FAQ’s – Our Excess Insurance Explained
Frequently Asked Questions
What is an Excess?
When you take out a standard insurance policy, the insurer will apply an ‘excess’ – this is the amount that you’ll have to pay out yourself in the event of a claim. The insurers apply excesses to stop people from making small, low-value claims for the most minor accidents. This has been standard practice for decades, but recently, insurance policies, and car insurance policies especially, are coming with higher and higher compulsory excesses, and that’s hitting policy holders hard.
What is a Voluntary Excess?
Your insurer may offer you the chance to add a voluntary excess, or you may see the option to add or increase this when shopping on insurance comparison sites. Having a larger voluntary excess could make your monthly premiums cheaper, which sounds great, but if you made a claim, you’d need to pay the combined total of your compulsory and voluntary excesses.
Do I Need Excess Insurance?
Legally, no – you don’t need excess insurance, but if you have an excess on your car, home, commercial or lifestyle insurance policy, then you need to think seriously about how you’d pay that excess if you needed to make a claim. Many insurers apply excesses of £1,000+, so excess protection offers an important safety net that could save you a lot of money if the worst happened.
How Long Does It Take to Buy Excess Cover?
Our online form is quick and easy to fill out. We know that taking out an insurance policy can leave you feeling like you’ve just recited your life history, but we like to keep things simple, so you’ll just need to enter a few basic details when you buy.
Can Excess Protection Save Me Money on My Premiums?
The main reason to take out excess insurance is to cover yourself if the worst happens, but some customers do find it gives them the confidence to take out a larger voluntary excess, which may reduce the cost of their monthly premiums. Obviously, different insurers apply different premiums, so we can’t guarantee you’ll save money, and you should check the figures carefully before agreeing to add or increase a voluntary excess.
It’s also important to remember that your insurer won’t handle a claim that’s worth less than the value of your total excess – so if your excess is £1,000, but your claim’s only worth £800, then you won’t be able to claim from your insurer, and you’d need to find the £800 yourself.
Can I Claim on My Excess Protection if I Can’t (or Don’t) Claim on My Insurance?
No, if you can’t (or choose not to) claim on your insurance, then you won’t be able to claim on your excess protection.
How Much Cover Can I Take Out?
Our excess cover amounts vary according to the type of protection you’re taking out. Each of our products come with multiple cover options – making it easy to select the amount that works best for you. The exact cover amounts available are displayed on the relevant product pages.
Is Your Excess Insurance for Young Drivers?
Yes! Our excess insurance is for young driver, older drivers, and anyone in between! Sadly, young drivers have been hardest hit by the compulsory excess increases demanded by the insurers, but with no age limits, our policies are designed to take the pain out of protecting yourself on the UK’s roads.
How can I Make a Claim?
We make it easy to claim; the fastest, simplest way is to use our ‘Make a Claim’ page, but you can also contact our 24/7, UK-based helpline on 0300 303 3833.
Can I Claim More Than Once?
Yes, provided you haven’t reached your cover limit. If you’re concerned that you may need to claim more than once, then it could be worth taking out excess protection with a limit that’s higher than your excess.
For example, if your total excess is £500, then you could take out £1,000 of excess protection. This way, if you made two claims with your insurer, and had to pay your excess twice, then you’d also be able to claim twice on your excess protection policy. However, once you’ve reached the limit of your excess cover you can’t make any further claims.
What if I’m Not at Fault?
If you have a non-fault car-traffic accident, it should be possible to reclaim the cost of your excess from the liable party (or their insurer). Unfortunately, this isn’t always simple, and sometimes it’s the innocent motorist who’s left out of pocket.
Luckily, our excess cover will pay out if you have a non-fault accident but aren’t reimbursed for your excess within 6 months.
RTR UK Limited is an appointed representative of Your Company Matters Limited, which is authorised by the Financial Conduct Authority (FCA), Ref 591949. RTR UK Limited is registered in England and Wales, Company No 05174365, Registered Address: The Church, Housley Park, Chapeltown, Sheffield, S35 2UE