A policy excess, is an amount that is paid by you on each and every claim that is made under the policy of insurance. There are a number of policies that are available including travel insurance with no excess or waiver insurance. These are taken where the customer does not want to accept any part of the risk when taking out their travel insurance and you would not have any excess to pay in the event of a claim.
Usually it is a travel insurance with excess that is selected by a customer. The standard excesses and any increased amount that you are required to pay will be shown within your policy wording or on the policy schedule. It is necessary to check each section of the policy as different excesses can apply.
When claiming for medical expenses when you are overseas, if a European Health Insurance Card is used, or often referred to as an ‘EHIC’ most insurers will waive the policy excess under this section of the policy and there will not be any excess for you to pay.
It is always important to fully read the policy wording and general exclusions as there can be certain situations where an increase in policy excess may apply. An example of this is where you injure yourself during any voluntary work any medical expenses that are claimed may require you to pay an increased policy excess.
The policy wording will also explain when and in what situation an excess may apply. Often it will apply for each and every claim per incident claimed for by each of the persons insured.
When selecting a policy there will be an option to choose the amount of excess that is to apply under the policy. The travel insurance with excess may vary considerably if taken through an aggregator channel and whilst the level of excess may differ the terms and conditions may also differ to a policy that may be offered by the company’s direct website.
When you need to use your travel insurance with excess, the excess payable can be paid directly to the service provider that you are using. If expenses are being claimed, then an excess will be deducted with any other amounts applicable from the final settlement that is payable to you.
When making your decision to purchase a travel insurance policy you will always need to be careful to select the right policy for you. Always select an amount of excess that you are prepared to pay should you need to use your policy. By doing this you can be sure of a relaxed and reassured trip.
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