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Caravan Insurance Policy Excess Explained

With budgets being increasingly tight these days, more and more people are looking for ways to save some cash. One way of doing this could be to see what savings can be made on your respective insurance policies, and if you’ve got a caravan insurance policy it could be wise to consider taking on a voluntary excess.

Having a caravan insurance policy excess is a pretty standard part of all insurance policies. That is, the insurance company will only pay a claim less the amount of the excess, and the amount often depends on the individual policy and the value of the insured item. This means that if you’ve got a higher excess then you’ll get back less money in the event of a claim, but don’t let that thought put you off.

While the possibility of having a higher excess may initially sound like a bad thing, in the long run it could well pay off. If you opt for a higher excess or even add a voluntary excess clause onto your policy then your monthly premiums could be vastly reduced, often resulting in a fantastic saving.

However, striking the right balance is essential. While you may want to save some cash now it’s important to think of the consequences – what happens if you needed to make a claim? Could you afford to replace the excess amount? It’s all about balance, and if you opt for a voluntary excess that reduces your premiums yet won’t leave you out of pocket in the event of a claim then you’ve done it right.

So, while opting for a voluntary excess could easily help you to save money on your caravan insurance policy, it still pays to be sensible. It’s perfectly possible for you to have a realistic excess and still save money, so get negotiating with your insurer and see how much you can save.

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This entry was posted on Monday, March 21st, 2011 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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