Standard Voluntary Excess

[davidjpowell]

My insurance company have just asked if I want to keep my Voluntary Excess. Thought nope!

Then told that there Standard Voluntary Excess is £150 and I can't go below. I'm confused about the voluntary bit now...

Also confused as they are rabbiting on about mirroring my NCB. Quite how or why when I am changing a vehicle I need to do this. I am confused, and I think so are they.

[E30M3SE]

The voluntary excess is say you agree an excess of £200 on top of their standard £150 giving a total excess of £350 in return for a lower premium.

[littleredrooster]

Confusion in terminology! You have two elements to a policy excess: Compulsory and Voluntary.

Compulsory excess is what the company decide upon - you can't negotiate this. It is the amount by which they will reduce the payout in the event of a claim for repairs to your own vehicle.

Voluntary excess is what you agree to over and above the Compulsory excess in order to reduce your premium. So total excess is Compulsory + Voluntary in the event of a claim.

I was confused about this for years too!

[thebigmacmoomin]

When I took my policy out last month with Admiral, was supprised that my total excess was only £210 inc voluntary. Supprised as other companies with the same voluntary (£100) was a lot lot more.