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What’s the deal with an insurance excess?

Most insurance policies include an excess (otherwise known as a “first amount payable”) which is determined when you first take out a policy. An excess is particularly common in car insurance and is the agreed-upon amount you will need to pay upfront if you make an insurance claim.

Lower premiums mean higher excess

Typically, the lower your monthly premiums are, the higher your excess will be. Most insurers will give you the option of either opting for higher monthly premiums and a lower excess or lower monthly premiums and a higher excess.

An excess will protect insurers from fraudulent claims as many people will resist submitting a fraudulent claim when they know that they are required to pay an excess.

We offer Excess Buy Back Options

Excess Buy Back provides cover for any excess payable in the event of a Total Loss, Accident damage, Theft or Hijacking, as well as Windscreen replacements. The excess will be waived should an event occur.

We offer three excess Buy Back options. The Excess Buy Back benefit does carry an additional premium.
Option 1: In the event of any INSURABLE LOSS, the excess will be waived for the vehicle to which the buyback option applies.
Option 2: In the event of ACCIDENT damage, but excluding a TOTAL LOSS, the excess will be waived for the vehicles to which the buyback option applies.
Option 3: In the event of a TOTAL LOSS following an ACCIDENT, THEFT or HIJACK, the excess will be waived for the vehicles to which the buyback option applies.

Got questions? Or keen to discuss your options regarding Excess Buy Back? Contact us today!