Sentences with phrase «voluntary excess amounts»
Consider your voluntary excess amount, but the decision on how much this should be needs to be a personal one.
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Before we turn to that question, we'll look at the possibility of making voluntary payments in excess of the minimum amount required.
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.
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.
This voluntary additional excess is in addition to the policy excess amounts outlined in the excess amount section above.
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.
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.
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.