Can Higher UK Car Insurance Excess Be Affordable?

If you have been searching for ways to save money on your UK car insurance premium, you may have heard that increasing your excess can result in instant savings. However, if you have looked into this more closely, you may also be aware that some experts advise against increasing your excess. The fact is that you can control your insurance premium cost by adjusting your premium upward or downward, but for many drivers, there is such a thing as an excess that is too high.

When Your Excess is Too High

Each time you file a claim on your UK car insurance, you are required to pay the excess before your claim will be processed. After your excess is paid, your insurance company will pay out on the claim up to the limits of your coverage. Because the excess is only paid when you file a claim, it seems to make sense to increase your excess higher and enjoy a lower premium payment on a regular basis.

However, if your excess amount is too high, it becomes unaffordable for you to pay. Some drivers have not been able to pay their high excess after an accident, so they were not able to file a claim as needed. This can have a significant and negative impact on your life. Consider that your auto repairs may not be made quickly after an accident. Also, another driver whose expenses you are responsible for may take legal action to collect from you.

How to Make Higher Excess Affordable

It makes sense that you would want to enjoy the benefits of a lower UK car insurance premium by raising your excess, but you don’t want to deal with the consequences associated with an excess amount that is too high. When you adopt the right strategy, you can easily afford to pay a higher excess amount.

To make paying a higher excess affordable, you must have access to the full excess amount at a moment’s notice. One option to consider is to increase your savings account balance so that you have the full excess amount available in this account. Also, rather than make a drastic change to your excess, consider adjusting it upward slightly at each renewal so that you have ample time to increase your savings account balance accordingly.

Raising your excess is a wonderful way to save money on your premium, but it can be a risky move to make if you make a drastic change to your excess amount and don’t have the cash on hand to pay it as needed. If you want to enjoy premium savings with an adjustment to your excess, consider following the strategies described here.


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