Car Insurance Essential information about Excess payments. Part 2
Summary
If you increase the excess payment on your car insurance you'll save a lot on your premium. This article explains.
Author: Michael Challiner
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What is a Compulsory Excess?
A compulsory excess is the minimum excess payment your insurer will accept on your insurance policy. Minimum excesses do vary according to ( life insurance quotes ) your personal details and driving record and by insurance company. Today the average excess is around £100, but younger drivers could be faced with excesses of up to £500 - whilst more mature, experienced drivers with a good driving record, could be offered an excess of just £50.
So what is a Voluntary Excess?
In order to reduce your insurance premium, you may offer to pay a ( life assurance ) higher excess than the compulsory excess demanded by your insurance company. Your voluntary excess is the extra amount over and above the compulsory excess that you agree to pay in the event of a claim on the policy. As a bigger excess reduces the financial risk carried by your insurer, your insurer I able to offer you a significantly lower premium.
The garage has repaired my car but it won't release ( life insurance quotes ) the car too me until I pay the policy excess to them. Is this right?
Yes, that is normal practice. But make sure you inspect the car ( secured loans ) when you collect it. Satisfy yourself that the repair is perfect. Then make sure you keep their receipt for your excess payment as you will need this if you're reclaiming against a third party's insurance. And just in case there's a dispute, it's a good idea to make sure the repair garage gives you a repair schedule. This will list all the repairs that were made to you car.