How does excess work?

[Barron]

As im now looking for insurance for a 172, im expecting a stupid amount of money to insure it but oh well. Im ideally looking for a fully comp insurance so i want to make sure i know exactly what my insurance covers. I can get the price down alot of my insurance by upping the excess to £500-£1000. How does this actually work?

option 1
Driver A's fault
Driver A must pay £500 excess of Driver B's damage
Driver A must pay £500 excess of his damage

option 2
Driver A's Fault
Driver A must pay £500 excess of his damage
Driver B's car is covered and no excess is needed to pay.

option 3
Driver A's Fault
Driver A must pay £500 excess of Driver B's damage
Driver A's insurance pays his damage without excess

which option?

/carl

 

[DrR]

You must pay the excess (say £500) of any claim you make on your policy.

Option 2 is the nearest from what i understand.

You don'thave to pay £500 out, just if your car is written off you'll get a check for £500 less than what it's worth.

 

[Dcds4]

you pay the excess once per claim against your insurance, so if you rash into a hedge and claim its 500, or if you write off yours and 3 other cars its still 500

 

[Jaff]

yep you pay the excess in any case, and if you are found to be not at fault, your lawyers if you have legal cover will work to get you your excess back fomr the other parties insurers, so put the biggest excess you could affor to pay at any tim ein the year, mine is £400, but i always have atleast £900 in my "car savings" just incase the worst happens. YOu pay your excess regardless if you ran in to someone or they ran into you, its pants, thats why most people will want to do things out withthe insurers, as even if its £20 of damage i'm still obligated to pay £400.

Ive seen people with £1500 excess', but there is now way they could afford them,

 

[Barron]

the excess im looking at is 1k but still not sure.

/carl

 

[Jaff]

that is alot. hopefully you would never need to pay it out but then again could you afford it if you do,
also watch for a compulsary excess of any where from £250-£500 or an under 21 and upto £300 for under 25s on top of the voluntary, so you could think its 1000, but it could be more 1250.

 

[kully]

excess on insurance will be paid on any claim , you get it back if it is deemed not your fault iirc .

 

[Pep]

the excess im looking at is 1k but still not sure.

/carl

If you just keep £1k seperate to the rest of your money just in case you'll be fine.
Thats what I've done, I just don't intend on crashing!

 

[Beef-Mc]

You get a young drivers excess lumped on top of any voluntary excess!

 

[Barron]

that is alot. hopefully you would never need to pay it out but then again could you afford it if you do,
also watch for a compulsary excess of any where from £250-£500 or an under 21 and upto £300 for under 25s on top of the voluntary, so you could think its 1000, but it could be more 1250.

the insurance is with Bell so will have to have a look high excess is the only way i can get Fully Comp at 18 insuring a 172

 

[Jaff]

i'm with bell i have a 150 compulsary because i'm 21, its 250 if your under 21., but i still stuck a voluntary of 250 on top, as 400 is managable.

you must still be looking at what £1800 even with agrand excess (actually 1250).
but if you can afford it and can afford to keep a grand spare then go ahead lol.

 

[TheKing]

f**k a grand excess right off if you stack it and write it off and your cars only worth 5k thats 1/5th of your cars value you lose.