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When do you Pay Excess on Car Insurance?

Wondering how excess car insurance works and whether or not you need it? PSA answers all of your excess car insurance questions.

What is Excess

 
When you make a claim, most insurance companies will provide an excess amount that you will need to pay when opening a claim. The price of the excess owed will depend on your insurance policy but no matter the amount, you will be required to pay it, before your insurance company will pay out for the remaining expense. PSA Insurance Solutions takes unnecessary excess fees away from the stress of a written off or stolen vehicle by providing excess car insurance, for extra security and peace of mind when you’re on the road.
 

Why do we pay excess on car insurance?

 
The compulsory excess insurance that is on your policy needs to be paid in the event of any claim, even if your car was stolen or the accident was not your fault. The reason we have to pay excess car insurance mainly lies with insurance companies wanting to eliminate minor and/or small claims. With excess to cover out of their own pockets, insurers hope that by adding this charge, it will encourage drivers to take more care on the roads. Too many small claims and no excess to pay on car insurance would also increase premiums everywhere. If insurance policies didn’t have excess charges, claims could be made for small amounts which would mean much higher costs to run insurance companies overall.
 

Car insurance excess is the amount that you have to pay on your car should it be written off or stolen, before your insurance policy will cover the rest.

How does car insurance excess work?

 
Car insurance excess is the amount that you have to pay on your car should it be written off or stolen, before your insurance policy will cover the rest. It is required of the policyholder to cover the costs of the excess, regardless of who is to blame. The excess that your policy requires you to pay in the event of an accident depends on a number of factors such as the make of your car as well as the age and experience of your vehicle.
 
You can also choose to add voluntary excess to your policy, which allows you to add extra payments onto your excess, which, in turn, will bring down the cost of your insurance. The amount that you can volunteer to pay will again, depend on the insurance company, but paying voluntary excess is definitely something to consider.
  

Do i have to pay excess if someone else claims on my insurance?

 
Excess on car insurance is only payable by the party that makes the claim. So if a third party wants to make a claim against you, you are not liable to pay the excess. Both voluntary excess and compulsory excess is the amount that you pay towards your own claim or repairs. So if you’re still a bit confused as to how car insurance excess works, you can have peace of mind knowing that your excess is only payable, should you make the claim yourself.
 

Can i claim back the insurance excess after i have paid it?

 
Unfortunately, no matter who is at fault, you will be required to pay out the excess on your insurance policy – this is something you agreed to when you took out the policy – whether you are paying a voluntary or compulsory amount of excess on your insurance. If you don’t want to be hit with a large unexpected excess payment in the event of an accident, a great solution is to take out excess insurance, which will allow you to claim back anything you have spent out on your insurance policy, should your vehicle be written off or stolen. By taking out excess insurance, you are ensuring that you can keep the cost of your premium at a low rate, without risking paying out a shed load of excess, should something happen to your car.
 

What is excess insurance?

 
If you’re asking yourself the question: ‘how does excess car insurance work?’ the answer is fairly simple. Most insurance premiums will include an excess charge on their policy, which is the amount that you need to pay before the insurance company will pay out to fund the rest of the damage. By taking out insurance on this excess charge, you are protecting yourself from significant charges from an accident that wasn’t your fault. Car insurance excess cover is a simple concept that can result in huge savings, in the event of an accident. Depending on the level of excess car insurance that you take out, PSA insurance solutions can completely cover unnecessary charges. Simply head over to the website, enter your personal details as well as the details of your vehicle and get a quote that will soon see you totally protected with excess car insurance.
 

Why should you take out excess car insurance?

 
Taking out excess car insurance, whether that’s car insurance excess protection abroad or excess insurance at home, is a way of protecting yourself from unnecessary charges that will occur with your regular insurance premium, in the event of an accident. Taking out excess car insurance is a way of protecting yourself and providing peaceful mind in the stressful event of something happening to your vehicle. By heading to the PSA website and submitting your details, you’ll be given the best excess insurance cover for yours and your vehicle’s needs.
 
 
 

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Find out more about PSA's Excess Insurance

 
 
© PSA Insurance Solutions
PSA Insurance Solutions Ltd Reg No: C83206 is a limited liability company under Maltese Law, having its registered address at: MIB building 53 Abate Rigord Street Ta’ Xbiex Malta, Tel + 356 22 58 34 92. The company is enrolled to act as an insurance agent in terms of the Insurance Intermediaries Act, 2006 by the Malta Financial Services Authority (MFSA), Notabile Road, Attard BKR 3000, Malta.
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