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:
“Where an excess of power prevails, property of no sort is duly respected. No man is safe in his opinions, his person, his faculties, or his possessions.”
—James Madison (1751–1836)
“The eye deals with excess more easily than the stomach does.”
—Mason Cooley (b. 1927)
“Genius has infused itself into nature. It indicates itself by a small excess of good, a small balance in brute facts always favorable to the side of reason.”
—Ralph Waldo Emerson (1803–1882)