what does excess payable means for 1st party insurance?

t3r SG

Question

gasband SG

Means the amount u have to pay when u claim from ur insurance… for example, car accident and repair cost come up to $3000 and ur excess is $500, means u can only claim $2500 from the insurance and pay $500 ursself.

Tan Ah Kau SG

Eh why u ask?? u just got into accident ar??? peng ah!! Laughing

t3r SG

ya loh.. T.T

WongCH SG

i'm not sure about this but from my understanding,

excess means the additional money you need to pay to insurance company if you decide to make a claim.

for example,

excess = $500

so in an event if the repair cost is @ $5000,

the insurance company will bear the cost, and you have to pay the insurance company $500 and lose all your NCD and be prepared the premium to be higher next year.

huoye SG

to be more precise,

if your excess = $500

means if you claim insurance, regardless of the amount claimed you got to absorb the 1st $500 and the rest will be paid by the insurance.

Eg: if ur claim is $1,500.

you pay the first $500 den insurance pay the next $1,000.

t3r SG

i just gotten my excess payable from my insurance company... its 3000 + 1100 cos im not main driver and below 21 Evil or Very Mad shit....farking ex.. lucky repair cost close to 6000...so at least insurance company also got pay Sad

wbucket SG

All well, end well. Do drive carefully in the future. Wink