Any of the insurance guys know if you can insure against an excess ?

[...]

Now i need to explain specifics here , i know you can on a personal policy (how many realised that ? a way to reduce a premium by ramping up an excess and then re insuring that huh ? )

this is more specific can an employee insure against a large company vehicle excess (eg a policy not in their own name )

i assume you can insure anything given the right underwriter

 

[Addicted]

You can insure an excess?! That sounds interesting!

 

[@Spoonie]

But then you would need to insure against the excess of the insurance of the excess.

 

[skyinsurance]

Yes, some insurers do offer this, I dont really see the point myself but google is your friend.

 

[Gally]

A lot of people are doing it, as low as £50 per year but... you usually have to pay the excess first then claim it back. Read the small print.

 

[Eddie.]

Never knew about this. Even with having to pay for the excess, and then claiming it back, it seems good?

Surely too good to be true?

 

[Gally]

Not really, they like insurance are hoping you don't claim.

 

[...]

Yes, some insurers do offer this, I dont really see the point myself but google is your friend.

I tried Google ... but didn't come up with anything that was suitable for company car drivers ... our excess being 1k means it's worth covering . But anything I found said you had to be the policy holder which on company insurance you would not be

 

[Neil@greenlight]

From what i understand Its called Excess Protection insurance, it would normally be a seperate insurance policy that runs alongside your stadard policy.....Then if a claim occurs you have to pay the excess up front and then claim it back from the secondary policy.

 

[M26]

Seems like a good idea to essentially save some money if you are willing to do the sums.

Say ramping up your excess to £1000 on your car insurance saves you £200 on your premium, then excess insurance only costs £50 then you would still be £150 better off.

The only down side being that, in the event of an accident, you would lose £1000 until you could claim it back.

 

[Gally]

I think that's the crux of the issue.

 

[DrR]

Lol I can't believe people insure this tbh.

 

[Chip-mk1]

Seems like a good idea to essentially save some money if you are willing to do the sums.

Say ramping up your excess to £1000 on your car insurance saves you £200 on your premium, then excess insurance only costs £50 then you would still be £150 better off.

The only down side being that, in the event of an accident, you would lose £1000 until you could claim it back.

IF those were the numbers, and there were no other catches, then yes it would make sense.

 

[Hixle]

A company that specifically does this is www.insure4excess.com

We use these as an additional option to our tempoary policies, but I believe you can organise it for annual.

 

[clio37]

My insurance company offer this and I have it ! my compulsory excess is 750 plus 250 voluntary so if I had a bump very expensive. They charge somthing like an extra £6 to cover it

 

[...]

however this will be on a policy my company has not me .... and that seems to be the sticking point

 

[skyinsurance]

however this will be on a policy my company has not me .... and that seems to be the sticking point

Yes indeed, makes it a little more complicated but maybe worth a telephone enquiry.

 

[Hixle]

Sorry Harv, didn't read that bit mate.

Just having a quick read of their site, it appears that they are an appointed representative of Towergate, so may be worth giving them a call.

 

[...]

Have rung a few now , and not had any luck .....

while i understand why we have ended up with this excess , and people need to think about driving their vehicles carefully they are like myself on the road a lot 50k a year mileage does raise the chances of having a prang .

Some of my staff earn under 25k per year (not by much) but a 1k lump is going to sting (it will sting me as i am in the same boat as its all drivers on our fleet )

was just looking at a way of helping them a little , and sods law says someone who has never had an accident in years is going to get caught out, and i can hear the phone ringing the next time the weather looks bad and people not wanting to go do their job .

a whole can of worms may well open .