What is a “Deductible”?
A Deductible is the amount you are responsible for paying in the event of an approved claim, before compensation is paid by the insurance company.
The lower the Deductible you choose, the lower the amount you will have to pay in the event of a loss; however, your premium will generally be higher. Conversely, the higher the Deductible, the greater the amount you will bear in the event of a loss, resulting in a lower premium.
Example:
If a loss covered under your insurance policy amounts to €2,000 and the Deductible you have selected is €400:
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The first €400 is paid by you -
The remaining €1,600 is paid by the insurance company,
subject to the terms, conditions and coverages of your insurance policy.
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How does the Deductible affect my premium?
In general, selecting a lower Deductible results in a higher premium, while selecting a higher Deductible results in a lower premium. This allows you to choose the combination of Deductible and premium that best suits your needs.
What is a “Deductible”?
A Deductible is the amount you are responsible for paying in the event of an approved claim, before compensation is paid by the insurance company.
The lower the Deductible you choose, the lower the amount you will have to pay in the event of a loss; however, your premium will generally be higher. Conversely, the higher the Deductible, the greater the amount you will bear in the event of a loss, resulting in a lower premium.
Example:
If a loss covered under your insurance policy amounts to €2,000 and the Deductible you have selected is €400:
- The first €400 is paid by you.
- The remaining €1,600 is paid by the insurance company, subject to the terms, conditions and coverages of your insurance policy.
How does the Deductible affect my premium?
In general, selecting a lower Deductible results in a higher premium, while selecting a higher Deductible results in a lower premium. This allows you to choose the combination of Deductible and premium that best suits your needs.
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AVAILABLE COVERAGE ADJUSTMENT OPTIONS
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- For which insurance policies can I select a different Deductible amount?
The option to adjust the Deductible amount is available for selected Motor and Home Insurance policies.
- What Deductible options are available to me?
A. Home Insurance Policies
For Home Insurance policies, you may choose to decrease or increase the Deductible amount from the default €400 to €200, €600, or €800. See how your premium changes based on the Deductible amount selected:
Deductible
Premium Adjustment
€200
7% increase
€600
2.5% decrease
€800
5% decrease
This option is available only for Home Flexible Web, Home Basic Web, Home Plus Web, and Home Superior Web plans, provided that the annual premium exceeds €100.
Examples
Selected Deductible
Original Premium
Adjustment
New Premium
€200
€455
Increase of €31
€486
€600
€455
Decrease of €11
€444
€800
€455
Decrease of €22
€433
B. Motor Insurance Policies
For the Comprehensive Superior Web and Comprehensive Web plans, you may choose a different Deductible amount, which will affect your premium accordingly.
(i) Vehicles with an insured value from €6,901* to €25,700
The default Deductible is €170.
You may choose one of the following options:
Deductible
Annual Premium Adjustment
€340
2.5% decrease
€500
5% decrease
Example based on an original premium of €321
Selected Deductible
Annual Premium Adjustment
New Annual Premium
€340
Decrease of €7
€314
€500
Decrease of €14
€307
* For vehicles with an insured value of up to €6,900, the option to change the Deductible is not available. The Deductible remains fixed at €170.
(ii) Vehicles with an insured value exceeding €25,700
Example based on an insured value of €30,000 and an original premium of €544. The default Deductible is €300.
Selected Deductible
Deductible Amount
Original Premium
Adjustment
New Annual Premium
1.5%
€450
€544
Decrease of €12
€532
2.0%
€600
€544
Decrease of €24
€520
2.5%
€750
€544
Decrease of €36
€508
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Loss of Use Cover provides a daily benefit when the insured vehicle cannot be used because it is undergoing repairs following a covered loss or damage.
The amount of compensation and the number of days for which it is payable are determined in accordance with the terms and conditions of the insurance policy and the assessment of the Company's loss adjuster.
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- Yes. For the Comprehensive Superior Web plan covering private motor vehicles, you may select a higher daily Loss of Use benefit.
- Loss of Use Cover provides compensation for the period during which the insured vehicle remains in the repair shop following a covered loss, as determined by the Company's loss adjuster.
- In the event of a total loss, compensation is payable for a period of up to 10 days.
- The standard cover includes €15 per day (for up to 15 working days). If you wish, you may choose a higher daily benefit limit, subject to an additional premium.
Loss of Use Cover
Additional Annual Premium
€15 per day
Included in the standard cover
€30 per day
+ €25
€50 per day
+ €50
Examples (Based on an Original Premium of €500)
Selected Cover
Premium Adjustment
New Annual Premium
€30 per day
+ €25
€525
€50 per day
+ €50
€550
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Windscreen Coverage provides cover for the repair or replacement of the vehicle's windscreen or window, subject to the terms and conditions of the insurance policy, without the application of any Deductible.
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Yes. For the Comprehensive Superior Web plan, you may choose a higher cover limit for windscreen damage to your vehicle.
The standard Windscreen Coverage limit is €1,050. If you wish, you may select a higher coverage limit, subject to an additional premium adjustment.
Windscreen Coverage Limit
Additional Annual Premium
€1,050
Included in the standard cover
€1,500
+ €20
€2,000
+ €30
Examples
(Based on an Original Premium of €500)
Selected Coverage Limit
Premium Adjustment
New Annual Premium
€1,500
+ €20
€520
€2,000
+ €30
€530
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You may select coverage adjustment options when purchasing your insurance policy through our website, or by making changes to an existing insurance policy by calling us on 8000 8787 or contacting your insurance intermediary.
Before choosing a higher Excess, please ensure that you understand the amount you may have to pay yourself in the event of a covered claim. While a higher Excess may reduce your premium, it also increases your financial contribution if you need to make a claim.
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To change any of your coverage options, contact General Insurance on 8000 8787 or your insurance intermediary.
Coverage adjustment options may be selected once (1) per insurance period.
Important Information – Please Read Carefully
- The information contained in this document is provided solely for informational purposes and does not replace the terms and conditions of your insurance policy. All covers, coverage limits, deductibles (unless subsequently amended by agreement with you), conditions and exclusions are governed by the terms of your applicable insurance policy.
- The examples above are provided exclusively for illustrative purposes. Your premium may vary depending on the characteristics of the risk, the details of the insured property and the specific characteristics of the insured person.
- If you are unsure which option best meets your needs, you may contact the Company or your insurance intermediary for further information before making your decision.