Should You Pay Voluntary Excess or Not?

No one knows your insurance requirements better than you do, or is better placed to judge whether or not you are likely to make to claim. So, in deciding whether or not it would be wise to opt for paying voluntary excess, you have to weigh up the advantages and disadvantages of your circumstances.

If, for example, you have a good motorcar insurance history and have rarely, if ever, made a claim, paying voluntary excess may be not so much a financial gamble, more a shrewd move. Then again, you yourself might have a good record for not claiming but have a young or inexperienced driver named as a second person insured on your policy. Since they are among those most likely to be involved in an accident, you might be well advised to think twice about taking the chance.

Other Considerations

Another consideration is the amount of time you use your car and where you drive. If your level of car use is fairly low or you live in a quiet area with little traffic and quiet roads, paying voluntary excess might be a good idea. But if you use your car all the time, live in an area with high volumes of traffic or spend a lot of your driving time in the busy city centre traffic or on motorways, then you are more likely to be involved in an accident. In which case, does the reduced car insurance rate make it worthwhile taking the chance?

Similarly, where you live or park the car while at work are factors for important consideration. If you live where car crime is an everyday occurrence you’ll be more likely to be making a claim than if you live in a peaceful community where a car being broken into would possibly make the local headlines. The same applies if you have secure parking at work as opposed to having to leave the car in an area where it might be vulnerable to theft or a break-in.