When making an insurance claim, you might come across the terms policy excess and deductible. While they are similar, they 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?
✔️ Another term for excess, used more commonly in travel or health insurance.
✔️ Sometimes applies annually rather than per claim.
✔️ 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.
✅ The insurer covers the remaining €1,250.
🔹 Can I Reduce My Excess?
Yes! 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 Laferla.