Caravan Insurance Policy Excess

There is a number of ways that you could help yourself to make great savings on your caravan insurance policy if you know how. One of them is the amount of excess that you are asked to pay in the event that you have to make a claim on your policy.

The excess is the amount of money that you would be expected to pay out of your own pocket in a lump sum if for any reason you had to make a claim on the policy. Once you had paid the excess the insurance company would then take over the rest of the claim. For instance if you were paying £50 in excess and you have to make a claim on the insurance that totalled £350 then you would pay the first £50 and the insurance company would have to pay the rest which would be £300. All insurance providers will add a minimum amount of excess into the policy but you could offer to pay more and by doing so you could keep down the cost of your insurance.

However when considering paying out more in excess as a way of making savings on your caravan insurance policy you would need to take into account that this would be paid by you as a lump sum before the provider would take over the rest of the claim. Also bear in mind that should you have to claim more than once on the policy in the same year you could lose out on any savings that you have made through the premiums.

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