Have you ever had an accident and been faced with a large insurance excess bill at the end of it? Here’s a bit more about your car insurance excess.
Car insurance excess is the fixed amount you pay towards your accident claim - this amount is set out in your insurance certificate. Depending on the type of incident and your insurance terms, you could be liable to pay more than one excess.
Some examples of types of excess include your basic excess and driver age excess, amongst others. Basic excess would be the minimum amount you’d be required to pay if you put through an insurance claim where you’re at fault. The actual amount of your basic excess will depend on the state or territory and your specific premium.
So what's the purpose of your insurance excess?
Your car insurance excess is designed to eliminate small claims with high administrative cost relative to the cost of the claim - or rather, to eliminate smaller claims. Paying an excess relates to each and every incident that results in an insurance claim.
Car excess is usually paid in one lump sum - and not in instalments. It’s important to keep this in mind!
It matters who was at fault!
You won’t have to pay an excess if the accident is deemed a no-fault accident. Not at fault and need help? Contact our team as soon as possible!
Not sure who was at fault?
Before making your claim, it’s important to have a clear understanding of who was at fault. This is sometimes not clear and help is needed. Working with Carbiz, we can help you with your claim. As the driver involved in the accident, you will need to provide enough evidence from your car accident. Evidence includes the other driver’s details, photos from the accident scene, witness statements as well as gathering a few other important details. We’ve outlined these in a previous post.