Excess

When it comes to jewellery insurance, excess is often overlooked or misunderstood. Let’s explore the ins and outs of excess in jewellery insurance, how it affects your coverage level and policy cost, and when you may not have to pay an excess.

What is Excess in Jewellery Insurance?

Excess is the amount a policyholder must pay towards a claim before their insurance policy kicks in. In other words, it's the portion of the claim that the policyholder is responsible for paying themselves. This should not be confused with your policy premium, which is the amount you pay towards your policy monthly or annually to maintain continuous coverage.

How Does Excess Affect Your Policy?

The excess amount can vary depending on the insurer and other factors, such as your jewellery's value and claims history. Typically, the higher the value of your jewellery, the higher the excess amount will be. The excess amount outlined in your policy can also significantly impact the cost of your premiums.

In some cases, insurers may offer lower premiums in exchange for a higher excess amount. While this can be an effective way to reduce the cost of your policy premium, it can also mean that you have to pay more yourself in case of a claim.

How Does Excess Work in the Event of a Claim?

If you need to make a claim on your jewellery insurance policy, you must pay your excess amount upfront before your insurer pays out the remainder of the claim. This means that you should have the funds available to cover the excess amount in the event of a claim, or you may have issues repairing or replacing your jewellery.

When Do You Not Have to Pay an Excess?

Some insurance companies, like JewelCover, cover the cost of your excess should you make a claim. At JewelCover, we make this clear from the get-go, so there are no hidden surprises. In the event of a claim, all you need to do is make the initial phone call–and the rest? You can leave it with us. Ensure you read your policy carefully to understand the amount of excess included in your policy. 

Conclusion

In conclusion, excess is a crucial consideration for jewellery insurance. Understanding how it can affect the coverage level you receive and your policy's overall cost is essential. By taking the time to understand excess, you can ensure that your jewellery is protected correctly and that you have the right level of coverage in the event of a claim.