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How Your Excess Affects the Cost of UK Car Insurance

How Your Excess Affects the Cost of UK Car Insurance

You may have heard that adjusting your excess can affect the cost of your UK car insurance, and this is entirely true. The excess is the amount of money you are responsible for each time you file a claim. You can choose to raise your excess amount to lower your premium. However, if you do not have the financial means to pay a higher excess amount, you can choose a lower excess amount with a higher premium. Before you make any changes to your excess amount, however, you should consider a few key points. Click here for car insurance quotes from Kwik-Fit Insurance.

Adjusting Your Excess

Many drivers think that adjusting their excess amount is a difficult process. However, typically it involves contacting your agent to request the change. In some cases, the effect can take hold immediately, and may notice the difference on your next premium statement. In other cases, you must wait for your policy to renew before the changes will go into effect. Adjusting your excess is a fast and simply way to gain more control over the cost of your insurance.

How Much Can You Afford?
It is common for drivers to increase their excess to the highest amount possible. Their goal is to make their premium as low as possible. However, some drivers have unfortunately increased their excess to such a high level that filing a claim was not affordable. You can use your excess to make your insurance more affordable, but you should keep an eye on both the premium cost as well as your comfort level with paying the excess. Keep in mind that your excess is often paid after a sudden and unexpected event. You typically will not have time to save up money to pay the excess, so the excess should be an amount of money that you have on hand to pay as needed.

Making Insurance Affordable
If you have only a nominal amount of money in your savings account, you may be wondering how you can strategically use an adjustment to your excess to make insurance affordable. One option is to gradually increase your excess amount. A small adjustment to your excess today will result in some savings on your premium. You can apply that premium savings to your savings account balance. As your savings account balance grows, you can increase your excess further for additional savings to your premium. This is a financially responsible step that you can take to make it more affordable to pay for a higher excess amount.

If you have not yet considered adjusting your excess amount, you should look into the option today. You can enjoy savings on your premium by making even a small increase to your excess amount. By gradually increasing your excess amount over time, you can enjoy significant savings on your premium while still ensuring that using your insurance as needed is affordable.

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2 Responses to “How Your Excess Affects the Cost of UK Car Insurance”

  1. John says:

    A good write up on insurance excess and premiums.

    Often small repairs such as car body repairs and dent removals will be below the minimum deductible. Cosmetic incidents like this are comprehensive so it shouldn’t affect your insurance rate.

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bG9nZ2VyX0xvZ28uanBnIjtpOjI7czo3MzoiaHR0cDovL21vdG9yYmxvZ2dlci5jby51ay93cC1jb250ZW50L3dvb191cGxvYWRzLzMtTW90b3JfQmxvZ2dlcl9Mb2dvLnBuZyI7fTwvbGk+PGxpPjxzdHJvbmc+d29vX3ZpZGVvX2NhdGVnb3J5PC9zdHJvbmc+IC0gQXV0byBOZXdzPC9saT48L3VsPg==