What Is The Total Car Insurance Excess?

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Written by Michael Foote , founder of Quote Goat, with over 13 years experience working in the finance, insurance and currency sectors.

Every car insurance and van insurance policy comes with an excess that is payable by the car owner in the event of you having to make a claim. Your excess is generally made up of a compulsory and a voluntary excess amount; compulsory charges are set by your provider and can’t be changed, but the voluntary excess can be changed in order to receive benefits like reduced premiums.

The compulsory and voluntary excess amounts are something each driver needs to take into account when choosing a policy. Getting into an accident or having to claim on your insurance for any reason can be stressful enough without finding out you cannot afford to pay your excess charges.

Compulsory Excess

Your compulsory excess will be set by your insurance provider at an amount they deem acceptable based on a number of factors including your age, driving experience and the car you drive, amongst others. As your insurance costs go up, so too will your excess charges.

Voluntary Excess

By paying a higher voluntary excess you can help reduce your premiums as your provider will not have to put up as much money for repairs of replacements and you are less likely to make a claim. However, don’t fall into the potential trap of setting your voluntary excess payments at a limit you can’t afford in order to reduce your premiums as you will have to pay that amount in the event of a claim, which could be as high as £1,000 or more depending on what excess you agreed to pay.

Your excess doesn’t cover you for everything so always check the small print when agreeing to an insurance policy so you are fully aware of what falls under your cover.

You can compare car insurance online using Quote Goat where you can see clearly the available excess charges available. By comparing you can find suitable compulsory and voluntary excess charges so you can find the insurance that you can afford and that gives you appropriate cover as well as trying various levels of voluntary excess to see how it affects the cost of your cover.

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