If I decrease my insurance excess ($600 down to $250) do insurers have a waiting period before a claim can be made using the lower excess?
Insurance Excess Is There a Waiting Period?
WeLoveFreeMoney on 16/11/2024 - 14:59
Comments
You could try. But likely have the claim denied.
You will need to pay for the policy price increase first.
I'm assuming you're referring to car insurance. There's no waiting period. What you're describing is often treated as the cancellation of the existing policy and the starting of a new one. A claim that's made shortly after the commencement of a new policy triggers a fraud indicator. That alone may not trigger an investigation, but if there's a combination of other risk factors, then it might.
It's worth noting that a declined claim can have a pretty bad effect on one's ability to obtain insurance at a later date.
Car Insurance is ‘occurrence based’ meaning the policy that applies is the one in force when the damage was caused. So pre existing claims / damage is not covered the new policy / new excess.
So waiting periods are not a thing
Haha, you can't have a crash, then lower your excess, then make a claim.