Re: Voluntry Excess???!!! Does it need explaining a bit more?

sjane2008

Is there any way that we can spread the word about this. My friend took out a policy a while ago, really competitive has had a claim and has just realised the excess is not £200.00 but infact £550!!!!!

I've noticed with a lot of insurers now they quote this and when asking all my friends i got different answers, some thought it was what you 'volunteered' to pay?! (must say that was one person!) and some thought it was just the total xs no more as it doesn't explain its self.

Has anyone else had the same problem at all??

SandC

Most insurers will have a minimum excess - that depends what you are insuring and your risk. For instance with cars mine is £100. I could probably reduce my premium by upping the excess. My home insurance is £50 which I decided to reduce from the stated excess (can't remember what it was) as it didn't make a huge difference to my premium.

It's something you should always check and make sure you understand - I expect that over the phone if someone is giving you a quote then goes 'I can reduce that to xxxx if you have a higher excess'. Often it's the premium that is heard and the excess is forgotten about until as with your friend they have a claim and then it hits.

Your friend will have this excess clearly stated in her policy documents that would have been sent when she took the policy out. It is up the customer to check all details are correct when they receive that.

flea72

you have to read the terms, as most policies now have a compulsory and a voluntary excess that you have to add together, to work out the total excess

so for eg. i can choose a voluntary excess of £50 (ok, premiums are higher, but my outlay should i need to claim, is less) - but on top of that the company would have their compulsory excess of say £250 (usually aimed at things like under 25yr old drivers, or repeat claimers) - so in all, i would end up paying £300 excess per claim

I think this is what has happened in your friends case, they chose their own excess, but didnt realise there are also compulsory ones. the compulsory ones are only listed in the terms and conditions, which they prob didnt read - theyjust saw the word 'voluntary excess' and thought that was the end of it

hth Flea