What is Excess Insurance?

Insurance can be a difficult thing to understand. With new laws and regulations coming out often, it helps to have someone on hand that can help you navigate the world of insurance. For those that live in the Pembroke Pines, FL area, the agents with McCormick Insurance Inc. can help you find the policy that is right for you.

So what is excess insurance? In terms of insurance, the excess is the amount that is above and beyond what you have paid in, or the excess costs of the coverage. This means that if you are in an accident and it causes damages to your car but you only have coverage for a specific amount. You will then be required to pay an excess when you file with your insurance. In most cases, excess is not a big issue for all of those individuals that are insured.

The excess may also be referred to as the deductible, or the amount that you are required to pay in order to have a claim payout. This means you are responsible for this amount before an insurance claim can be made and before you can collect any money on the claim. Most insurance companies have deductibles in the range of $500 to $5000 and these amounts are determined by the driver when they take out the policy. It is best to talk with your agent about what a good excess is for you and what a reasonable amount should be so that you can be fully covered and insured.

For those in the Pembroke Pines, FL area, the agents with McCormick Insurance Inc. can help you find the polity that works best for you and for your particular circumstances. They can also explain all relevant terms so you better understand your policy.