The amount that you agree to pay towards filing a claim is what is referred to as excess. This applies to insurance in general, including home, health, pet, travel, and motor insurance covers. However, this doesn’t apply to life policies, and there are basically two types of insurance excess that we have today.
They are the voluntary excess and the compulsory excess. Car accident my fault. Do I pay the excess is what this article would be addressing today but remember you are liable for both types of insurance excess when you make a claim?
When you get to pay the excess at the start of filing an insurance claim, but in scenarios where you are not at fault for the accident or damages, another party is liable for the damages. So the excess would be returned to you.
People ask if they can change their insurance excess, but you should also know that it is impossible to change compulsory excess because it is the company that sets that. It is a non-negotiable form of excess. Several factors determine it, and if you are a young driver, then your excess rises.
This is because you are considered a risk carrier, but it can be changed in the case of voluntary excess because, just as its name goes, it is voluntary. You can also select what price range you would like to pay when you renew or take out your insurance policy. You would find the amount of excess you have to pay on your policy schedule but do not forget to check the terms and conditions.
Car Accident My Fault, Do I Pay Excess
If you have been involved in a car accident with another car, you would need to pay the excess you have on your insurance premium. However, this also doesn’t matter if you are at fault or not, and the amount you would have to pay as excess, just like we stated earlier, can be found in your insurance policy.
The fact is you cannot always tell whether or not you would need to pay for excess after a car accident because it is up to your insurance company to decide that for you or not.
If you want to avoid getting stuck with an insurance excess, then here is what you have to do;
- You can go on and lodge a dispute if you disagree with the decision being made by your insurer.
- If, after the accident, the other driver managed to flee from the scene without reporting the accident to the police or providing any of his contact information or details. You should report the accident to the police because they might end up catching him.
- It would help if you tried to take down as much evidence as possible to hand it over to your insurer to show that you are not at fault, but you would have to pay for the excess when you are at fault.
Your insurance rates can go up when it is time to renew for being at fault for the accident. You should contact your insurance provider for more details on that. Still, certain policies would provide you with accident forgiveness only if you can drive for a long period of time without being at fault for another accident. You would need to purchase accident forgiveness on time if you want to be open to it or if you intend to benefit from it.
It doesn’t matter whether you are at fault for the car accident or not because being involved in an accident alone can be stressful for anybody. What you must do after being involved in a car accident is to stay calm and breathe. It is also possible for everyone involved in the accident to sustain minor injuries from which they can easily move on.
We all know that no one is perfect and everybody is bound to make mistakes, and it is also essential that the driver at fault for the accident is held liable for his actions.