insurance excesses are just like processing fees but for an insurance firm...

usually,they are percentage of the value of the asset insured....

ordinarily they act to block policy holders from claiming petty claims..

e.g. if the cost estimate to repair a car is 20K and you are required to pay an excess of 40K then you are by default estopped from lodging the claim...

When you run so fast to get somewhere,you miss the fun of getting there... Life is not a race,so take it slowly....

@Manpoa,if you have a no blame no excess cover then no excess amount is paid out to your insurance company.
I have heard of several incidents where after a police assessment of the accident and the blame lies with the other party,the insurance company takes nothing from you...but as i said this rarely happens,you will always pay excess whether you like or not..sorry mate!

With great power comes big muscles :)

@Pablo

Ooh,i didnt know one can insure 'excess'. which firm is offering that? Sounds like a good idea.

Experience is what you get when you don't get what you want.

Just call your broker and ask them for an excess protector. I have been using one for the last 4 years and at 3k or so,it is very valuable at your time of need. The only thing you need to know is that once you have an accident it covers the excess and then expires

Last month I renewed my car insurance at Kabage Mwirigi brokers and made sure I got the protector. It is available and widely used.


Want to be a millionaire.... plant a million cabbages and sell them at a bob...

bt thats only if the damage exceeds the excess amount,e.g.,if your excess is at 15k,and the damage is 14,999.99,you pay for your damage. However if the damage is 15,000.01,the insurance pays up.
Excess is not a fixed amount,its a percentage of your vehicle's value.
And yeah,it expires after every 'protection' in the sense of the word.
Thats excess protection..

face your fears live your dreams