Ever wondered what insurance excess means? 
It’s the amount you pay before your insurer covers the rest of a claim. Let’s break it down! 
Definition (Wikipedia):
Insurance excess (deductible) is the portion of a claim paid by the policyholder before the insurer contributes. It helps prevent small claims & lowers premiums. (Source)
Types of Excess:
Compulsory Excess – Fixed by the insurer, must be paid. Voluntary Excess – Chosen by you, lowers premiums but increases your share of the claim.
Example:
Claim Amount: ₹10,000 Excess Payable: ₹1,500 (₹1,000 compulsory + ₹500 voluntary) Insurer Pays: ₹8,500
Things to Remember:
Higher voluntary excess = lower premiums but more out-of-pocket in claims. Check your policy to know your exact excess amount! 
Find the right balance between savings & affordability.
Ever paid an excess? Was it worth it? Drop your thoughts in the comments! 
#Insurance101 #SmartClaims #KnowYourPolicy
