Excess Protect

About excess protection

• About your excess

  When taking out an insurance policy on your vehicle, this will likely come with a compulsory excess amount alongside the option to voluntarily increase your excess. This is the amount of money you would be required to contribute for the cost of any repairs.

  Even though your excess will be made up of these two different parts, the compulsory and voluntary amounts combine to make your total excess. For example, if your insurer specifies a compulsory excess of £100 and you offer to add another £100, the total amount you’ll be responsible for is £200.

  To continue this example, let’s say your vehicle becomes damaged in an accident and you end up with a repair bill of £500. Your insurance provider would expect you to contribute your excess amount of £200 towards the total cost. They would then pay out the remaining £300 to cover the full amount.

  Generally, the more you’re willing to offer for your voluntary excess, the lower your overall insurance premium will be. This is because it will likely cost your insurer less to pay towards any claims you make. However, don’t overestimate your voluntary amount, as the total excess will need to be affordable enough for you if you should ever run into trouble.

• How does excess protect work?

  For a small additional premium, excess protect will give you the option of having your contribution for a single claim refunded back to you. As long as your claim is higher than the excess amount you’re responsible for, you should be able to receive that amount back as soon as possible.

  Using the example from the previous section, let’s say you’ve paid £200 excess towards a £500 repair bill. Once the necessary work on your vehicle has been paid for in full, your excess protection would allow you to claim back the £200 you initially put forward. This essentially means that you end up paying nothing overall.

  Generally, you’ll only be able to claim your excess back for one claim made over the course of your 12-month policy period. In some cases, your insurer may offer protection for up to two claims but this is extremely rare. It’s always best to check with your provider first to make sure you know exactly what you’re getting for your premium.

• Any limitations to reclaiming your excess

  The terms and conditions of your excess protection can vary from one insurer to another, so it’s important to familiarise yourself with the appropriate documentation. Depending on your provider, there may be a maximum amount that your excess protection will reimburse you for.

  There may also be limitations on the type of event where you can claim back your excess. You’ll typically be covered if your vehicle is stolen or if a third party is responsible for causing damage, but you’ll need to make sure whether this is still the case if you’re the one at fault in an accident.

  Claiming back excess may also only apply to costs surrounding damage to the vehicle itself, rather than contents and personal possessions. If you make a claim for damaged or stolen items, usually you won’t be able to recover your excess. Similarly, glass damage – like a chipped or cracked windscreen – will often be exempt from excess protection because of it being a common occurrence.

• Choose Arkwright for your specialist insurance

  Excess protection can usually be added to your vehicle insurance cover, but it’s also available as a standalone policy. Annual protection typically starts from as little as £30 but different providers may offer greater levels of cover for a marginally higher premium.

  To find the best excess protection policy to satisfy your needs and your budget, speak to Arkwright today. One of our highly experienced team of brokers will work with a panel of insurers to find the best possible quote to match you and your requirements.

  Get started by calling us on 01204 392 525 or send us your details online by clicking the “Get a quote” button. From there, leave it to us to source the right excess protection cover and we’ll get back to you with a competitive quote that can save you money if you need to cover a large excess.