Claim Excess & Excess Reduction

Loopit uses a flexible charge type system and dynamic contract variables to let you build a custom excess and excess reduction product. There are no fixed “excess fields.” Instead you combine recurring and one-time charges with agreement clauses and price overrides to deliver exactly the terms you need.

1

Create a recurring charge type for excess reduction

Start by creating a recurring charge type—for example, “Liability Protection” at $50/week. When this fee is active on a booking, the customer qualifies for a reduced excess if they ever file a claim. Loopit treats this as part of the subscription, not a one-off discount, so coverage persists until the charge is removed.

2

Define standard and reduced excess amounts and separate charges

Next, set up two one-time charge types:

• Standard Excess (e.g. $1,000 per incident)

• Reduced Excess (e.g. $400 per incident) These charges represent the amount the customer will actually pay if a claim arises. The labels are entirely up to you—choose whatever naming convention fits your brand and workflows.

3

Update the contract with a clause to describe the excess reduction product and excess amounts in the event of a claim

In your agreement template, insert a clause to define the terms of your excess reduction product. You can insert variables that pull directly from the charge types you have configured in the previous step.

Below is an example that you can utilise:

Liability Protection and Excess

Standard Excess: In the event of damage to or loss of the vehicle, the customer is liable to pay an excess of [Standard Excess] per incident.

Liability Protection: If the customer has opted for and is paying for Liability Protection, the excess payable is reduced to [Reduced Excess] per incident.

Exclusions: The reduction in excess under Liability Protection does not apply in cases of: a. Breach of contract terms or applicable laws, including but not limited to reckless or negligent use. b. Damage caused by an unauthorized driver or use outside permitted areas. c. Instances where the insurer denies coverage due to the customer’s actions or omissions.

Payment and Validity: Liability Protection is only valid while payments are up to date and does not eliminate the customer’s responsibility for damages beyond the reduced excess amount.

This ensures every contract automatically reflects the correct dollar amounts, even if you adjust pricing later.

Note: The variables for each charge type are defined based on the name chosen for the charge. The above example is placeholder only.

4

Charging excess in the event of a claim

Loopit won’t automatically bill excess when a claim occurs. Instead, you handle it manually:

• If protection fee is active: Raise the Reduced Excess one-time charge.

• If protection fee is inactive: Raise the Standard Excess one-time charge.

This approach keeps your platform logic simple and your legal position clear: the customer only pays what’s contractually due at claim time.

This also provides an opportunity to ensure the customer is in good standing and is entitled to not only a reduced excess amount, but also that they have not breached their agreement in other ways which may void insurance cover.

Use price overrides for category or vehicle-level excess

Need a higher excess on a luxury SUV or a special vehicle? Open your one-time charge, click Price Overrides, and stipulate unique excess amounts per category or vehicle. No new charge types required—just targeted pricing tweaks.