The Excess Reduction Policy allows you to claim back part of your Policy Excess in the event of a fault claim. You do still need to pay out the excess first at the point of a claim, but you can recover up to the Excess Reduction amount back.
Please note, claims must be notified to the main motor insurer and then to Universal Insurance Company for the reimbursement of the Excess Reduction amount. Excess Reductions claims must be reported within 90 days of the incident.
Most insurance policies include an Excess amount - this is the first part of any claim cost that the insured is responsible for.
In order to reduce the financial burden our customers would be liable for in the event of a fault claim, our policies are packaged with an exclusive Excess Reduction Insurance policy, which makes part of the excess amount you are responsible for recoverable. (For non-fault claims, the excess would be claimed from the Third Party.)
Please note - you will still need to pay the full Motor Policy Excess* amount for the repairs first, but you can claim the Excess Reduction part back, reducing the total amount you will be ‘out of pocket’ if a claim occurs. (*full policy excess amount is confirmed in Motor Policy Schedule and documentation)
Your motor policy has, for example, a £500 Excess as standard. The Excess Reduction Insurance policy makes £400 of that excess amount recoverable in the event of a fault claim. Example:
When would you be responsible for paying your policy Excess
When would you recover your Excess Reduction amount
Situations that are not covered
Claims must be notified to the main motor insurer and Universal Insurance Company for the reimbursement of the Excess Reduction amount. Excess Reduction Insurance claims must be reported within 90 days of the incident.
This policy cover has been arranged with Universal Insurance Company (Guernsey) Ltd. Ramasis Limited is connected for the purposes of the Insurance Companies Regulations 1994 to Universal Insurance Company (Guernsey) Ltd who is authorised and regulated by the Guernsey Financial Services Commission.