A policy excess is the amount which you either voluntarily agree to pay in the event of any claim you submit to your insurance company for repairs to your vehicle or a set amount that your insurance company have decided you must pay.
The higher the voluntary amount you agree to pay will generally reduce your premium on the insurer’s predetermined sliding scale. This will be in addition to any compulsory excess your insurer demands you pay.
The most popular voluntary excesses offered at the moment are in the region of £150-£250. A typical 25 year old, insuring a low insurance car group rated car on a Third Party Fire and Theft basis with 1 years no claims bonus could expect to realise savings of around 5 – 10% if agreeing to pay the first £250.
Both the voluntary and compulsory excess would normally be paid directly to the garage that carries out the repairs to your vehicle. However, if your car is declared uneconomical for repair (a write off), your insurance company will deduct the excess from any settlement payment it makes to you.
If the accident was proven to be the other drivers fault, you will be able to recover your excess and any other uninsured losses from other person’s insurance company as long as they were insured at the time of the accident/incident occurred.
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