fault. Note that event in the event of a non-fault claim, you may still be asked to pay the excess up front but then get it refunded when the claim is settled and costs recovered from the third party insurer.
£250 is pretty fair for a new driver. Most insurance companies have a higher compulsory excess for new or young drivers.
£250 is pretty fair for a new driver. Most insurance companies have a higher compulsory excess for new or young drivers.
Oh, Yh thanks for replying and I did not have to pay anything now like I guess it's only when something goes wrong then I contribute that £250 which said it was compulsory. Thanks 👍
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