Superquote Terms / Glossary: Excess (Compulsory and Voluntary)

An insurance excess is an amount of a loss for an insured event that the first party or insured is liable for.  If  a claim for an insured even is for less than the amount of the insurance excess, then no claim can be made.

There are various types of excess on insurance contracts  Compulsory excesses are those which are enforced by the insurer onto the policyholder.  Voluntary excesses are those opted for by the policyholder normally in return for a discount on the insurance premium.

Younger drivers can face age excesses and other excesses can be applied on condition.  For example, some insurers apply an excess for inexperienced drivers (generally those with less than a years driving experience) which does not apply after you have gained that experience.

On a home insurance policy, you normally have a policy excess and then a subsidence or flood excess which is greater than the policy excess.

Useful Links:

Home Insurance

Flood Home Insurance

Young Driver Insurance