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What is a 'policy excess'?
When it comes to travel insurance, the obscure terms that are frequently banded around can be more than a little confusing. In this article, we'll take a look at decoding one such term - 'policy excess'.
'Policy excess' definition
Simply put, an insurance policy excess is a set amount of money you will have to pay towards a claim, regardless of who is to blame for the incident.
Exactly how much you pay for a compulsory excess depends on which cover level you have selected. We advise checking out policy excesses to find out exactly how much you might be expected to pay in the event of a claim, before buying a policy.
If you'd prefer not to have an excess, some insurers will offer to remove excesses from your policy, for a small fee. This is usually arranged at the time of purchasing the policy.
Holiday Extras Travel Insurance is sold and administered by Holiday Extras Cover Limited, registered office address: Ashford Road, Newingreen, Hythe, Kent CT21 4JF.
Holiday Extras Cover Limited is an insurance intermediary authorised and regulated by the Financial Conduct Authority, registration number 828848. You can check this by visiting the Financial Services Register
Holiday Extras™ is a Trading Name of Holiday Extras Cover Limited. The insurance is underwritten by Great Lakes Insurance UK Limited. Great Lakes Insurance UK Limited is a company incorporated in England and Wales with company number 13436330 and whose registered office address is 10 Fenchurch Avenue, London, United Kingdom, EC3M 5BN.
Great Lakes Insurance UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 955859. You can check this by visiting the Financial Services Register