An excess is the amount a policyholder is liable to pay towards any claim. You will be required to pay this amount to the garage when repairs have been completed. The repairer will not release your vehicle until any excess applying has been paid. In the event of a total loss, the excess will be deducted from the settlement cheque you receive. The excess payable will be the combined total of the Compulsory and Voluntary Excesses applying on the policy.
Compulsory Excess
A compulsory excess is the excess applied by the insurer, it cannot be be removed from the policy. In addition to the standard compulsory excess, additional compulsory excesses may apply in certain circumstances, ie. if the vehicle is being ridden by a young rider or for specific vehicle types. Most comprehensive policies now carry a compulsory excess. In the event of a claim all compulsory excesses applying are added to any voluntary excess selected by the client.
Voluntary Excess
A voluntary excess is an additional amount the policyholder chooses to pay in the event of a claim in order to achieve a reduction in their premium. In the event of a claim the voluntary excess will be added to any compulsory excesses applying.
