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Many of us have an insurance policy in place, but are you aware of what an ‘excess’ really is? Below is a quick guide about the meaning of excess.
What is an ‘excess’?
An excess is the measure of money you pay towards a claim that occurs, you will have to pay this even if you are not to blame for an incident, but this can be recoverable if the third party was at fault. The excess fee that you have to pay out will apply to vehicle repairs taking place after an incident has occurred, an excess fee may also apply for total write offs and theft.
What is ‘Compulsory excess’?
A compulsory excess is a fixed amount fee that is set by your insurance company. The amount can really depend on your age, what type of car you have and the type of claim you are likely to make. The compulsory excess fee can be higher for young drivers aged between 17-25 due to them being young and having less experience.
What is ‘Voluntary excess’?
A voluntary excess fee is the amount that is chosen and agreed when taking a motor insurance policy, if you agree a higher voluntary excess it can potentially bring down the insurance quote.
Here at Questor Insurance we provide a policy that will protect the excess on a private & commercial vehicle, if you want to find out more Click Here
Date Created: 29/11/2016