What does the deductible for legal expenses insurance include?
Many insurance policies involve a deductible. Although with legal expenses insurance you get legal help and never compensation for the amount of the claim, some insurers have instituted a deductible.
What is my legal expenses insurance deductible?
How exactly does the deductible work? Basically the same as with any other insurance policy. You pay the first amount of the legal costs incurred yourself. Up to the amount of the deductible.
Example:
You have incurred costs for legal assistance and the bill is € 500. Your deductible is set at € 200. So in this case you pay the first € 200 yourself. You can claim the remaining € 300 from your insurer. Whether you have an excess with your legal assistance insurance depends on the insurer. Not all companies work with an excess.
Taking out legal expenses insurance? Calculate your premium!
Is legal expenses insurance really necessary?
Legal expenses insurance may seem like an unnecessary luxury, but in practice it is often very useful and perhaps even indispensable. All sorts of disputes can arise in everyday life. For example, you get hit by a bicycle, have a conflict with the neighbors about the fence in the yard, disagree with your dismissal or are not taken seriously by a store when complaining about a defective product. With legal expenses insurance, you do not have to resolve this yourself, but can report the dispute to your insurer. It will take the matter out of your hands and take legal action if necessary.
Am I required to purchase legal expenses insurance?
No, in the Netherlands it is not required by law to have legal assistance insurance. But the costs can quickly mount up the moment you need legal help. When taking out legal assistance insurance, you can choose from various modules. So you choose what you want to insure yourself for.
What is a franchise?
The deductible is not to be confused with franchise. Franchise is threshold below which the legal expenses insurer will not consider a claim. Insurers use this amount to avoid incurring many costs when dealing with a legal conflict over something of small value. Only when the damage suffered as a result of the conflict is above the threshold amount can you claim on your legal expenses insurance.
Comparing legal expenses insurance
Thus, terms and conditions may vary from one insurer to another. Not all insurers have deductibles and excesses. When comparing legal expenses insurance, these are important things to include in a comparison, in addition to the premium.
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