Car Insurance - Voluntary Excess

Voluntary Excess
An excess is the amount you must pay in the event of a claim - regardless of who is at fault. A voluntary excess is the amount that you choose to bear in addition to the policy excess that has to be paid in the event of a claim for damage to your own vehicle. Voluntary excess is normally used to help reduce the insurance premium to gain cheaper motor insurance. You can select the amount of voluntary excess you are prepared to bear.

Comprehensive Policy holders can lower their annual premium cost by including a voluntary excess as an additional feature. The downfall of this is that in the event of a claim the voluntary excess plus the compulsory excess can work out quite expensive. You should remember that the only reason this reduces your premium is because you will end up paying out more at the point of making a claim and when budgeting for your car insurance.

The usual compulsory excesses that are applied to a policy are based on the age excess and standard excess. You may also have an excess should you be a less experienced driver or Young driver.

Voluntary excesses do NOT apply to Third Party, Fire and theft policies.

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