INSURANCE EXCESSES

This is sometimes called the first amount payable, and is the portion of the claim you must pay since it is not covered by the insurance policy.

In general there’s 3 types of excesses:

a)  Standard Excess

This is the basic excess of the specific section of the policy under which you want to claim.

b)  Additional Excess

In some cases additional excesses might apply.  The additional excess would be in addition to the basic excess.  An example of an additional excess would be where the driver is under the age of 25 years, and the policy stipulates an additional excess of R1 000 for drivers under the age of 25.

c)  Voluntary Excess

As a policy holder you have the choice to increase your excess in order to pay a lower insurance premium.  The voluntary excess would be in addition to both the standard excess and the additional excesses of the policy.

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