car insurance question.- excess

vinylmusic

If i have a bump with another car and its my fault and my excess totals £350
Will i have to pay the first £350 of the other cars repair bill or is the excess only for fire, theft and damage claims for own car
Asuming insurance is fully comp

Nearly_Old

Your excess is only paid as part of any repairs to your own vehicle.

TadleyBaggie

An excess is usually only required when claiming off your own insurer for damage to your own vehicle, 3rd parties are paid in full. However I'm pretty I heard there are some cut price insurers who also levy the excess for 3rd party claims, can't recall the name of the companies however.

Goudy

TadleyBaggie wrote: »

I heard there are some cut price insurers who also levy the excess for 3rd party claims, can't recall the name of the companies however.

It's called "All Sections Excess"
Companies like XS Direct and Insure your Motor were (are?) applying as much as £3000 excess to all policy sections.
So you'd pay this on any claim, even non fault ones.

debtdebt

Goudy wrote: »

It's called "All Sections Excess"
Companies like XS Direct and Insure your Motor were (are?) applying as much as £3000 excess to all policy sections.
So you'd pay this on any claim, even non fault ones.

Surely in a non fault claim you'd reclaim your excess from the third party anyway.

vinylmusic

I,m with Saga

vinylmusic

I,m With Saga

wongataa

You will only pay your excess on claims on your own policy - if you claim for your car. Read your policy documents for the full facts.

Goudy

This is from XS Direct key facts, I can't link to it, but you can Google it.


All Section Excess

Usually a policy excess will only be applied if you the policyholder are claiming against your policy; for damage to your own vehicle, or for a fire or theft claim.
However an All Sections Excess applies to ANY claim made against your policy, whether it is by you, or a third party.
So, even if you are not claiming, or are not covered, for damage to your own vehicle, you could be asked to make a contribution towards a claim that another party is making on your policy.
The following applies if you fail to repay the Excess Amount in the event of a claim.


Interest on the Excess Amount due to be repaid to the Company shall accrue from the date when payment becomes due (the date when you are notified for payment) daily until the date of payment at a compound rate of 2.5% per calendar month. For example, if an excess of £3,000 is due, after one month the amount due is £3,075 and after 3 months £3,231. Interest is added after as well as before any judgement.
If you do not repay the Excess Amount when it is due, you will have to pay any costs the Insurers incur in trying to obtain payment, such as solicitors’ and collection agency costs.
If you have not repaid the Excess Amount after 30 days, you will also have to pay insurer administration fees of the greater of £20 or 10% of the amount overdue (up to a maximum of £200)



You obviously need to steer well clear of these types of policy.