When your customers ask about insurance policies that offer complete protection, you may be not so much lost for an answer, but simply obliged to explain the way in which an excess works. A certain sum is typically incorporated into most of the policies you are likely to offer, after all – so how might protection of the excess itself help to reassure your clients?
- put at its simplest, excess cover (such as that offered by The XS Cover Company and other specialists) does just that – it ensures that any excess paid on the main insurance policy is reimbursed to your customer;
- to that extent, you might want to promote excess insurance cover as a way of offering complete protection – cover effectively free of any “claw-back” through the insured’s contribution of an excess sum;
- many types of policy can be covered – motor, home, fleet and commercial for example – and these are all areas where your customers may have resigned themselves to the inevitability of paying an element of excess – and not uncommonly a quite significant sum – in the event of needing to make a claim;
- imagine their delight, therefore, when you are able to promote a simple and straight forward insurance supplement that ensures they might never need to pay any such excess – effectively providing complete protection for some of the most commonly held lifestyle policies;
- armed with adequate excess protection, however, the possibilities may prove even more attractive;
- if any excess may be protected in this way, for example, your customers may have the opportunity of taking on a greater share of the insured risk – whatever type of policy they may be interested in buying;
- by taking on a greater proportion of the risk – in the form of an additional, voluntary excess – of course, insurers may typically offer substantial discounts on the premiums payable;
- so, if that additional excess may be as easily safeguarded by a supplementary form of insurance, there may be nothing stopping your customer enjoying the related discount on premiums that need to be paid;
- the scene may be set for a double-win situation – lower premiums and, effectively, no excess to pay;
- note that xs protection policies only pay out when a successful claim has been made on the major policy. Customers should also be aware that the xs provider will have ceiling limits as to what can be claimed.
Conclusion
Complete protection for the wide range of risks associated with motor, home insurance, etc may be secured through the simple expedient of a simple and straight forward protection of any excess that might otherwise need to be shouldered by your customer.
