What is YOUI excess?
When you lodge a claim you are required to pay an excess. These excesses may apply to your claim and are on your policy schedule: Basic Excess. This is the initial amount payable by you on any claim. Additional Excess.
What does policy holders Excess mean?
An excess means that you, the policyholder, agree to take part of the ‘insurance risk’ away from your insurer, as you are agreeing to pay a portion of the initial costs of any claims.
Why would you check the excess on an insurance policy?
Excesses allow you to manage the cost of your health insurance. You can choose whether you’d like to have an excess on your policy or not. If you choose to have one, you’ll usually pay a lower premium.
What is my excess car insurance?
Simply put, your car insurance excess is the out-of-pocket amount you have to pay when making a claim with your Insurer. For example, if your standard excess is $500 and your repair claim is $2000, that means you’ll have to pay $500, while your insurance company pays the remaining $1500.
Does car insurance cover catastrophic failure?
Generally, no. A typical car insurance policy only covers repairs to your vehicle if they’re related to some kind of accident. You likely won’t be covered if your engine simply has a mechanical failure or other malfunction.
Can I claim back my insurance excess?
Paying excess for a car accident that isn’t your fault When you pay the excess for a car accident which isn’t your fault, you may need to claim this back from the insurance company of the driver who caused the accident once the claim is settled, if you don’t have legal expenses cover to pay this for you.
What does it mean if your insurance policy has an excess of 500?
When you make a claim, your insurance provider will deduct the excess from the total payout you receive. This means if your excess is £500 and your repair work is going to cost £600, your insurance company will only pay out £100 – so it’s probably not worth claiming.
Is it better to have high or low excess?
Generally, a higher excess is considered higher risk but it might save you money right now. If you’re an infrequent driver and mostly have your car safely stored then the level of risk may be low and the savings could be great.
How does excess work?
Excesses help to deter fraud and reduce the number of very low-value claims. Having to pay an excess means anyone making a claim is more likely to be genuine – it’s a way for insurers to protect against fraud and false claims.
Who is the CEO of YOUI?
Danie Matthee
OUTsurance Holdings/CEO
Is YOUI an American company?
Youi Pty Ltd is an Australian registered company and is a wholly owned subsidiary of Youi Holdings Pty Ltd, a subsidiary of OUTsurance International Holdings Pty Limited part of the Rand Merchant Insurance Holdings (RMIH) Group.