What is Motor Excess Protection?
Firstly, it is best to explain what an excess is…. it is the agreed amount of money you will pay if you make a claim on an insurance policy. It is a way of you accepting a small portion of the risk yourself.
Motor Insurance has a compulsory excess under all sections of cover, however, you can also choose a voluntary excess when you take out a motor policy which you will have to pay on top of the compulsory excess should you make a claim. By choosing a voluntary excess it will usually lower your premium as your insurer will not have to pay out so much should you make a claim. The compulsory excess will differ for each Motor Insurer so you will need to check your documents for clarity.
How does an excess work? If you have a motor accident which is your fault and the total cost of repair to your vehicle and the third party’s vehicle is £5000. If you have and compulsory and voluntary excess which totals £500, your insurer will require you to pay £500 and they will pay the balance of £4500.
Motor Excess Protection Insurance is a separate policy to your Motor Insurance and basically refunds the excess that you have to pay if you make a claim under your Motor Insurance…. it is that simple!
If you have a voluntary and compulsory excesses under your Motor Insurance, the combination of these two can really put you out of pocket should you need to make a claim. So, it is important to have Motor Excess Protect Insurance if you do make a claim under your Motor Insurance and you don’t wish to pay anything.
Here at Best Price FS, we are offering Motor Excess Protect Insurance for cars, motorbikes, and small vans at three different levels of cover……. either £250, £500 or £1,000 covering both your voluntary and compulsory excesses. It even provides cover if your motor insurer is unsuccessful in recovering your excess from a third party within 6 months.
How does this policy work? Cover is provided to refund your excess(es) under your motor insurance policy
- up to the maximum level you choose which is stated on your certificate of insurance. but not greater than the combined compulsory and voluntary excess on your main vehicle insurance policy.
- Covering you for fire, theft or attempted theft, flood or vandalism or an accident that was your fault or partially your fault, or where a third party is unable to recover your excess
- following a settled claim whilst being used for social domestic pleasure, commuting to and from your place of business and personal business use by policyholder (including business use class 3).
- You can report the claim via our 24/7 claim helpline or online.
- The claim must exceed the value of the excess under your motor insurance policy for you to be able to make a claim for refund of the excess value.
- We will not reimburse you for any claim you make under this motor excess insurance policy within the first 30 days immediately following the start date of cover unless this insurance was taken out at the same time as your main insurance policy.
Motor excess protect from Best Price FS is administered by Nice 1 Insurance and underwritten by Inter Partner Assistance SA (IPA) which is fully owned by the AXA Assistance Group who are covered by the Financial Services Compensation Scheme (FSCS)
For more information or to apply for cover please click on the following link:
Best Price FS Team