Free insurance tips:
Find time to read the EXCESS CLAUSE in your Insurance policy documents
DID YOU KNOW ? If you have a high excess you will pay less on your premiums, but if you have a low excess you will have higher premiums?
An Excess is a payment your Insurance Company will ask you to pay towards any claim you make. Excesses mainly exist to deter people from claiming really small damages. Keep in mind that your premiums will change depending on what your excess is. So if you have a high excess you will pay less on your premiums, but if you have a low excess you will have higher premiums.
Most Insurance Companies in Zambia charge 10% Excess for each and every claim minimum of K500.00 on Motor Insurance as a Compulsory Insurance Excess. What is your Insurance Company charging you on Excess? Find time to read the EXCESS CLAUSE in your Insurance policy documents
FOR EXAMPLE:
One day during the COVID 19 Lockdown, Mr. Julious Sasu Mwanza (Not his real Name) a ZAF Officer could not believe what he saw. His 5 years old Son Ephraim Chibesa Mwanza had scratched the words “ COVid 19, wASh haNdS and Clean ME ’ on the doors and Bonnet of his newly bought car with a stone . The cost of spray painting the car was
K 3,000.00
The Excess Clause applicable on his policy was 10% for each and every claim minimum of K500.00.
Therefore :
a)The Cost of the Claim ( Spray painting ) was K 3,000 .00
b) 10% of K 3,000.00 is K300.00 but the Minimum Applicable is K500 .00
Mr. Julious Sasu Mwanza was required to pay the first K500.00 of the claim before the Policy Coverage could kick in . Since the claim amount was K3, 000.00, he had to pay K500.00 and the Insurance Company covered the remaining
K2,500.00 of the Claim.
Until Next Time!
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