Monday 7 December 2015

MEANING OF EXCESS BUY BACK IN YOUR INSURANCE POLICY


Excess is provided for in all comprehensive insurance to make the vehicle owner conscious to try and prevent accidents or losses by making the insured bear part of the claims arising from such incidents, accidents, or mishaps. 

The owner or the insured either pays for the excess cover ahead, at the time of doing the insurance, or each time there is a claim. So he or she may decline to pay for the excess, but he or she will be paid any claim less the amount of the excess. 
Cornerstone Insurance pays 100% of all claims arising from any mishap! 
I advise paying for excess.

4 comments:

  1. how do we calculate the excess?in case is given a percentage

    Do we use the sum insured or the amount of loss upon a claim?

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  2. Does it mean that if the insured does not pay for excess buy back he will bear part of the loss?

    ReplyDelete
  3. The other function of excess in a policy is to reduce administration costs by cutting out numerous small claims that are not worth the insurer's time.There are other types of excesses like Time Excess. Deductibles also play similar functions.

    ReplyDelete