What is Excess Insurance

What is Excess Insurance? Many of us does not understand what is Excess Insurance and why we have to pay? In this article we can understand what to do once you made an Excess Insurance installment.
An excess is an agreed amount of money that you, the policy holder, is liable to pay in the event of an insurance claim being settled. The amount you have to pay changes from various components including the past claims, type of claim, cost factor, your property and so on.