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Explain "your policy bears an excess" please.
razumovnet
Posts: 1 Newbie
Hi,
This is the great site with great info! Decided to ask a question here since I couldn’t find an answer on the Internet.
My mobile is insured and I pay around 5 GBP every month for the insurance. Got the claim (accidental damaged) from insurer with the following statement:
“As per your Certificate of insurance, your policy bears an excess. The excess amount applicable to your claim is 25.00 GBP”
Sorry, if this question sounds silly or naïve but What is the excess and why should I pay it?
Thanks to all.
This is the great site with great info! Decided to ask a question here since I couldn’t find an answer on the Internet.
My mobile is insured and I pay around 5 GBP every month for the insurance. Got the claim (accidental damaged) from insurer with the following statement:
“As per your Certificate of insurance, your policy bears an excess. The excess amount applicable to your claim is 25.00 GBP”
Sorry, if this question sounds silly or naïve but What is the excess and why should I pay it?
Thanks to all.
0
Comments
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An "excess" is the amount that you have to pay towards any claim. So for instance if your phone would cost £100 to replace and you had a £25 excess you would only receive £75 in the event of a claim. Alternatively you would pay the insurance company £25 and they give you a new phone.
This being said, if you have a home contents insurance policy, your mobile's probably covered on that, so you could be paying for this hideously expensive insurance unnecessarily.
HtH
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