$0 Excess.. what it means?

[Green_carnation]

yo bros.. hope someone can enlighten me..

 

what they mean by $0 excess in auto insurance. I was quoted an amount, but I noticed following that they stated $0 excess. my past few insurance policies for my car actually have excess amounting $300-$500.

 

Is it better to have $0 excess?

[Watwheels]

 

If $300~$500 excess means that if your repair bill exceeded a certain amount and insurance coy wants you to pay, that will be $300~$500 you have to come up with your own money.

 

How much is your premium anyways? Must be quite high for $0 excess?

[Green_carnation]

If $300~$500 excess means that if your repair bill exceeded a certain amount and insurance coy wants you to pay, that will be $300~$500 you have to come up with your own money.

 

How much is your premium anyways? Must be quite high for $0 excess?

 

Then how about those windscreen smashed coverage?

 

I was quoted about $700 with 50% ncd.. my age is above 35, with more than 10 yrs driving experience..

[Watwheels]

Then how about those windscreen smashed coverage?

 

I was quoted about $700 with 50% ncd.. my age is above 35, with more than 10 yrs driving experience..

Windscreen should be FOC for most coy by now. In the past, excess for windscreen is $100. Now maybe still have but it'll be very rare cos of competition.

 

Is it comprehensive coverage?

[Green_carnation]

Windscreen should be FOC for most coy by now. In the past, excess for windscreen is $100. Now maybe still have but it'll be very rare cos of competition.

 

Is it comprehensive coverage?

 

Yeah it's comprehensive.. she got quotes from different insurance companies.. and dat's the lowest. There are few at 800-900+

 

[Patro]

It may sound good, but you might want to have some excess, as it could considerably reduce your premium.

 

Also, if you ever get into a small accident or need repairs that are only going to cost a few hundred dollars, you might be best off paying for it out of pocket, despite your $0 excess.

[Watwheels]

Yeah it's comprehensive.. she got quotes from different insurance companies.. and dat's the lowest. There are few at 800-900+

Dan it's quite a good deal.

[Green_carnation]

It may sound good, but you might want to have some excess, as it could considerably reduce your premium.

 

Also, if you ever get into a small accident or need repairs that are only going to cost a few hundred dollars, you might be best off paying for it out of pocket, despite your $0 excess.

 

yeah usually small dents small knocks if repair not too high i will not claim insurance.. hmm dunno wat might affect the insurance premium or ncd..

[Green_carnation]

Dan it's quite a good deal.

 

Yeah sounds like it. I guess probably I might just go for this. Only drawback is my past policies are 'branded' companies, and feel a bit uneasy with names which are not AXA, AIG, NTUC etc..

[JJ_TAN]

Your excess is not really $0, if I not wrong, just a waiver of excess due to your high NCD that some insurance companies (AXA, Tokio Marine,etc...) give as a benefit to entice drivers with a clean record,

 

This waiver of excess usually applies to the 1st claim within the policy year, if there are any subsequent claim(s), the policy excess should still apply.

[Green_carnation]

Your excess is not really $0, if I not wrong, just a waiver of excess due to your high NCD that some insurance companies (AXA, Tokio Marine,etc...) give as a benefit to entice drivers with a clean record,

 

This waiver of excess usually applies to the 1st claim within the policy year, if there are any subsequent claim(s), the policy excess should still apply.

 

thanks for the heads up bro.. perhaps i shud read more in details..

[inlinesix]

Yeah sounds like it. I guess probably I might just go for this. Only drawback is my past policies are 'branded' companies, and feel a bit uneasy with names which are not AXA, AIG, NTUC etc..

Some of the insurance companies might not be big name here. But it might be big shots in their home country. What is important is the service level provided especially when it comes to claims.

 

[Scenic98]

Some of the insurance companies might not be big name here. But it might be big shots in their home country. What is important is the service level provided especially when it comes to claims.

Yah...like China Insurance.

[Sci10213]

If you opt for voluntary excess or buy-up excess, your premium will be cheaper!