What is compulsory excess car insurance?

A compulsory excess is the sum that your insurer sets and is non-negotiable. This amount depends upon different factors including your age, the type of claim and your car type. The compulsory excess amount is added to the voluntary excess amount to make your total excess should you make a claim.

Do I have to pay compulsory excess?

Generally, you only need to pay the excess if you are to blame for any damage caused and your insurer is paying for the repairs. Your excess is made up of two parts: Compulsory excess: this is the amount set by the insurance company that you must pay in the event of a claim.

What’s the difference between voluntary and compulsory excess on car insurance?

What’s the difference between voluntary and compulsory excess? Compulsory excess is set by your insurance provider and can’t be changed. Voluntary excess is how much you choose to pay on top of the compulsory excess. Some policies may also have an additional compulsory excess.

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Do you have to pay voluntary and compulsory excess?

You choose your voluntary excess when you take out a policy – it’s the amount you agree to pay on top of the compulsory excess. You don’t have to add a voluntary excess, but it usually lowers your premiums if you do. The higher your excess is, the bigger the discount. You’ll have to pay both to make a claim.

What excess should I pay on car insurance?

When making a claim you will have to pay the compulsory excess. Anything above this amount is your choice. Most insurers will have a maximum amount for voluntary excess which is usually between £300 and £1,000. But again, the high excess may reduce premiums, but it puts the cost of any repairs back into your pocket.

Who pays compulsory excess?

What is the difference between compulsory and voluntary excess? There are two types of excess on a car insurance policy: Compulsory excess: This is set by your insurer and is non-negotiable.

What if repair cost is less than excess?

One of the benefits of not making a claim when the cost of your repairs is less than your excess, is that you get to keep your No Claim Bonus. A No Claim Bonus is a discount you could earn on your insurance premium for being claim free.

Is it better to have high or low excess?

The more you drive the higher the chance that you may be involved in a collision, even if you do all of the right things and are considered a safe driver. If so, it may be better to opt for a lower excess. This way, you’ll pay less if you need to make a claim – although your premium will be higher in the short term.

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Do you get your excess back on car insurance?

Paying excess for a car accident that isn’t your fault

If you have trouble getting your money back, you can take the insurance company or driver to court. If your insurance company have dealt with the claim, they should claim the excess back for you.

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What is the difference between compulsory and voluntary?

As adjectives the difference between compulsory and voluntary. is that compulsory is required; obligatory; mandatory while voluntary is done, given, or acting of one’s own free will.

What is free excess cover?

The Free Excess Protection Cover promises to refund up to £250 of excess payments for drivers who buy car insurance through GoCompare and end up having to make a claim.

What is excess cover?

What is insurance excess? Insurance excess is the defined amount you agree to pay towards any claim you make. It applies to general insurance products such as motor, travel, pet, health and home cover, but not life policies.

Why do you have to pay excess in insurance?

The main reason why insurers apply an excess is so they can eliminate most of, or if not all, of the minor or small claims. The cost to the insurer for the dealing with minor or small claims would only cover the administration charges therefore, they add an excess to the policy to avoid such minor claims.

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Can I pay my car insurance excess in installments?

Can I pay my car insurance excess in instalments? Normally, a car insurance excess is paid as a lump sum, not in instalments. If you can’t pay it as a lump sum due to financial hardship, you can ask us whether you might be entitled to assistance.

Should you add voluntary excess to car insurance?

Adding to your voluntary excess will increase the amount that you will need to pay when you make a claim, but it will mean you pay cheaper premiums.

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