|The insurance cover will compensate your loss by putting you back to the same financial position as you were in immediately before the loss. You cannot profit from an insurance claim.Therefore if your vehicle is more than 5 years old, betterment will apply. You can not PROFIT from the loss.|
|Betterment is, when you repair your vehicle after an accident, and you need to replace one part with a new franchise part, for example, your old bumper is replaced with a new franchise part. The application of betterment however, is at the discretion of your insurance company. If they apply betterment, it will be in accordance with the standard scale of betterment adopted by the industry.|
|The most commonly used loading factors are your age, any adverse driving characteristics, cubic capacity (engine CC), specific claims experience of your vehicle and re-conditioned vehicles. The insurance company can apply a loading on you to ensure that the amount charged commensurates with the risk borne by them.|
|Excess, also known as deductible.|
Other Excess is at the discretion of the insurer, you may 'negotiate'