What is a Policy Excess?
The policy excess is an amount imposed by the insurance company that you are required to contribute in the event of any claim. This usually applies to the damage to your own vehicle for comprehensive policies only. The policy excess is frequently increased for younger drivers for any claims (refer to the insurer’s policy wordings). Any voluntary excess that you choose will be added to the policy excess and young drivers excess in the event of any claims. Please note if the claim is deemed not to be your fault, it may be possible to recover your excess from the party deemed to be at fault.
Most sections of the policy carry an Excess. This is the first amount of any claim that you will have to pay. The amount may vary depending on the level of cover you have chosen. It is applicable per person per section. The Excess will be reduced to NIL if you have used an EHIC (Formally E111) to reduce your medical expenses bill or paid the Excess Waiver premium. If you selected ‘double the excess’ when purchasing the policy the excess you will have to pay will be double the standard amount.
This is the first part of any claim that you will be expected to pay in the event of a claim and it may vary depending on the type of policy. The more excess you accept, the better value the policy. In both Premier and Standard policies, the excess is banded, starting at 0 and moving up to 1,000. However, there is also a compulsory subsidence excess of 1,000.
