Summary

This article explains how you can pay less on car insurance if you increase the excess payment on your insurance policy.

Car Insurance A higher ‘excess' is the ticket to lower premiums. Part 2

Author: Anna Richardson

What does Compulsory Excess mean?

When you sign up for your car insurance policy, you will

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Life Insurance News
have to choose an excess, but the insurance company will stipulate the minimum amount that they are prepared to offer you. ( term assurance ) This will be based on your driving record and your personal details, and if you are an experienced driver with a clean record, you may be offered a minimum excess of £50. The average for most drivers is £100. On the opposite end of the scale, young drivers or those with convictions or accidents that were their fault may be faced with a compulsory excess of £500.

What does Voluntary Excess mean?
You may have the opportunity to lower your premiums by agreeing to a higher excess. ( life insurance policies ) Your voluntary excess is the additional amount over the compulsory excess that you are prepared to pay if you need to make a claim. Because you are promising to pay the insurance company more in the event of a claim, they are able to pass on some of the savings to you, so you pay less on premiums.

My car has just been prepared but until I pay the excess, they won't give me my car back – is this normal?
Yes, all garages operate in this way. To protect yourself, give the car a full ( cheap mortgages ) inspection when you pick it up to ensure that all the repairs have been carried out to a good standard. You also need to make sure you keep the receipt for the excess payment because you will need to show this to the third party insurer to get the money back. In case the money ends up being disputed, also get a copy of the repair schedule ( car insurance cover ) so the insurer can see exactly what work was carried out on your car.