Lnsurance terms..?

What ls voluntary excess when lt comes to my Scooter insurance quotes? lf l choose to have lt what will lt mean? Will lt bring my quote up or down?

Thanks!

Sorry.. title is meant to say lnsurance!

If you take a voluntary excess you agree to pay more towards the damage of your scooter or if it gets stolen.

Because the insurance company will pay out less if you claim they 'reward' you with a reduction in premium.

BUT

All motorcycle insurance policies have compulsory damage, fire and theft excesses which have to be added to the voluntary excess. If, for instance the policy has a 拢250 compulsory excess and you elect to have a 拢100 voluntary excess you will have to pay the first 拢350 of any damage to your scooter.

On the internet it can be very difficult to find out how much these compulsory excesses are (it should not be due to FSA regulation but it is) as some companies don't tell you until you've bought the policy (and then the excess appears on the schedule). You may find that one policy with a 拢100 voluntary excess actually has a lower excess than a policy with no voluntary excess.

If in doubt see your local insurance broker who will provide you with all the information you need and will help you with any insurance matter.

Voluntary Excess is a sum that you will be required to pay to wards any claim that is made on the policy, the more the excess sum is, the greater the reduction in your premium

It means that if you make a claim, you are responsible for paying 拢xxx, the amount of the excess. So, if for example you have an excess of 拢100 and your claim totals 拢300, they will only pay 拢200 and you have to find the rest. The bigger the amount of excess you're willing to be responsible for, the lower the premium.