How comprehensive insurance with deductible works

Discover the ideal combination of broad coverage and great price
When insuring your car, you have several options, ranging from basic third-party insurance to comprehensive insurance (with or without excess). And to choose the best option, you need to consider several factors, such as the age of the vehicle and what you use it for. Insuring a new car fresh from the dealership is different to insuring one that is ten years old. Insuring the car you use everyday to go to school or work is different to insuring one you only use on the weekend. The risks and probabilities are different in all of those situations. That's why it is essential to choose the type of insurance that is best suited to your needs. One of the best options can be comprehensive insurance with excess, the ideal combination of coverage and price. What is it? In this article, BBVA outlines all the details for you.
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Aside from being a legal requirement for driving, car insurance must be tailored to our personal circumstances and cover all our needs. That doesn't mean, however, that we can't get a good product at a competitive price. This is where comprehensive insurance with excess comes into the picture, which is designed for those who want affordable insurance with full coverage.

What is an excess and how does it work?

An excess is the amount agreed upon as part of the insurance policy between the customer and the insurance company that sets the amount of the overall costs the customer has to pay when making a claim. It sets the threshold at which costs are passed from the policyholder to the insurer.

This concept is easier to understand with an example. Imagine you have comprehensive insurance with a €250 excess and you accidentally dent your car in the garage. Say the cost of repairing this small accident was €150, which is lower than the excess, this would mean you would pay for the repairs and not the insurer. In another scenario, imagine the cost for the repairs was higher than €250, for example €600. In that case, the €250 would be borne by you while the remaining €350 would be covered by the insurer.

The excess allows the insurance to be offered at a more affordable price, as it means less risk for the insurer. For this reason, although it technically has the same coverage as a comprehensive insurance policy, this coverage only applies after the excess is applied to the costs of an accident.

How much coverage does a policy of this kind offer?

Something very important to keep in mind is who is liable for an accident. The excess only applies if the policy holder is responsible for causing the accident in question. When the damage is caused by a third-party, the excess does not apply. Likewise, when an accident is the fault of the policy holder and affects a third-party, the insurance will cover any Public Liability relating to that third-party and the excess will only apply to the personal damages of the policy holder.

We also need to remember that there are different types of excess. In general, they range between €150 and €1,200, although it ultimately depends on what the insurer is willing to offer and the type of risk we are willing to take on.

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Who is best suited to this option?

As you can see, car insurance is a personalized product that varies according to the driver, so comprehensive insurance with excess is not for everyone. That said, we can make some generalizations about who it works best for.

It is considered a good choice for drivers who have a clean driving record. Although accidents can happen to anyone, fewer accidents means not having to cover the costs of the excess in the event of minor accidents (like a scrape on the bodywork when carrying out a maneuver or parking). Careful, experienced drivers with a good driving history have to consider what makes more sense: saving on a policy with an excess or receiving the full benefits of comprehensive insurance without excess.

And if you have had a few accidents? An excess is not ideal for drivers that have accidents relatively more often as whatever they save on the cost of the policy tends to be lost on the small repairs that the insurance does not cover when the cost of repairs is less than the excess.

Your BBVA car insurance

If you are thinking of taking out insurance for your car, visit bbva.es and discover the multiple options that BBVA has prepared for you. In addition to your bonuses as a driver, you can take advantage of our roadside assistance service with a tow truck or car-workshop assistance service guaranteed within 50 minutes and public liability coverage as a pedestrian or cyclist.

In addition, when you take out car insurance with BBVA, you will have access to the BBVA Seguro Coche Asistencia App (Car Insurance Assistance) to help you manage all our services with just one click. Enjoy the peace of mind that every driver deserves, and just concentrate on the road.

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