[Closed] Insurance Excess reimbursement policy recommendations.

Watching with interest as i too have the excess cover with pedal cover. It's due for renewal but I've never had to use them so your experience has made me think about renewing again.

As a Pedalcover policy holder myself the first bit sounds a bit worrying. You shouldn't need to deal with underwriters at all and if Pedalcover is delaying payment due to their mistake I'd be kicking off and writing to the financial ombudsman.

I don't really follow your second paragraph though? You have a separate policy to cover the excess on your main policy?

Is it the same as car insurance where at the point a total. Loss claim is processed the policy is the ended, and if you want to insure a new car you in effect take out a new 12 month policy rather than paying "another £66 for 6 months cover"?

I would say for PedalCover - AXA have been brilliant on pay out of the house damage, visits and payments were quick.

The sticky bit has been PedalCover, who have needed a few calls to chivvy along. This like the buildings assessor suggested the need for a separate furniture assessor - but this is an instruction that needs to be confirmed via PedalCover and it took two emails and a phone call before they booked it.

The phone number for (main) claims is PedalCover.

The claims phone number and company name on the excess policy is totally incorrect, and they sent me off on a wild goose chase before I finally called PedalCover who then said 'don't worry, one the last payment is made, the £600 happens automatically'.

We had confirmation nearly two weeks ago of AXA final payout, I have emailed twice with the evidence, then called again this morning.

PedalCover said they have changed underwriter, as the one I am dealing with is poor.

Overall PedalCover have been OK to slow, AXA brilliant.

But, the detail of the policy being a 'one payment only' does mean it is less value than I thought...

You have a separate policy to cover the excess on your main policy?

Yes, PedalCover sell you a reduced AXA premium (supposedly save £100) by opting for a big excess (£600) and then selling you a separate Excess policy. This policy can cover any claim - car, house, pet etc and is stand alone. So in theory you save £36 and have no excess.

I've never heard of an Insurance Excess Reimbursement Policy until I opened this thread.

Is there an excess on it?

Is there an excess on it?

Sum total of £0

I presume you have this under a different name if you hire a car? I took out one for last week, £14 for a week instead of the £20 a day the hire car companies want.

I used the same excess cover through Pedalcover a year or so back to claim the excess back on a bump the wife had in her car.  Was pretty simple.  The cover cost I think £60, and enabled me to claim back a £300 excess on the car insurance (which wasn't through PedalCover, was with Admiral).  I then had to buy another excess policy cover, which runs for a full year from the date I bought it, so it is out of sync with my PedalCover renewal, which is fine.

I have the same arrangement through Pedalcover.

I've claimed, so can offer some experience.

The excess insurance lapses at the point that it pays out. All this means is that your new excess insurance renewal date is now 6 months out of sync with the main policy. (both are still 12 month policies)

In my case, both the AXA policy and the excess policy paid out promptly. Pedalcover themselves aren't likely to be involved in the payout approval for either, but should be able to expedite if there is a delay.

Also on Pedalcover.

I read the docs regarding the excess covers so am aware of the one time payout bit but can anyone clarify whether it is good for covering the excess on a hire car prang?  I know it covers car excess but I read it as personal car insurance rather than including hire cars as well?