Yes, we do!
We understand that customers typically enjoy the maximum degree of freedom possible in terms of selecting the type of cover they have and the amount they pay for it.
That is why we allow our customers to choose a voluntary excess of £100-£1000, which might result in discounts of up to 40% on the premium – depending upon the level of excess selected.
What is the excess?
This is a standard insurance feature that is usually expressed as a sum of money.
That sum will be the amount of money that the policyholder will pay towards the cost of any future, successful claims. It is sometimes referred to as the ‘first part’ of a claim because it will be deducted from any final settlement payment.
If that sounds a little complicated, it’s perhaps better illustrated with some simple figures.
If you have an excess on your policy of £500 and make a claim resulting in an agreed figure of £1000, then the amount paid to you would be £1000 minus the excess of £500 as the ‘first part’ of the claim. That would leave a balance to be paid to you of £500.
Had the agreed claim been for say £400, the net sum paid to you would be zero after payment of that £400 by your £500 excess.
Under most circumstances, it is safe to assume that the higher the excess is set, the lower the premiums be as a result if all other things are equal.
Some policies may have a mandatory minimum level of excess which you will not be able to reduce. The policies of some providers may not allow you to voluntarily increase the excess in order to obtain discounts on your premium.
Fortunately, ours does!