Consumers Can Insure Their Excesses but Will They Make a Saving?

11th June, 2009

With one low-cost, annual payment, UK householders can now insure all of their insurance policy excesses. By taking out a policy with Insure4excess.com, consumers will be able to cover the excess on all of the five main policies - namely home, car, health, travel and pet insurance - but will they end up making a saving or will it be one more household bill to add to the list?

Insure4excess are claiming savings will be made, with the policy effectively paying for itself straightaway.

The company is offering three tiers of excess cover - bronze which costs £49 a year and covers excess on any claims up to £250, silver which is £75 and covers excess on claims up to £500 and gold which is their highest policy charge at £99, protecting your excess when you claim up to £750. So, if you had taken out the bronze package for example, and you were burgled with your claim coming to £250 or under, and you also had to pay excess of £100, Insure4excess would pay back the £100 excess.

Simon Vella, Insure4excess managing director, says:

People can save by contacting their existing insurance providers and increasing their excess - this usually reduces the overall premium cost - knowing that if they were to make a claim they would have to pay the higher excess initally, but would receive it back through their policy with Insure4excess.

However, this saving strategy only works if you make a claim of the correct value to your main insurer - if you decide to take out the gold package you would only be able to make a claim costing more than £750, which could mean you end up paying for smaller incidents yourself to avoid the higher excess.

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