Excess Reduction Insurance reducing the level of standard Policy Excess you are responsible for by the reduction cover amount.
Most insurance policies include an Excess amount - this is the first part of any claim cost that the insured is responsible for. If you want to remove that financial burden, you can take out an additional insurance policy that reduces the accident Excess amount and covers you financially in the event of this situation occurring.
How it works
Your motor policy has, for example, a £500 Excess as standard. You want to reduce that Excess amount to a more affordable figure. You take out an Excess Reduction policy covering £300, which leaves you responsible for the more affordable amount of £200, should a claim occur.
£500 Excess (standard policy excess) - £300 Excess Reduction policy = £200 Excess remaining
When would I be responsible for paying my policy Excess
Situations that are not covered
Policy Wording & Insurance Product Information Document
View a copy of the Excess Reduction Insurance Policy Wording
View a copy of the Excess Reduction Insurance IPID
This policy cover has been arranged with Universal Insurance Company (Guernsey) Ltd. Ramasis Limited is connected for the purposes of the Insurance Companies Regulations 1994 to Universal Insurance Company (Guernsey) Ltd who is authorised and regulated by the Guernsey Financial Services Commission.