Our guide to your insurance excess

Written by Benedict Harrison

Published on

We take a look at how your insurance excess works and what it means for your policy.

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Insurance can be full of complicated jargon. But although some of these technical terms are difficult to understand, they are often very important for your insurance policy.

In this post, we’ll take a look at insurance excesses. We’ll explain what they are, how they work and why they’re an important part of any insurance policy.

What is your excess?

Your insurance excess is the agreed amount that you will pay towards the cost of any claim that you make on your insurance policy. For example, if you make a claim for £900 and your excess is £400, you will pay the first £400 of the cost and your insurance company will cover the remaining £500.

Some insurers may have both a compulsory excess and a voluntary excess. The compulsory excess is decided by an insurance company, whereas you may be able to select a higher voluntary excess to bring down the overall cost of your insurance.

How much is my excess?

The excess of your cover can vary depending on a number of factors. Different insurance policies will have different excess amounts. To find out how much the excess is on your policy, it’s best to check your policy schedule, which is sent to you when you set up your cover.

If you have any questions, or if you need help finding your policy schedule, you can always get in touch with our team and we’ll be happy to help.

Why is it important to check the excess before you buy an insurance policy?

If you have been quoted a price for your insurance that seems too good to be true, it can often be due to a high excess. Although you may save on the upfront cost of your policy, your policy can end up costing you more in the long run, especially if you need to make a claim.

It’s always important to make sure you can afford any excess that you commit to. Many drivers think that they’re unlikely to be involved in an incident out on the road, but if you end up in a position where you need to make a claim, a high excess could put you in a difficult financial situation.

It’s always worth keeping the excess of a policy in mind so that you can get a policy that suits you.

At Zego, our insurance products are designed to save you time and money on your cover if you use your vehicle for your work. For more information, you can visit the homepage of our website.

If you have any questions, please don’t hesitate to reach out to our team. We’re available 7 days a week and we’re always happy to help.