Excess?..... Help the Noggin!!!

[Noggin]

Question from a noggin (me):

What is excess?

What does it mean on insurance?

Please help the noggin!


Many Thanks

Craig G(Noggin)
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Current bike: kawasaki zx12r 2002
Track bike: yamaha r6 1998
Old Bike: honda NSR 125 1998

[MarJay]

Excess is the amount you have to pay towards any claim.

Basically the insurance companies won't pay for the whole claim, they will pay the value of the claim not including the excess.

In practice if you have a £500 excess and the damage is worth £499.98, then sorry but your insurance won't be paying out on that one.

Similarly if the value of the claim is £501 then is it really worth claiming £1 from your insurance?

The point is to stop you from claiming willy-nilly really.

HTH
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British beauty: Triumph Street Triple R; Loony stroker: KR1S; Track fun: GSXR750 L1; Commuter Missile: GSX-S1000F
Remember kids, bikes aren't like lego. You can't easily take a part from one bike and then fit it to another.

[Noggin]

Thanks, just hope I entered my details correctly on that form then. £798 is the lowest quote, with £350 excess!



Craig G(Noggin)
____________________
Current bike: kawasaki zx12r 2002
Track bike: yamaha r6 1998
Old Bike: honda NSR 125 1998

[Laura]

That is about right for fisrt time around I think mine was that before 250 excess.
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Good girls ride motorcycles bad girls thrash them.

[T.C]

Bear in mind however, that if the accident was not your fault, the excess is claimed back against the other side!

It only really kicks in when the accident cannot be apportioned against someone else.
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It is better to arrive 30 seconds late in this world, than 30 years early in the next

[Ste]

It is worth seeing how much they will drop the premium by if the excess is increased. If it's a good amount, then it's worth doing it IMO.

[Sparks!]

I've got a £500 excess Which is kidna annoying considering the main quote is £1000.


Altho to be honest, young riders can't really claim off insurance anyway if they want to be able to ride another bike before they are 50
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Current Toys: 06 Yamaha WR250F | Nissan 350Z GT | Tech 4 Homes

[Jono]

I would aim to get your excess to as low as possible. I your a young rider and have no real driving experience then there is a much higher poss that you will have to make a claim. Insurance comps will offset your premium with a higher excess but they wont take much off. eg. if you pay 1000 a year and have a 400 xs and have this increased to 600 they may knock off 40, when your paying a grand theres no point.

best way of thinking of an excess is the first part of every claim that you are responsible for. Even if the accident is not your fault you will have to pay the excess up front (they will claim it back, takes a couple of weeks normally) unless you have a written admission of liability from the third party then you wont pay anything.

[hush]

It is worth noting that if you are in an accident, even if you get a written statement of admission from the other party, your insurance rating will be damage and your premium is likely to go up with the review at the end of the year

Hate insurance companies

[Jono]

Just in relation to the above comment, sorry hush not trying to be funny or nothing!



Thats not actually true unless you are responsible for the accident in some way ins comps settle claims in several different ways either non fault 100% in your favour or where they agree given the evidence that suggests that your partly responsible for the accident commonly known as a 50/50 settlement, there are more but no point me going in to it at this point.

In any situation where the ins company has to pay for some of the other parties claim then your NCD and ins record will be tainted.

If however its completly non-fault e.g. car goes in to the back of you then your rating will not change at all. You have to disclose the accident but it wont be held against in anyway.

I do agree Insurance companies are a pain in the back side but the reason they are is because they arent making any money, had to believe I know but there where only two profitable ins compaines last year.

[hush]

There has been an ongoing thing about this with local and national press, and the outcome has been that it doesn't matter even if you can prove complete innocence.

In particular an example - a driver in question was rear ended at a set of red lights. The driver of the other car immediately said it was her fault, and the whole transaction went smoothly. However, when the driver who was rear ended got to their review, her insurance had gone up some 30%. When she enquired, she was told that she was now a higher risk, because she had been involved in an accident, even though she had no fault in it, and no way to avoid it!

She phoned round, and only one insurance company would give her a decent quote, as everyone else said the same, "you're a high risk as you have been in an accident".

The other thing with insurance companies, is they seem to have something against employees of the BBC. Not just presenters and such like, but a secretary for the BBC was in a newspaper because her insurance company suddenly increased her premium when she started the job, because it was the BBC...

[Jono]

Your right about the insurance comps not liking to insure people that work for the BBC, not only them but anyone who works in the media its to do with the underwriting terms of the policy.

i've dealt with claims where students who have finished their degree, and gone to work with companies such as Granada and then we have had to void their policy for non-disclosure when they have had an accident. I don't know why as when I worked in the underwriting area of motor ins it was key for the principle insure to cover this risk but it was never made clear as to why.

As for the 30% increase, that effects the womans statutory rights, being penalised for an incident that was not her fault if she had approached the Financial Ombudsman then she could of had them investigated and if they were members of GISC had their membership removed.

All in all I wouldn't really worry about any of this happening, if not contact the FOB on the government web-site.

[hush]

Well, that's good to know at least, cheers

[Danny]

While we are on the subject of not declaring things, do you have to declare after market road legal zausts and things like top boxes?

[MarJay]

[Kickstart]

Hi

A relative is in a band who are doing OK. His father told his car insurance company, and his insurance for an old Rover 200 went from £500 to £2500.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

[Jono]

Just in realation to danny's comments:

All after market mods need to be disclosed to the insurers, it doesnt matter if there is any performance gain or not. And if the parts that are fitted on to the bike are not road legal then your insurers may very well pass the details on to the police, which means points/fines etc. Insurance comapnies are taking a really hard line on non disclosures now.

For cars atleast insurers have general rule that there can be up to two modifications on the vehicle and there will be no extra charge as long as they are not performance enhancing. If they are then your stuffed they hate aftermarket modifications especially for young riders/drivers with no experiance and No claims Discount. If you have any questions about insurance, motor claims just let me know!

[Noggin]

Ok everyone, thanks very much

I will take this all into consideration


Craig G(Noggin)
____________________
Current bike: kawasaki zx12r 2002
Track bike: yamaha r6 1998
Old Bike: honda NSR 125 1998