What is the excess in liability insurance?
With many insurance policies, you pay a deductible in the event of a claim. The deductible of a liability insurance policy is the portion of the claim amount that you must pay yourself. Suppose the deductible is €100 and you have a claim of €1000, you will receive €900 from the insurer. The remaining €100,- are for your own account.
Liability insurance excess per occurrence
This excess for your liability insurance usually applies per claim. Do you have 4 claims per year? Then you also pay 4 times the excess. This is different for your health insurance, where the excess applies for the whole year.
Example: you have a claim of €5,000. The insurance policy states that you have a risk of € 250 per event. You will therefore be reimbursed a maximum of € 4,750. Example: you live in Amsterdam and have € 1,000 damage due to theft. The insurance policy states that you have an excess of € 250 per event. Because you live in the 1 of the big cities an additional deductible of € 100 applies. You will be reimbursed a maximum of € 650 in this case.
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What is the excess of my liability insurance?
With most insurers, you do not have a deductible. This means that if you accidentally break something belonging to someone else, you do not have to pay for the damage. In special cases, a company may set a deductible, but it will be explicitly stated.
What does my liability insurance cover?
When you are looking for liability insurance, you want to know exactly what is covered. In terms of amount, but also for whom in your family exactly. Read more about what to look out for when choosing coverhere .
Up to what amount am I insured?
When you take out liability insurance, you can choose the amount for which you want to be insured. This can differ per insurer. The insured amounts vary from 1 to 5 million euro per event, but 2.5 million is the most common insured amount. Often you can choose between two amounts. Do you want to know exactly up to what amount you are insured? Then look at the policy conditions of your insurance policy.
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