insure4excess - read small print!

hughglasgow

I am renewing my car insurance and thought about increasing my voluntary excess and taking out an insure4excess policy to cover it (and other insurance eg home and travel)
But on reading the insure4excess policy, it became clear that they only reimburse if the claim on your insurance is more than the excess.

Call centre staff denied this so I wrote to them:
"As I understand it, if I have say a motor claim of £400 and my excess
is £500, you don't pay out..."
They replied "You would be able to claim the excess back only if the excess amount is exceeded and after the claim with your own insurance is successful."

This doesn't necessarily make this policy not worth having but be very careful about increasing your excesses to save money - in the event of a small claim you might not be covered by insure4excess!

Have been thinking about this, it might still be worth increasing your insurance excesses a bit and taking out an insure4excess policy but I am not going to put my insurance excesses up to high levels as then there's a good chance of a claim being under that level.

mattymoo

The clue is in the name though isn't it. It is purely a policy that covers the excess. If it was designed to cover claims falling within the excess value it would be an entirely different and much more expensive policy.

hughglasgow

of course it covers only the excess.
But you might assume that increasing your excess to save money is a good idea. I am pointing out that this is risky.

dacouch

We had a thread on Insurance4excesses recently and it would not save money for all customers. So your advice to read the small print is good advice, I would also recommend you work out over say a five, or seven or ten year period as to whether you are likely to save money. As it will not save money for all people.

You also have to bear in mind that these new type of schemes do not always last, if they attract a lot of people who are likely to claim (Which is likely as these types of things often attract the type of people who are likely to claim) there is a small chance they could stop the scheme. If this happens and you have calculated your savings over a long period it can through it all out