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:
“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)
“There is an excess both in happiness and misery above our power of sensation.”
—François, Duc De La Rochefoucauld (1613–1680)
“For most men, and most circumstances, pleasure—tangible material prosperity in this world—is the safest test of virtue. Progress has ever been through the pleasures rather than through the extreme sharp virtues, and the most virtuous have leaned to excess rather than to asceticism.”
—Samuel Butler (1835–1902)