What is the Difference Between a Policy Excess and a Deductible?

Overview

When making an insurance claim, you might come across the terms policy excess and deductible. While they are similar, there have slight differences.

What is a Policy Excess?

• The amount you must pay when making a claim before your insurance covers the rest.
• It applies to each claim separately.
• Can be fixed or variable, depending on the policy.
  
   

What is a Deductible?

1. Another term for excess, used more commonly in travel or health insurance.
2. Sometimes applies annually rather than per claim.
3. In some policies, the insurer only pays costs above the deductible amount.
   
    

Example of How It Works

• If you have a €250 excess on your motor insurance and repairs cost €1,500: You pay €250 while the insurer covers the remaining €1,250.
• You can equally reduce your excess as some policies allow you to pay a higher premium for a lower excess.
   

For specific details about your policy excess or deductible, check your policy wording or contact support on [e-mail] to submit a ticket.