What is an Excess payment?
An excess is the fixed contribution you must make towards
the repair of your car when you make a claim on your car insurance policy. This payment is normally ( travel insurance ) made directly to the repair garage when you collect the car. If your car is a write off, your insurance company will deduct the excess from the settlement payment it sends to you.
If the accident is proven to be the other drivers fault, you will be able to claim your excess payment back on ( cheap loans ) the other person's insurance policy. But what happens if the other driver is uninsured?
We all know that it's a legal requirement under Section 143 of the 1988 Road Traffic Act to have insurance against third party liabilities. Reliable estimates of the incidence of uninsured driving in the UK are hard to come by and for the obvious reasons, those that are involved in breaking the law have every incentive to keep their activity as private as possible. But calculations by the Department of Transport suggest that around 5% of vehicles in the UK are being driven without valid insurance. Uninsured ( unsecured loans ) driving is increasingly being regarded as a major social problem since this group of people not only imposes costs on honest motorists in the form of higher premiums, but their presence on our roads also represents a serious risk to other road users.
Clearly then, driving without insurance is not a victimless crime. The costs associated with the damage to ( personal loans ) persons and property caused by uninsured drivers are largely paid for by the Motor Insurers' Bureau which is funded in its entirety by the industry, or by your insurer. Ultimately therefore, if you are involved in an accident caused by an uninsured driver you'll get ( mortgages ) you car repaired but you'll not be able to reclaim your excess.
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