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Motor Excess Insurance from GAPInsurance123
What is Motor Excess Insurance?
Simply put, if you make a claim on your motor insurance policy and are pay your excess, you can use a Motor Excess Insurance policy to claim back it back.
For example, you have a bump in your car.
- You make a claim with your motor insurer.
- Your claim will cost £2,000.
- Your motor insurance policy excess is £500.
- You pay your excess of £500,
- Your car insurance pays the remaining £1,500.
- Your motor excess insurance policy refunds you the £500.
Motor Excess Insurance is that simple!
What is the excess on your motor insurance policy?
Your excess is your contribution to a fault claim on your motor insurance policy. Your motor insurer can effectively avoid small claims or reduce their contribution to any claim by charging you an excess. Therefore it will limit the insurers' pay-out and, therefore, their risk. As a consequence, this can lower your motor insurance premium.
For example,
- if your claim is valued at £750
- Your excess is £500,
- You would pay the £500 excess
- Your motor insurer would pay the remaining £250 of the claim.
If your claim is for £400 and you have a £500 excess, your motor insurer will not pay out your claim. This is because the claim cost has not reached your excess amount. This is an example of a motor insurer avoiding smaller claims because of the excess contribution.
How is excess made up?
A motor insurance policy excess can be made up of two different amounts.
- Compulsory Excess - This is the mandatory amount your motor insurer imposes on your car insurance policy. This is not negotiable. It is the amount you must pay towards any claim on your motor insurance.
- Voluntary Excess - This is the amount you set to pay on top of the compulsory excess set by the car insurer.
The higher the excess you pay, both compulsory and voluntary combined, the lower the insurance premium should be. You may find that a motor insurance company may require a higher compulsory excess for what they deem a higher-risk policyholder. This could be for a younger driver, an expensive or high-risk vehicle or perhaps you have a higher-than-average annual mileage.
What does raising your voluntary excess do?
The compulsory excess is not negotiable and is set by the insurer. You do, however, have the ability to change your voluntary excess. When you get a quote for your annual car insurance premium, raising the voluntary excess contribution can see your premium fall. However, once you have set this voluntary excess contribution and set your motor insurance in place, you cannot change this amount until you renew next year.
Why buy Motor Excess Insurance?
Motor excess insurance (also known as Private Motor Excess Insurance, Motor excess protection or Excess Protection insurance) is an optional, additional policy that can cover the cost of the excess you pay towards a successful motor insurance claim.
A car excess insurance policy from GAPInsurance123 currently starts at £14.99 for £300 annual cover. We also offer excess cover at £500 for £19.99, £750 for £29.99, £1000 for £39.99 and £1500 for £49.99. We believe these are amongst the cheapest motor excess insurance premiums you can find in the UK today. By taking out a policy to cover your motor excess, you can ensure that you are not left out of pocket when making a motor excess payment as part of a claim. It also allows you to increase your voluntary excess contribution when getting quotes for your primary motor insurance policy. So if you increase your overall excess contribution from £500 to £1000 and see a saving on your motor vehicle comprehensive insurance of £100, then you can cover the entire £1000 excess when you purchase Motor Excess Insurance for £39.99 from GAPInsurance123.
You are £60 better off right away!
What needs to happen to make a successful Motor Excess Insurance claim?
The key for any motor excess insurance claim is that you have been charged, and you pay the excess. If the claim cost does not meet your excess threshold, then your motor insurer will not process your claim or charge your excess deduction.
For example,
- if the repair cost was £600
- Your total excess was £750,
- You are £150 short of your motor insurer processing your claim.
If you do not pay your excess as part of a successful claim, then you cannot make a claim on your Motor Excess Protection policy.
If you pay £600 to have your vehicle repaired, then you cannot claim this back on your excess cover as your policy excess has not been charged or paid.
Key eligibility criteria for Motor Excess Insurance from GAPInsurance123
Here are some of the key criteria and features of the Motor Excess cover provided by GAPInsurance123 currently.
- You are the main insured on a valid motor insurance policy
- Your named drivers on your motor insurance are covered (subject to other terms and conditions being met)
- All drivers must be 18 years old or older, be permanent residents of the UK and have a full UK driving licence.
- Covers cars, LCV's and motorbikes
- Covered in the United Kingdom. The cover does not extend to the Channel Islands or the Isle of Man.
FAQs on Motor Excess Insurance
I have GAP Insurance with GAPInsurance123. It already covers an excess contribution. Why do I need separate Motor Excess Insurance, too?
This is a very good question. Most GAP insurance policies have a car insurance excess contribution as standard. With GAPInsurance123, that excess contribution is a maximum of £250. However, this is only valid in the event of a claim for a total loss or write-off. If your vehicle is damaged in an accident or attempted theft and repaired, then the excess contribution on your GAP Insurance cannot be claimed. Having a separate car excess insurance policy means you can cover non-write-off situations, too.
Is excess protection worth it?
This depends on your viewpoint. In a period of a cost-of-living crisis, many will look to any possible route to save money. Taking a Motor Excess policy not only helps reduce your motor vehicle insurance cost (opting for additional voluntary excess) but also covers the costs of the excess in the event of a claim. Please remember, if you choose a higher excess and cover it with car excess insurance, you must pass your excess threshold and make this payment. You can then claim this back via your motor excess cover.
You cannot claim anything on your motor excess insurance policy if you do not meet your excess threshold on your motor insurance.
Is Motor Excess Insurance the same as Car Hire Excess Insurance?
No. Private motor excess insurance is for a vehicle you own or lease in your name.
Is Motor Excess Insurance the same as Lifestyle Excess Insurance?
No. Motor Excess protection is specific to your private car or motorbike. Lifestyle Excess Insurance can cover excess claims across multiple policies, such as home insurance, pet insurance, and travel insurance.
Is there a maximum claim limit for Motor Excess Insurance coverage?
Yes. When you buy a motor excess policy, you set a maximum limit on the policy. Let's say you choose £750. This means you have up to a maximum of £750 to claim back for excess charges during the term of that policy. So that could be £750 in one go; it could be two claims for £375 each. You cannot claim any more than the annual limit you choose. So if you make a claim for £750, then that is the end of that policy. For further cover, you would need to buy a new motor excess insurance cover, with a suitable annual policy limit.
Can I transfer my policy to a new vehicle?
Yes, you get one free policy transfer during the policy term.
How do I make a motor excess insurance claim?
The sequence of events detailed in 'What needs to happen to make a successful Motor Excess Insurance claim' needs to occur.
- In brief you need to call the claims team using the contact details on your policy documents.
- They will ask for some paperwork, like a letter detailing your claim from your insurers and a copy of the receipt for the payment of your excess.
- The claims team will then take you through the entire claims process.
How do I renew my policy?
At the end of your period of cover, you can renew by clicking through the quote system and choosing the level of excess cover you require for the next year. We will email you when your policy is coming to an end just to remind you that it is about to expire. We can then confirm your new Motor Excess Insurance Price for the next year. We do not auto-renew any policy that we provide.
Is there a cooling-off period?
Yes, the cooling-off period is the first 30 days from the policy start date. If you cancel during this time, you will receive a full refund of your motor excess insurance cost. There are no fees or penalties for doing so.
Is there a waiting period during which time I cannot claim?
Yes, when you buy your first motor excess cover from us, there is a 14-day waiting period during which no claim can be made. This is in place to prevent fraudulent activity, as it could be possible that someone has an incident that leads to a claim on their car insurance policy and then buys an excess policy after the event. If you renew your policy, then the waiting period no longer applies. It is only in place on the first policy purchased.
Is motor excess insurance included with your motor policy?
We are not aware of policies that include excess insurance as part of your standard comprehensive cover from your motor insurance provider. It may be the case that brokers offering car insurance policies will also offer motor excess protection insurance as an additional product.
Are there any exclusions to the excesses you can claim for on a comprehensive motor policy?
Yes, we can only provide cover for the main motor insurance policy. The motor excess protection insurance does not cover an excess charge for glass repair or windscreen replacement. For a full list of terms and conditions, please see your policy documents.
What level of coverage should I get on my Motor Excess Insurance policy?
This is a choice for you. There are a few factors to consider that can impact the Motor Excess Insurance cost. The level of excess protection you select is effectively a pot of money that you can claim for excess charges you have paid. So, for example, if you take a £1000 level of cover, you can claim up to £1000. That could be two claims for £500 each or one for £1000. The other aspect to check is the maximum excess that can be charged for you and all the named drivers on your motor insurance. For example, young drivers may have a higher excess than you. So if your excess is £500, but you have a younger driver with £1000 as a named driver, you may want to take a £1000 level of cover to ensure all your drivers are fully covered.
Can I get a Motor Excess Insurance discount from GAPInsurance123?
Our systems are designed to ensure that any motor excess insurance quote you are given will always be the lowest premium we offer. If you compare our policies with other providers, we are confident you will struggle to get a better deal elsewhere.
What is Excess Insurance?
For those new to the term, what is excess insurance refers to a policy that covers the cost of your excess in the event of a claim. In the UK, Excess Insurance UK and Car Excess Insurance UK are popular options for additional peace of mind.
Who is the underwriter?
The underwriter for the Motor Excess Insurance policy on GAPInsurance123 is currently Acasta European Insurance Company Ltd.
Acasta European Insurance Company Limited is regulated and licensed by the Financial Services Commission of Gibraltar. They are also members of the Financial Services Compensation Scheme and Financial Ombudsman Service in respect of UK Business. Company Registration Number 96218. Claims are administrated by Acasta Europe Limited, which is the UK branch of Acasta European Insurance Company Ltd. Acasta Europe Ltd is authorised and regulated by the Financial Conduct Authority. No 59939. Their address is 4 Station Road, Cheadle Hulme, Cheadle, SK8 5AE.
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Published 19/09/2024, written by Mark Griffiths
Helps you save on your motor insurance: By protecting your excess, you can opt for a higher voluntary excess amount on your motor insurance. This can, in turn, lower your car insurance policy cover premium.
Covers you and all named drivers: Intended to mirror your motor insurance. You do not need separate excess protection for each driver.
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