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:
“The Declaration [of Independence] was not a protest against government, but against the excess of government. It prescribed the proper role of government, to secure the rights of individuals and to effect their safety and happiness. In modern society, no individual can do this alone. So government is not a necessary evil but a necessary good.”
—Gerald R. Ford (b. 1913)
“Solomon’s ... excess became an insult upon the privileges of mankind; for by the same plan of luxury, which made it necessary to have forty thousand stalls of horses,—he had unfortunately miscalculated his other wants, and so had seven hundred wives....
Wise—deluded man!”
—Laurence Sterne (1713–1768)