what does excess payable means for 1st party insurance?

• t3r

  14 Nov 05, 00:47

  
• gasband

  14 Nov 05, 00:50

  Means the amount u have to pay when u claim from ur insurance... for example, car accident and repair cost come up to $3000 and ur excess is $500, means u can only claim $2500 from the insurance and pay $500 ursself.
• Tan Ah Kau

  14 Nov 05, 03:21

  Eh why u ask?? u just got into accident ar??? peng ah!!
• t3r

  14 Nov 05, 05:26

  ya loh.. T.T
• WongCH

  15 Nov 05, 03:50

  i'm not sure about this but from my understanding,
  
  excess means the additional money you need to pay to insurance company if you decide to make a claim.
  
  for example,
  
  excess = $500
  
  so in an event if the repair cost is @ $5000,
  
  the insurance company will bear the cost, and you have to pay the insurance company $500 and lose all your NCD and be prepared the premium to be higher next year.
• huoye

  15 Nov 05, 10:42

  to be more precise,
  
  if your excess = $500
  
  means if you claim insurance, regardless of the amount claimed you got to absorb the 1st $500 and the rest will be paid by the insurance.
  
  Eg: if ur claim is $1,500.
  
  you pay the first $500 den insurance pay the next $1,000.
  
  
• t3r

  16 Nov 05, 17:28

  i just gotten my excess payable from my insurance company... its 3000 + 1100 cos im not main driver and below 21 shit....farking ex.. lucky repair cost close to 6000...so at least insurance company also got pay
• wbucket

  16 Nov 05, 18:13

  All well, end well. Do drive carefully in the future.