Definitions for "Policy excess"
The amount you will have to pay when you make a claim. For example, this may be the first £100 of a £1000 claim for damage caused by a fire.
When you take out your insurance cover you will have agreed to pay a policy excess amount as a contribution to settling your claim. The reason for insurers wanting a contribution towards the cost of repairs is to prevent people from claiming for minor damage such as broken wing mirror etc. Δ back to top of page
The amount to be paid by the customer in the event of a claim being made.
Keywords:  exclusions, schedule
Policy exclusions Policy schedule