A recent survey of customers who had incepted personal lines policy with a leading insurance company reported that over a third were found to be unaware of the excess on their policy.

Excesses are of huge importance to personal and commercial customers. The policy excess is the part of a claim that is not paid by the Insurance Company. For example there was fire damage to a building of €1000, the excess on the policy is €250 so the Insurance Company will pay €750.

Excesses can vary from insurer to insurer and from policy to policy. Even within policies different excesses can apply to different sections of the policy. For example in a mixed use property, the excess in relation to theft may be €250 but €1,500 in relation to the escape of water. 

Increased excesses are being offered by some companies to bring down premiums for clients but it is important to note that there is a trade off for this reduced premium.

If you would like to discuss your policy and get the strongest cover at market leading rates please contact Doyle Mahon Insurances or call our offices on 053 – 91 23630.