Every car 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 cost; 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.
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.
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. Don’t think that you can set your voluntary excess payments at a limit you can’t afford in order to reduce your premiums though as you will have to pay that amount in the event of a claim.
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 using Quote Goat online where you can see clearly the available excess charges available. By comparing you can find the best compulsory and voluntary excess charges so you can find the insurance that you can afford and that gives you appropriate cover.