Why do some home insurance quotes show a compulsory and a voluntary excess

whilst others just show one?

11 Comments

because they are two seperate things!?

Original Poster

jasonodell

because they are two seperate things!?


could you explain a little more please?

Taking a vol excess can reduce the premium you pay. So, when you get a quote some companies chuck on a voluntary excess in a move to try and get the cheapest quote. Usually the higher the vol excess you take, the cheaper the premiums can be.

Compulsory excess - Age brackets.

Voluntary excess - Excess you're willing to pay if you crash.

ie,

23 year old, could fall under a £350 excess for age. Regardless of no years claims.

If you'd entered £250 excess, you'd be paying (£350+£250) = £600 for the incident.

Voluntary excess is adjustable to alter the insurance premiums, Compulsory is not.

Original Poster

so you still have to pay both? i just didn't understand why one shows £150 excess, and another show £50 compulsory + £100 voluntary, so both of these are the same excess yeah?

jasonodell

Voluntary excess - Excess you're willing to pay if you crash.



Have you crashed your home before?

Good grief!

Compulsory you have to pay no matter what, voluntary is optional but the more excess you are willing to pay the cheaper the payments will be. Thats why they are shown separately to give the option.
Edited by: "cdm22" 8th Jun 2011

cdm22

Good grief!Compulsary you have to pay, voluntary is optional but the more … Good grief!Compulsary you have to pay, voluntary is optional but the more excess you are willing to pay the cheaper the payments will be.



This - if you take a vol excess, any claim you make will be subject to the vol and compulsary excesses added together. If you don't take a voluntary excess, your annual premium will be slightly more but should you make a claim, you will only have the compulsary excess deducted.

Original Poster

cdm22

Good grief!Compulsory you have to pay no matter what, voluntary is … Good grief!Compulsory you have to pay no matter what, voluntary is optional but the more excess you are willing to pay the cheaper the payments will be. Thats why they are shown separately to give the option.


it isnt an option, you cannot remove either, hence why i was confused to why its called voluntary, so both the same excess charges should i need to claim, thanks for your help

BeerDrinker

Have you crashed your home before?



I take that back, thought it was Motor insurance, i'm still in Morning mode.

secretwoman123

so you still have to pay both? i just didn't understand why one shows … so you still have to pay both? i just didn't understand why one shows £150 excess, and another show £50 compulsory + £100 voluntary, so both of these are the same excess yeah?



I see where you are getting confused now then. Perhaps the one with only the compulsory is not flexible in the amount of excess whereas the other is £50 compulsory and the remainder of the excess can be flexible.

Edited by: "greg_68" 8th Jun 2011
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