Motorcycle Insurance Glossary - motorcycle insurance excess
Put simply - should your bike be damaged or stolen and you make a claim against your policy the excess is the amount of money you will have to pay toward the claim.
For example, if your motorcycle insurance excess is £100, your motorbike is stolen and the insurance company agree that your bike is worth £2,000 they will deduct your £100 excess therefore you receive £900.
What types of excess are there?
Because of the different types of claims you can make there are three basic types of excess …
- accidental damage excess
- malicious damage excess
- fire and theft excess
The excess will also relate to the insurance cover you have. The minimum cover required by law 'Third Party Only' does not allow you to claim against your motorcycle insurance policy for theft or damage to your bike and therefore there will be no excess.
Accidental damage excess
This is the amount you will be liable to pay for each and every claim against your motorcycle insurance policy in the event of your bike being damaged. This type of excess only applies to fully comprehensive motorbike insurance policies.
Malicious Damage Excess MDXS
This is the amount you will be liable to pay for each and every claim against your motorcycle insurance policy following an incident where your bike is damaged as a result of 'Malicious Means' - vandalism.
Fire and Theft Excess FTXS
This is the amount you will be liable to pay for each and every claim against your motorcycle insurance policy because your bike has been destroyed by fire or stolen.
It also applies to damage caused as the result of an attempted theft - which is unfortunately quite a grey area, because the damage must have been caused as a result of an 'Attempted Theft' (such as damaged to the steering lock or ignition cowling). Any other damage would not be covered on a Third Party Fire and Theft motorcycle insurance policy.
Insurance excesses vary in amount and application between different motorcycle insurance providers and you should therefore carefully read your motorcycle insurance documents (in particular your schedule of insurance), which will clearly state any / all excesses that are applicable.
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