Increasing the Excess Value can Reduce the Policy Value
Filed under: Auto Insurance
16 May 2010
When taking out insurance one of the items which can save you a few pennies is the cost of excess in your policy. Most will automatically start with a excess of £100 and should you have a accident then you will be liable to pay the first £100 and the insurer pays the rest. However, if you increase the excess then the actual price of the policy goes down – i.e. make your excess £300 and your policy can go down another 10%. You’d need to balance this up with the risk of making a claim as this could go the other way and your saving wiped out.