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What is Motor Excess Protect Insurance?

Berks_Saver
Berks_Saver Posts: 41 Forumite
in Motoring
Hello,

I'm trying to get car insurance for one day

There's a tickbox that says:

Motor Excess Protect Insurance.
Protect Your Remaining Excess - Claim back your policy excess in the unfortunate event of you being involved in an incident where you have no other means of recovering your loss. Underwritten by Universal Insurance Company (Guernsey) Limited.

PLEASE NOTE: if unselected, this means that you accept responsibility for the remaining policy excess in the event of a claim.

I don't understand what this means. Can anyone help explain it please?

Thank you :)

Comments

  • worried_jim
    worried_jim Posts: 11,631 Forumite
    10,000 Posts Combo Breaker
    It covers the excess on the policy- how much is the excess? How much is the extra insurance?
  • worried_jim
    worried_jim Posts: 11,631 Forumite
    10,000 Posts Combo Breaker
    No rush for the answers.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Berks_Saver wrote: »
    I don't understand what this means. Can anyone help explain it please?
    The excess is the part of a claim that you pay, if your insurer ends up paying the bill.

    This is an insurance policy to pay that excess, if required.

    So let's say the excess is £500. If you claim, you pay the first £500 of the claim.
    If the protection policy is a tenner, then - if you claim, you're £490 up. If you don't claim, you're a tenner down.
  • Berks_Saver
    Berks_Saver Posts: 41 Forumite
    edited 21 June 2016 at 10:20PM
    AdrianC wrote: »
    The excess is the part of a claim that you pay, if your insurer ends up paying the bill.

    This is an insurance policy to pay that excess, if required.

    So let's say the excess is £500. If you claim, you pay the first £500 of the claim.
    If the protection policy is a tenner, then - if you claim, you're £490 up. If you don't claim, you're a tenner down.

    Really? Protection policy is £1.15
    How do they make any money???
    I realise it looks like it's a no brainer, but I just didn't understand what it meant
    Thank you :)
  • Berks_Saver
    Berks_Saver Posts: 41 Forumite
    worried_jim wrote: »
    It covers the excess on the policy- how much is the excess? How much is the extra insurance?

    £100 and £1.15
    Thanks
  • worried_jim
    worried_jim Posts: 11,631 Forumite
    10,000 Posts Combo Breaker
    Berks_Saver wrote: »
    £100 and £1.15
    Thanks

    For the sake of £1.15 I'd go for it to give you a trouble free rental.
This discussion has been closed.
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