RXcess

[Sybaris]

Just a quick thought today.

Insuring the car is something that we have to do.  But I was thinking about the level of voluntary excess.

So in the event of a claim, where you are liable for an excess, is there any point having a low excess as lets face it, the cost to repair is going to be in the high hundreds or even thousands.  

Is there any point in having a lower excess and paying a higher premium, where upping the excess to a point where it will still fall under a likely repair cost but enough to reduce the premium? (and then insuring the excess).

[Spock66]

1 hour ago, Sybaris said:

So in the event of a claim, where you are liable for an excess, is there any point having a low excess as lets face it, the cost to repair is going to be in the high hundreds or even thousands.

Yes, the point is you only pay the excess regardless of the actual repair cost, but as you state the premium will be higher so it's a trade-off. Plus if you only have a minor incident eg scuffed bumper, most likely it will not be worth claiming through your insurance as it may impact your future premiums.

[m4rkw]

When I've run quotes in the past the voluntary excess didn't make much difference to the cost of the policy.

[rayaans]

I put it to the highest providing it reduces the premium. Often you'll find a sweet spot at which point if you increase the excess amount it wont make a massive difference to the premium itself so its almost a balancing act.

I tend to go for higher excesses though as if its not your fault, youll reclaim the excesses through your legal cover (essential in my view). It also stops you from claiming for every little thing

If its your fault then you just cough it up I guess. 

[DAN@ADRIAN FLUX]

Hi.

If anyone does need any help with insurance at all then please feel free to drop me a line.

Regards,

Dan.