Car insurance meaning of excess

Insurance excess is a pre-agreed amount of money that you need to pay to your insurance provider in the event of a claim, such as a car accident or a flood at home. In many cases, you’ll be asked to pay the excess immediately so that the claim process can begin. What is compulsory excess?

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.

Standard driver excess. This is the standard amount you will need to pay when you make a car insurance claim. When you fill out a quote, your excess will usually default at about the $650 mark, but you can make this higher or lower.