Excess
An excess is the amount you pay towards each insurance claim before the insurer pays the rest.
Also known as: insurance excess, voluntary excess
Policies often have a compulsory excess set by the insurer plus an optional voluntary excess. A higher voluntary excess usually lowers the premium, but make sure you could afford to pay it when you make a claim.
The excess may differ for different types of claim, such as theft or flood, so check your policy documents.
Check the policy documents and the key facts before you buy, and compare the cover as well as the price.
Related terms
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