Excess
An excess payment, also known as a deductible, is a fixed contribution that must be paid each time a car is repaired with the charges billed to an automotive insurance policy. Normally this payment is made directly to the accident repair "garage" (the term "garage" refers to an establishment where vehicles are serviced and repaired) when the owner collects the car. If one's car is declared to be a "write off" (or "totaled"), then the insurance company will deduct the excess agreed on the policy from the settlement payment it makes to the owner.
If the accident was the other driver's fault, and this fault is accepted by the third party's insurer, then the vehicle owner may be able to reclaim the excess payment from the other person's insurance company.
Read more about this topic: Vehicle Insurance
Famous quotes containing the word excess:
“I would rather have a young fellow too much than too little dressed: the excess on that side will wear off, with a little age and reflection; but if he is negligent at twenty, he will be a sloven at forty, and stink at fifty years old.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“That the discovery of this great truth, which lies so near and obvious to the mind, should be attained to by the reason of so very few, is a sad instance of the stupidity and inattention of men, who, though they are surrounded with such clear manifestations of the Deity, are yet so little affected by them, that they seem as it were blinded with excess of light.”
—George Berkeley (1685–1753)
“... the opportunity offered by life to women is far in excess of any offered to men. To be the inspiration is more than to be the tool. To create the world, a greater thing than to reform it.”
—Alice Foote MacDougall (1867–1945)