Is motor excess protection insurance worth it?

Motor insurance is an essential part of being a UK driver. However, it’s not just the legally required policies you need to consider.  

A standard insurance policy will cover you for what you need by law, but it often won’t cover other factors, such as breakdowns, small superficial damage and the cost of your excess. But that doesn’t mean you can’t get additional coverage that could save you significant money in the long run.  

Motor excess protection insurance is one such policy that might not be on every car owner’s radar but could be financially beneficial if you ever have to make a claim. While a standard motor insurance policy kicks in after an accident or theft, it typically includes an excess fee — that is, a portion of the claim amount that the policyholder is responsible for paying. This excess can be a hefty sum, depending on the specifics of your policy. Motor excess protection insurance offers a layer of financial security by covering this excess payment, potentially saving you from out-of-pocket expenses during stressful times.  

But is it worth it? 

In this article, we’ll cover: 

• What is motor excess protection insurance? 
• What does motor excess protection insurance cover? 
• How much does motor excess protection insurance cost?
• Is motor excess protection insurance worth it? 
• Where can I purchase a policy? 

What is motor excess protection insurance? 

Motor excess protection insurance is a type of motor coverage that reimburses you for the excess payment required when you make a claim on your primary car insurance.  

The excess, which will have been agreed upon when setting up your original policy, is the portion of a claim you must fund yourself before your insurer pays the remaining costs.  

Excess protection insurance lies in its ability to mitigate the financial impact of this upfront cost, which can be particularly steep depending on the terms of your primary insurance. 

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Also see: What is motor excess protection insurance?

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What does motor excess protection insurance cover? 

If your claim is accepted, motor excess coverage will insure the excess on your motor insurance policy is financially covered. 

Typically, this protection covers various types of claims including collisions, theft, and other damages to your vehicle, regardless of whether the fault is yours or the other party’s.  

Most providers also offer an annual policy limit, meaning you can submit more than one claim throughout a single policy term if you need to. So, if you have a policy limit of £1,000, you can make as many claims as needed until you hit the £1,000 limit.  

These policies may also extend to multiple vehicles.  

How much does motor excess protection cost?

Unfortunately, there is no set cost for motor excess protection. The price of premiums largely depends on the provider you choose, your details, the features you opt for and how much you’d like to be covered for.

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Also see: What should I do if I put the wrong fuel in my car?

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Is motor excess protection insurance worth it?

Whether motor excess protection cover is worth it is something only you can decide. Not everyone prioritises the same things, so just because many people believe this type of protection is beneficial, doesn’t mean you have to.  

However, if you’re unsure of whether you want to purchase a policy, you might want to consider how much you might be expected to pay without it.

Most insurers enforce a compulsory excess fee on all their policies, this can often cost you between £150-£200 per claim (Go Compare, 2024). That means, without motor excess protection insurance, you could be paying £200 (or even more in some cases) per claim.

Where can I purchase a policy?

If you’ve decided that a motor excess protection insurance policy is the right type of coverage for your vehicle, you’ll be glad to know that there are numerous providers available online.

A simple internet search should help you find several options in no time. However, it’s crucial to take your time and compare different policies before making a decision.

The features included in each policy can vary significantly, and some may be better suited to your needs than others. Some policies may also offer additional perks. 

By carefully evaluating your options, you can find a policy that not only provides the coverage you need but also fits your budget and offers the best value for your money.

And remember, it’s always a good idea to read the fine print and ask questions before committing to a policy. This will help ensure that you have a clear understanding of what’s covered and what’s not, and that you’re making an informed decision. With a little research and patience, you can find the right motor excess protection insurance policy for your vehicle and enjoy peace of mind on the road.