The term “Excess” refers to the portion of a claim that the policyholder is responsible for before the insurance company covers the rest. 

Let’s say you have motor insurance with an excess of TT$5,000. You get into an accident, and the repair costs are TT$15,000. You will pay TT$5,000 (the excess), and the insurance company will cover the remaining TT$10,000.

Excess is applicable for comprehensive motor vehicle policies only. 

There is a benefit that you can purchase called ‘Waiver of Excess’ which allows the excess mentioned above to be waived and is done via a tiered system of waivers. This benefit is only applicable to the insured (the person took out the policy) and his or her spouse. 

Additionally, the benefit is applicable to motor accidents and damage only (not for flood related damage).  

Note the ‘Waiver of Excess’ benefit is not applicable to theft and flood damage. 

 Tip:

• Always check the excess in your policy schedule (the sheet attached to your policy), so you know what you’re liable to pay before making a claim.