For fleet owners and managers, the amount they pay each year to cover the excess part of the claim can be substantial if there are multiple claims and the excesses are high. Sometimes a high excess is imposed by the insurer if there is a history of high claims or a higher excess may be selected by a company with a good insurance record to keep the premium cost down.
 

Excess Protection Insurance is a low-cost way of gaining added security and peace of mind as all the costs involved in a claim are covered.

It is a financially prudent initiative as it takes the guesswork out of planning this aspect of fleet costs.
 

How it works
 

With an aggregated excess protection policy, you can agree in advance a limit and then claim as necessary up to the limit. As long as you have a valid claim on your fleet insurance policy, you can be reimbursed up to the limit selected.
 

This policy is a very good way for companies to manage risk. They can decide on a limit based on their historical experience. Should claims need to be made, there will be no unexpected demands on cash flow to fund the excess part of the claim. The cover will be handled on a per vehicle basis.

Select the annual level of cover which meets your anticipated claims –

£1,000, £3,000, £5,000, £7,500 or £10,000 - and then claim back any insurance excess charges during the period insured, up to that limit.
 

For a claim to be valid the fleet policy must pay out and the claim must be greater than the excess amount. For example if you choose £1000 excess and the repairs came to £900, you will be liable to pay the £900.

 

Please be aware that this product has a 14 day cooling off period after purchase of a policy.