Compulsory excess is a set minimum amount that you must pay towards the cost of any claim you make. This amount is fixed by your insurer and is non-negotiable but different policies will have varying compulsory excess amounts. It’s important to consider your financial situation and your ability to pay the excess in the event of a claim when choosing your excess options. Our team are more than happy to help go through policies to find one that suits your budget and needs.
For example, if your policy has a compulsory excess of £500 and you make a claim for £2,000, you would need to pay the first £500 towards the cost of the claim, and we would cover the remaining £1,500.
Voluntary excess, on the other hand, is an additional amount that you can choose to add on top of the compulsory excess. This can help to lower the cost of your premium, as you agree to pay a higher amount towards any claim you make.
For example, if your policy has a compulsory excess of £500 and you choose to add a voluntary excess of £250, you would need to pay the first £750 towards the cost of any claim, and we would cover the remaining amount.
For more information on policy excesses, read our guide: Our Guide to Insurance Excesses.