If you’ve never taken out motorcycle excess insurance before, then there are a few things you need to know beforehand. Each time you take out any kind of bike insurance, the agent will tell you about the involved excesses. Insurance excess occurs when you make a claim on your motorbike insurance, which is a way for you to cover the damage. You’ll have to pay the excess only if you were deemed responsible for the damage and if your insurer paid for any repair costs. 

There are two types of motorbike insurance excess that you’ll need to know about when you consider taking out a policy. These excesses typically have integration with policies, determining the cost you’ll pay to claim your insurance. Always inspect your policy with great care when reading its details, especially when it comes to excess.

Here’s what you need to know about motorbike excess insurance:

Compulsory Excess

This type of excess insurance is what the insurer tells you to pay towards the cost of damages during a claim. In other words, it asks you to pay in line with your insurance policy. The compulsory excess amount depends on the kind of insurance you have, so be sure to double-check it. 

If you are not held responsible for the accent, then your insurer will waive your compulsory excess. That means payment of the claim will be in full and you won’t have to worry about it. However, if the accident is your fault, you will likely need to pay the excess in full. 

Voluntary Excess

The other type of excess insurance is voluntary excess, which is the optional amount of excess you’re free to add to your compulsory. Doing this allows you to see if it will lower the price of your bike insurance premium. This insurance is always optional, so you’ll have to tell your insurer if you want this and how much you’d like to pay in a claim.

For example: if you’ve set your compulsory excess to £150, and you set a voluntary excess at the same amount, your total excess that you need to pay towards the claim cost is £300. 

Is Voluntary Excess a Requirement on the Policy?

As stated in the name, voluntary excess is entirely voluntary. Your insurer will never require you to add this to your motorcycle insurance policy, as this must be something you expressly want. However, higher voluntary excess tends to lower your premiums, although this highly depends on your policy type.

Remember that this is the amount you’ll have to pay when going through a claim. Ensure that you add on the amount that you can genuinely afford. 

Conclusion

Motorbike insurance premium costs are generally very high and often come with a sizeable compulsory excess. When combined with a voluntary excess, the potential total cost may be more than you can afford. Fortunately, a motorcycle excess insurance eliminates this financial risk, saving you from hefty expenses. Now that you know more about motorbike insurance excess, you can now make decisions that protect you from expensive situations. 

If you need some guidance on motorbike excess protection, let us know at Goodbye Excess! With our help, you can level the playing field and protect your excess with our insurance policies. We also offer excess protection cover for vehicles, multi-car policies, commercial vehicles, and many more. Get in touch with us today to find the best policy for you!