What does compulsory excess mean in insurance?

Compulsory excess is a limit on the amount of money that must be paid towards the cost of damage to your home when it’s insured against fire, smoke damage, vandalism, windstorms, theft, or explosions. This limit is set by your insurance company based on your policy and the area where you live.

What does excess mean in insurance?

Compulsory excess is a form of financial responsibility that applies to some types of auto insurance policies. Drivers who wish to lower their rates often have to pay a higher amount for mandatory insurance beyond a certain limit. In the case of a claim, the insurance company will cover the amount of your car’s value that exceeds the mandatory minimum. If you think the cost is too much, consider setting up a payment plan with your bank or taking out a smaller insurance policy.

What does excess mean in car insurance?

In car insurance, the amount of money that you pay in addition to the premium is called the excess. It’s the amount that you will be responsible for in the unlikely event that an accident occurs. The amount of the excess varies from one policy to the next, and some policies have no excess at all.

What does compulsory excess mean in insurance quote?

The amount of money that the insured must pay before their insurer will cover any losses above the deductible will vary according to the policy terms. When you take out a policy, you will usually be given a figure called the excess. This is the amount of the policy that will be paid towards any claims when other insurance policies cover the remainder of the losses.

What does compulsory excess mean in car insurance quote?

Compulsory excess is a mandatory amount of money that you must pay in the case of an accident. It applies to comprehensive and collision cover, and it’s designed to protect the other driver and their passengers. Your excess is the amount that you pay in addition to the standard amount that an insurer will cover.