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

Author: Anna Richardson

When you arrange your motor insurance policy, you

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Life Insurance News
get the chance to stipulate how much excess you are willing to pay. This means that if your car is repaired through your ( life insurance policies ) insurance policy, you have to pay a certain amount towards the cost. You will usually have to make the payment direct to the garage that fixes your car. If your car is badly damaged and is consequently written off, the insurance company will give you a settlement payment, minus the excess that has been agreed on the policy.

If the accident was no fault of your own, then the other driver's insurance company will reimburse you for the amount of the excess payment. However, not all situations are that simple, because what happens if the other driver does not have any insurance?

It is illegal for any driver in the UK to drive uninsured (see the 1988 Road Traffic Act, section 143), all drivers must be insured so as to cover the costs if they cause ( mortgage quotes ) damage to a third party. Unfortunately, many drivers take the law into their own hands and choose to drive uninsured. It's impossible to make an accurate estimate of how many people are driving uninsured, of course, most uninsured drivers aren't going to publicise that fact.

The Department of Transport has used its own information and records to make an ( term assurance ) informed estimate, and they suggest that as many as 1 in 20 drivers are driving without insurance. Because of these people, drivers who have insurance are paying more on their premiums, and many road users are being put at risk on a daily basis. The fact that many drivers have no insurance is being considered as a growing problem in our society.

Why does it matter so much if you have an accident with an uninsured driver? Well, ( car insurance quotes ) if the accident is their fault, the money to pay for your damages will come out of the Motor Insurers' Bureau funds – they get all their money from the industry, which is why you're paying more on premiums. The other disadvantage is that there will be no-one to refund you the excess, so you will be out of pocket too.

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