Car insurance and excess insurance are the most common terms in a vehicle industry. Car insurance is a kind of general insurance which covers the car from any unwanted damage. It is the most commonly used insurance in the market. Nearly all the vehicle owners are aware of this term. Generally speaking, an insurance related to the cars or any other goods vastly differs from the life insurance. In the case of a life insurance you have to pay the premium for a longer period to cover your life. The value of the cover is received posthumously by your nominees. But in the situation of a general insurance, the value of the cover decreases with time.
The reasons for having a general insurance
The basic reason for having car insurance is that it covers the unwanted damage made to your car. The value of your cover reduces with time because of the wear and tear in your car. It is already assumed that an old car is more vulnerable compared to a new car. Moreover, the general insurance of a car covers you only when your car faces an accident or a trouble unknowingly. If you file a claim, you will understand that the insurers do a detailed checkup before giving you the claim amount. It is here that the importance of excess insurance spread its wings. It is completely a new idea and the insurance cover you not only from unforeseen damages but also for some temporary damage made by mistake.
The importance of getting an excess cover for your car
If you are the owner of an expensive car or you are dealing in vehicles, then you will understand that a car needs more cost than just the claim amount of insurance. If you face a trouble like your windscreen is smashed by some local goons or your seats are damaged by any passenger deliberately, you can’t claim this amount from your insurer because the insured car is damaged purposefully in their eyes. So you will have to spend the money from your pocket. It is here we can rely on an excess cover for our insurance. It provides you a cover like an umbrella for any of the excess cost incurred.
The aspects which are covered by excess vehicle insurance
There is a plethora of things which are covered by excess vehicle insurance. It mainly covers all the claims which you can’t ask a third party or your insurer to pay on its behalf. In case you are not able to recover the amount of money from your driver within 6 months then the excess vehicle insurance will reimburse you. It covers all other important excess factors for your vehicle like the damage of your car with or without your fault. It covers you from the fire damage. It covers you from the damage related to vandalism. It covers you from the flood damage and also if your car is stolen. If your driver is at fault, still you can claim the money.