What is excess protection insurance?
Excess Protection Insurance covers the excess on another main policy that you as the policyholder will be responsible for in the event of a claim.
What types of insurance policies can be protected with excess protection insurance?
A typical example from everyday life would be a motor, home or travel insurance policy.
How does it work?
If you have a claim on your main policy (i.e. the value of the claim exceeds the pre-agreed excess on your main policy) you can recover the excess deducted by your insurer on the main policy via submitting an claim through your Excess Protection policy. The value of the claim on the main policy must always exceed the pre-agreed excess.
If my claim is less than my excess limit can I still claim on my excess cover?
No. If the value of the claim falls below the excess on your main policy the excess protection policy will not respond.
How will I benefit from my excess protection policy?
On most main policies the policy holder will be responsible for the excess. This is the first part of the claim that you are liable for and will have been pre-agreed with your insurance underwriter, otherwise known as your insurance provider.
The amounts can vary from as low as £80 on a home policy and typically from £250 upwards on a motor policy.
In the event of a claim it may cause an unexpected cash-flow shortfall. The Excess Protection policy offered by Strategic Insurance Services Ltd allows you to reclaim the full excess amount, so you are not out of pocket.
How much excess protection can I have?
You will have a choice of financial bands ranging from £250 / £500 / £750 / £1,000.
How many claims can I have in a year?
As long as the excess on the main policy is triggered your Excess Protection policy will respond up to the value of the financial band or the policy period you have stated on your Excess Protection schedule of / confirmation of coverage document, whichever comes first.
How do I make a claim?
As soon as you have written confirmation by your main policy insurer that your claim has been settled and it confirms what excess financial responsibility you have, we ask you to submit your claim on a specially designed web claim platform called ClaimEz.
What is ClaimEz?
ClaimEz allows you to submit a claim online. We pride ourselves not just on this purpose designed and built platform, but on the speed that we settle claims using ClaimEz.
Once your Excess Protection claim has been validated (all the required documents received by us) our claims handlers look to settle your claim payment within five working days.