Excess Protector Insurance
We are pleased to announce the availability of Excess Protector Insurance. This is an innovative, low cost add-on insurance product created to enable policyholders to insure and claim back policy excess – both private and commercial insurances.
This new Excess Protection Policy will but you back in control of your finances as you may choose the level of self insurance (excess) you are comfortable with. This will help you achieve a level of financial participation in the risk that suits your budget.
Examples of where this could be advantageous:
Insurers are increasingly quoting with higher standard excesses as a means to reduce their premiums. Further, insurers can apply higher excesses for claims producing or sub-standard risks e.g. where there have been convictions or where vehicles are particularly expensive. Young drivers’ are particularly affected often with £1,000 excess or so as standard. For a premium generally less than £100, such excesses can be insured.
Fleet Insurance – Cars and Vans
Many fleet policies provide additional discounts for high voluntary excesses. Often the excess protection policy will be much cheaper than the discounts available on the fleet. Further, where particular vehicles are hit with higher excesses due to values etc. these can be insured. It is not yet available for HGVs, coaches etc.
Where there have been a number of liability claims, insurers may impose a higher excess so as to try and protect themselves in future e.g. public liability excess of £2,500 or £5,000. This excess can be insured at very competitive rates.
Commercial Property / Contract Works
If an insurer imposes a large excess for one or two perils e.g. flood (if particularly exposed to flood for example), you can insure this excess.
Home Buildings and Contents
Many policies include a much higher excess for subsidence, landslip and heave, which can be reduced by taking out this cover.
High Net Worth
An excellent policy for busy people, it enables you to take on high levels of self-insurance through excesses on each of your personal policies. For example, the policy covers individual excesses amounts for motor, home, travel, and even private medical and pet insurance. ALl can be included within the one Excess Protection policy.
Professional Indemnity / Management Risks
Cover is not yet available for these types of insurances.
The Excess protection policy will work alongside most existing policies and is underwritten by one of the UK’s leading insurers. Quotations and documentation can be provided quickly and easily.
This is a simple insurance cover, which can be of huge benefit to you.
For more information, speak to your usual contact at Rowlands & Hames Insurance Brokers.