Insurance what is excess

If you need to pay voluntary excess, you will have chosen this option when the policy was first taken out. When you make a claim and you have both compulsory and voluntary excess, you must pay both of these together. The total of the two together will be deducted from the total of your claim. So how much voluntary excess would be too much? It should be set at a reasonable amount that you would be prepared and comfortable to pay should the need arise. This is so, in the event that you do need to make a claim, you can make the necessary payment.

Alternatively, you could look into taking out excess protection. You do not have to pay the excess on your insurance if the incident is found to be the fault of someone else. Request a brochure.

We welcome our pets into our homes but sometimes, things get scratched and broken. You can find some of the most common causes of pet damage in the home and how to stop this misbehaviour, read more. Read more. Luckily, you may be able to improve this feeling or get rid of the worry altogether by increasing the security in and around your home.

A house fire can be devastating. While usually, thanks to devices such as smoke and heat alarms, everyone gets out safely, possessions and valuables can be destroyed. Your insurer may require you to pay the excess in full before it pays your claim or provides any benefits under your policy. In some situations your insurer may waive any excess that applies, and under some policies there may be no excess at all. For instance, if you are involved in a car accident your insurer may waive the excess if you were not at fault and you can provide the name and address of the person who was.

Toggle navigation Understand Insurance. Home What is an excess? The amount of the excess is specified in your policy. Types of excesses Most insurance policies have a standard excess or a voluntary excess. This amount is confirmed when you take up or renew your policy, and the money goes towards the cost of repairing or replacing your vehicle.

Get a Car Insurance quote. Car insurance excess helps to cover the cost of repairing and replacing insured vehicles, keeping policies affordable.

It also helps to prevent people claiming too often and for minor things. In that sense, excess makes insuring your car possible for the insurer. There are different types of excess, and you might see them called different things across different providers. At GIO, we have:. Your standard excess is calculated based on things such as:. A voluntary excess is an amount you might choose to pay on top of your standard excess, depending on the type of car cover you have.

Selecting a higher excess can reduce your regular premium payments. An additional excess may apply to drivers under the age of 25 if they were driving, using or in charge of the car at the time of the incident. It also applies to learner drivers and is in addition to any other excess that applies. If the driver is 25 or over and has held their licence for less than two years, they will need to pay the inexperienced driver excess at claim time.

Like the Age excess, this excess also applies to learner drivers and is in addition to any other excess that applies.