The insurer generally covers the rest of the repair bill up to their coverage limit.

What is basic excess for car insurance. In a nutshell your excess is a fixed amount that you have to fork out if you make a claim. If you hold a Third Party property policy the excess varies based on your state. Up to 200000 of Basic Vehicle Damage coverage is included in your Basic insurance and covers repairs when the other driver is responsible instead of recovering the cost of your vehicle repairs from the insurance policy of the driver responsible your own insurance will cover you.

The three main types of car insurance in Singapore. The standard excess ranges from 600 to 2200 depending on your state and what you selected when you bought or renewed your policy if you hold a Comprehensive car insurance policy with us. For example if your standard excess is 500 and your repair claim is 2000 that means youll have to pay 500 while your insurance company pays the remaining 1500.

It serves to motivate you to be more responsible to take better care of your valuables and to prevent small petty claims. Excesses mainly exist to deter people from claiming really small damages or claiming things too often. Choose an excess that reduces your car insurance premium Most insurers will allow you to increase your excess to reduce your premium.

Types of excesses Most insurance policies have a standard excess or a voluntary excess. An insurer may have many types of excesses that can apply in different situations or apply concurrently. What is car insurance excess.

Depending on the circumstances of the incident that led to your claim you may have to pay more than one excess. Various insurers charge different excess depending on the type of claim ie. These basic three types are common amongst all insurers and the least cover amongst them is the minimally mandated by the government.

The excess amount is the first amount payable by you when your claim is settled or paid out. A car insurance excess is the fixed amount you pay towards a claim. However the amount can differ by thousands so it pays to check what yours is.