Insurance Excess Insurance

[arryace]

was watching money saving expert on GMTV and he was talking about insurance that covered your excess (he was talking about hire cars)
i did a quick search and for £30 you can insure up to £500 excess on a bike insurance policy
Click Here
unless i'm missing something it's got to be worth taking out.

[Gaz]

Overall they look to be a good idea

A couple of things to bear in mind, they only cover total loss claims (plus non-total loss vandalism claims, possibly); if you claim and they pay out, the policy is cancelled, as it is if you sell the bike - you can't transfer it to a new bike.

[arryace]

Kwik fits policy doesn't require a total loss even in accidental damage so well worth shopping around.

[Gaz]

Another plus to Kwik Fit over the other one posted is that the total amount of cover you choose (£300/£500/£1000) lasts for that amount (up to one year); e.g. if you have £1000 cover and your excess is £300, if you have 4 claims in a year the first 3 excesses will be paid and £100 of the 4th will be paid.

Remember that the claim has to go over the excess of your main policy - if you crash and your insurer thinks you've only done damage worth less than the excess, there's no claim under the main policy and you can't then use the excess protection policy to pay out, so choosing massive excesses on your main policy could come back to bite you.

[Chocolate8me]

Would it be worth it to increase your excess to lower your premium then take the excess insurance out just in case the worst happens?

[Gaz]

Up to a point - see above

[arryace]

Up to a point - see above

yes the higher your excess the more chance there is of the cover not covering the damage.

but lets say you have £600 excess even if your only covered for a total loss it has to be worth the £30 should your bike be written off your then not left £600 short in the payout.

[billalrebhan]

I got 3 months excess insurance just for looking at the site,when it ends i'm taking out the gold version which covers your house ,car and bike

[arryace]

maybe time for ya tv to be accidently damaged and your car to get vandalised