What are Deductibles?
Sunday, October 18th, 2009
The excess payment or deductible is a fixed amount paid by the policyholder every time he claims for reimbursement of repair expenses from the insurance company. The payment is normally given to the company that fixed or repaired your car after they have released it. In cases that your car is considered a write off, the excess will be deducted from the payment of settlement.
If however it is the other driver’s fault accident and the third party’s insurance company accepts it, the excess payment will be shouldered by the other driver’s insurance provider. When the other driver however is uninsured, some policy’s include coverage for an uninsured motorists.