insuring your excess

scole01234

hi
I have seen some policies online where I can pay £69 per year to cover up to £750 excess payments if I need to make a claim, it would appear that if I increase my car insurance excess to £750 my premium reduces by £150 therefore saving me £81 plus the fact I would have no excess to pay if I was unfortunate enough to have to claim. It seems to good to be true. Has anybody had any experience of these policies? Do they do what they say on the tin?
Thanks

dacouch

Can you find £750 to pay for your excess with a few days notice?

cjgoodsell

I have seen these policies they like you to pay out your excess to start with then claim it back and sometimes that could take a while... the small print should be available online have a read thru it... If not sure on parts copy and paste it to here and people can give you their opinion

scole01234

Hi

yes I can pay the £750 short term out of savings.. But I just would not want to have an excess that large if I was having to pay.
I have asked for a policy handbook to have a look thrugh.
Thanks

mattymoo

The other thing to bear in mind is the cover is for the excess only, not claims below the excess.

In other words, the insurance claim needs to be for £751 with the car insurer paying £1 and the xs insurer £750. If the claim is for £749 you get nothing back.

Something people with older cars need to consider if the value will be lower than the excess.

dacouch

Also the £750 excess you are "Voluntarily" opting into will be on top of any "Compulsory / Policy" excess which the Insurer build into the policy, these are typically upwards of £100