If you’re a young driver, then you’ve probably been forced to accept a heavy car insurance excess, and you’re probably asking the question ‘Should I insure my excess?’
We’ve put together this brief article to help you decide…
Should You Insure Your Excess?
First, let’s look quickly at how your car insurance excess works.
Your excess is the amount that you’ll have to pay if you’re unlucky enough to have a car accident. Say you have a car insurance policy with a £1,000 excess, and you have an accident that causes £1,500 worth of damage – you’ll need to cough up the first £1,000 from your own pocket, while your insurer will pay the remaining £500 of your claim.
Could you afford to pay out £1,000 – or whatever amount your own excess is set at?
If not, then there’s no two ways about it – you should definitely insure your excess!
Why Do I Have a Big Car Insurance Excess?
In an ideal world, you wouldn’t need to insure your excess, because it would be small and affordable to start with. Going back a few years, car insurance excesses were often set at around a couple of hundred pounds – an amount that most people could afford to pay if the worst happened. But times have changed, and young drivers’ excesses are often £1,000 – or even more…
Why? Because the insurers believe that young drivers are more likely to have an accident, so they cover the risk by setting huge premiums and heavy compulsory excesses for anyone aged under 25.
What’s more, a lot of young drivers actually add a voluntary excess, on top of their compulsory excess – it’s a smart way to lower those big car insurance premiums, but the downside is, if you have an accident, you’ll be personally liable for even more of the bill.
How can I Insure My Excess?
It couldn’t be easier!
Here at Goodbye Excess, we make it simple for young drivers to insure their excess. To get started, check out our motor car excess insurance. It’s young-driver friendly – with no age limits, and it’s affordable – with a full £1,000 of cover priced at just £53 per year…