Information about Excess payments
This web site has no connections intended or otherwise to Lloyds of London or Lloyds.com
16 Top Tips for Cheaper
Car
Insurance
Car Insurance News
Am I insured to drive someone else's car?
How do I provide evidence of entitlement for a No Claims Discount?
Information about Excess Payments
Can I insure my car for business?
What are the Laws concerning car Insurance?
What is an Excess payment?
An excess payment is the fixed contribution you have to pay towards the repair of your car if you make a claim. You normally make this payment when you collect the car to the repair garage.
If your car is a write off, your insurance company will deduct the excess from the settlement payment.
If the accident wasn't your fault, you can claim your excess payment back from the other person's insurance company. In case of problems, it's always wise to include cover for legal expenses within your policy.
What is compulsory Excess?
A compulsory excess is the lowest excess your insurer will accept on your policy. For young drivers this could be as much as £500. For experienced drivers with a good driving record, it could be as low as £50.
You can reduce the cost of your premium by agreeing to accept excess which is higher than the insurance company's compulsory excess. Your voluntary excess is the amount over and above the compulsory excess.
-- Please Note --
The photograph of Charles Challiner is posed by a model. This web site has no connections intended or otherwise, to Lloyds of London or Lloyds.com. This website endeavours to provide general information in relation to various types of insurance. We hope you find this information useful. In no circumstances should the information we provide be construed as Lloyds Insurance Underwriting providing you with specific advice in relation to your personal circumstances.
This web site is owned and managed by Alliance Internet Ltd.
Alliance Internet Ltd is an Appointed Representative of Financial Connexions Ltd. Financial Connexions Ltd is authorised and regulated by the Financial Services Authority.