An insurance excess is the amount you pay towards a claim. It’s your contribution to the cost of repairs or settlement.

There are two types:

• Compulsory excess: Set by your insurer based on your risk (for example, your age or postcode)
• Voluntary excess: An amount you choose when taking out your policy, which can reduce your premium

These are added together to make your total excess, which you usually pay when making a claim.

Some optional products, such as excess protection, may allow you to claim this cost back (depending on your cover).

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