Excess insurance functions to help you recover the costs whenever you need to pay to initiate a claim. Here is a guide on how you can make a claim on your excess insurance policy.
Check Your Policy
You can claim back the costs of compulsory and voluntary excesses. However, you need to check your claims limit and identify the maximum costs you can cover. You must also determine the aggregate limit that is the sum that you can claim during the period of your insurance policy.
Moreover, you have to check if you’re covered on claims for business such as with your car insurance. Another factor that you must check is if you’re covered with claims abroad. This will include travel insurance or your coverage for a hire car.
Remember, you can only claim for excesses that are paid on policies under your name. This means you can’t claim an excess if it’s paid on a policy that is under your spouse or someone else’s.
When To Claim?
You may need to wait for 14 days or more on your claim since most policies cover a 14-day waiting while some may take longer. So, if you have any claims at the end of this period, you won’t get paid due to the waiting period in place.
Process Of Making A Claim
You can do immediately to avoid the instances of not recovering your excess. Most insurers won’t allow a payout if it takes you more than 31 days to recover the excess after your initial or primary claim. To make a claim you have to:
Contact your insurer and phone the claims department on your policy paperwork, or get in touch with your insurer through the mail with details on your claim
Submit the claims form via email or post. You can do this online if your insurer has online systems where you can submit the details of your claim.
You have to ask your insurer for the time frame concerning your claim. Most insurer targets to pay your claim within 15 working days after you have sent out the essential documents required.
Requirements You Need To Claim Excess
Most insurers will request you to send pertinent documents along with your claims form. These are:
Copies of documents concerning your excess insurance
Documents of your main insurance such as your car insurance certificate
A police report if you’re able to secure one
Documents or invoices that implied the excess that you’ve paid
Your bank details where your claim can be paid to
Additionally, you have to check the other requirements necessary to send to your insurer. You can contact them to make a claim and ask them what they need. These can help in processing your claim as quickly as possible.
How Much Will It Costs To Make A Claim?
Other types of insurance policies, you don’t have to pay to make a claim on excess insurance policy.
How Are Claims Paid?
Most insurers pay the cost of your excess directly into your bank account. This is the reason why they will ask for your bank account number and sort code.
If your excess insurance is for hire car cover, any amount will be chargeback to your credit or debit card to which your excess what taken from.
What To Do If I Get Rejected For A Claim?
The initial step to take is checking the terms of your policy and determine the reason why it was declined or rejected. You must call your insurer and ask for a written explanation. If you’re unsatisfied with the explanation that you get from your insurer, you can write a complaint to your insurer.
When you still can’t get any answer or remains unsatisfied within 8 weeks, you can file your complaint to the Financial Ombudsman Service.