An excess is the first part of any insurance claim that you pay yourself. The insurer pays the covered loss above that amount, so with a £50 excess, a covered loss of £400 would mean the insurer pays £350. A loss smaller than the excess isn’t worth claiming for, because nothing would be paid.
At Wigwam
Our contents protection has a £50 excess, and claims are settled new for old, so for most things a loss is valued at the cost of buying an equivalent item new. What the insurer pays for your belongings comes to you, less anything outstanding on your storage account.
Because our cover is separate from your home insurance, claiming on it won’t affect the no-claims record on your home policy.
If you use your own home or business insurance for your stored things instead, the excess is whatever your own policy sets, and the effect of a claim on your no-claims record depends on that policy. It’s worth checking both with your insurer before you decide which cover to use.
How it fits with your declared value
The excess is a fixed amount, but the rest of the payout depends on the declared value you gave us. If that figure is lower than what your things are really worth, a claim is settled in proportion, so it’s well worth keeping that figure up to date.
If you’re weighing up our cover against your own, or have a question about a claim, call us on 0800 2545585 and we’ll talk it through.
Related terms
Related questions
Further reading
- Association of British Insurers: Home insurance