Sentences with phrase «voluntary excess»
"Voluntary excess" refers to the amount of money that a person agrees to pay themselves in the event of an insurance claim. It is an additional cost that the policyholder chooses to bear voluntarily, usually to decrease their insurance premiums. Full definition
A discount is provided for those who opt for higher voluntary excess.
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Whatever the claim, the part of voluntary excess would have to be paid by you up to the specified limit.
Additional voluntary excess amounts can also be amended to suit your needs & budget.
If you put more money down for voluntary excess coverage, you will save money on your premiums.
The premium of the insurance is dependent on certain parameters like value of the car, type of coverage, vehicle classification; voluntary excess etc..
Paying a higher voluntary excess can lower the cost of the cover.
The Private car insurance policy by National Insurance Company Limited offers discount for choosing higher voluntary excess when policyholders renew their motor insurance online plans by National Insurance Company Limited
Just remember to make sure you are comparing like for like cover, with voluntary excesses set at the same level and including any extras that you'd usually add on.
Higher voluntary excess also reduces the Insurance premium.
Discount is available for claim free policy year, installation of anti-theft devices, high amount of voluntary excess, and also for membership of Automobile Association
The Two wheeler insurance policy by National Insurance Company Limited offers discount for choosing higher voluntary excess when policyholders renew their motor insurance online plans by National Insurance Company Limited
5) Opt to pay a higher voluntary excess — but ensure you can afford to pay the excess if you do have to make a claim!
The policyholder agrees to a voluntary excess figure when taking out the insurance, and it's added to the compulsory excess in the event of a claim.
Also, agreeing to a voluntary excess may bring down the cost.
The higher the voluntary excess, the lower the insurance premium is likely to be.
However, if I raise my voluntary excess to # 500, then my premium with the same provider reduces to # 191.16.
Read our voluntary excess guide.
The standard compulsory excess might be, say, # 250, but if you take a higher voluntary excess the premium will come down;
Consider your voluntary excess amount, but the decision on how much this should be needs to be a personal one.
Most insurance providers have a standard excess (known as a compulsory deductible) as well as a voluntary excess where drivers can choose a higher amount as a way to lower your premium.
If you are involved in an accident, they take money out of your voluntary excess coverage first to repair the damages, then they pay the rest based on the policy that you purchased.
The voluntary excess is the extra amount, over and above the compulsory excess, that is agreed to be paid in the event of a claim on the policy.
When an insurance policy asks you if you would like to specify a voluntary excess, it can be easy to balk at the thought.
Most home insurance policies have a compulsory and voluntary excess.
You choose the level of your voluntary excess, usually starting at # 50 or # 100.
The excess usually comes in two parts: the compulsory excess, and the voluntary excess.
Read our voluntary excess guide.
If you agree to a higher voluntary excess, the insurer will usually lower the premium.
Suppose that you have opted to pay a voluntary excess of Rs. 4000 and in case of an accident the bills are within the range of the deductible amount.
Voluntary Excess — If the customer chooses a voluntary excess amount above and beyond the compulsory excess amount, a premium discount is given to him
You could opt for a voluntary excess for your car, over and above the compulsory excess.
Where compulsory excess is mandatory, voluntary excess is optional.
As well as this, consider what amount you are comfortable paying as your voluntary excess (the amount you will need to pay towards any claim), higher excess equals lower premium.
Discounts are available on some motorcycle insurance plans if you follow a few suggestions, including adding a voluntary excess to your insurance plan, driving a motorcycle that is not considered a sport or race bike, securing your bike at night, adding additional security features to your bike, and limiting the number and age of drivers included on your policy.
Increasing your voluntary excess (the amount you volunteer to pay to get a claim started, on top of the policy's compulsory excess) will bring down your premiums.