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Compulsory Excess Car Insurance
Compulsory Car Insurance Excess is the cost you have to pay towards an insurance claim. Voluntary excess is decided by the insuree and compulsory excess is set by the insurer.
08 May 2019
The excess on your motor insurance is the amount that you yourself will have to pay towards an insurance claim on your car, before the insurance company will cover the rest. Compulsory excess car insurance is the amount that is agreed with the motor insurance company when you first take out your premium. The cost of your premium will often depend on the amount of compulsory excess that you are paying, with your total insurance premium often being higher, the less compulsory excess you are willing to pay. You can often bring the cost of a motor insurance premium down further by adding on voluntary excess payments on top of the compulsory excess, if this works for you.
Can I make changes to the compulsory excess on my insurance policy?
No. You have no control over the compulsory excess in insurance and it is only voluntary excess insurance amounts that you can decide. Compulsory excess is determined by your insurance company after they have reviewed your vehicle and the information you have provided and come up with a quote that is tailored to you, based on their findings. When deciding on an amount for your compulsory car excess insurance, insurance companies will look at everything from your age to the type of car that you drive as well as how experienced you are as a driver. With voluntary excess car insurance, you are able to choose how much excess you want to pay, on top of the compulsory excess, when making a claim, usually within a range that is set by your insurance company.
How do I know how much excess I will be required to pay?
You won’t know how much excess on your car insurance you will be required to pay until you have requested a quote with an insurance company. Compulsory excess depends on a number of things and is tailored to your premium, so can be difficult to say exactly how much will be required with your vehicle. If you own a vehicle and have insurance already, you can find out your compulsory excess payments by checking your policy documents or calling your insurer with the details of your vehicle.
How do I find insurance with the compulsory excess that is right for me?
The amount of compulsory excess that you will be required to pay in the event that your car is stolen or written off depends entirely on your insurance premium. You will usually be given a quote that includes the compulsory excess that you will be required to pay in the event of an accident when you first take out your insurance. This will be based on a number of key factors, such as the type of car that you drive and your experience as a driver.
If you want to lower the cost of your insurance premium, you can always consider adding to your compulsory excess by contributing a certain amount of voluntary excess too. This would mean that should your vehicle no longer be drivable, you will be responsible for paying a higher amount for repairs or a new car before your insurance compensates with the rest, but it also means that your motor insurance monthly payments will probably be lower. How you decide to tailor your policy is entirely up to you, but most compulsory excess insurance quotes will a part of your overall premium and will not be changeable.
PSA will also cover you for any voluntary excess that you are volunteering to pay to control the cost of your premium, providing reliable voluntary excess insurance as well.
How do I avoid paying excess?
You can avoid any excess costs that might occur, should you have an accident or have your car stolen, by taking out compulsory excess car insurance. Compulsory excess car insurance means that you can claim back on the excess you are required to pay to cover the excess fees that your insurance company does not have to pay, as per your insurance premium. Depending on the level of compulsory excess car insurance you choose, PSA could ensure you’re not burdened with high excess fees, should you need to make a claim on your motor insurance.
As well as insuring the compulsory excess that you are required to pay as part of your policy, PSA will also cover you for any voluntary excess that you are volunteering to pay, depending on the level of coverage you choose. To control the cost of your premium, providing reliable voluntary excess insurance as well. Do not let making a claim under your motor insurance policy be an additional financial burden.
To find out how much compulsory excess car insurance you can take out, simply go to PSA’s excess car insurance page by clicking below, and enter your details for a quote.
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PSA Insurance Solutions Ltd Reg No: C83206 is a limited liability company under Maltese Law, having its registered address at: MIB building 53 Abate Rigord Street Ta’ Xbiex Malta, Tel + 356 22 58 34 92. The company is enrolled to act as an insurance agent in terms of the Insurance Intermediaries Act, 2006 by the Malta Financial Services Authority (MFSA), Notabile Road, Attard BKR 3000, Malta.