Excess

A specific amount of money that an insurance holder must pay in the event of theft or an accident before the insurance company settles the rest of the claim. The excess may be made up of compulsory excess, which the insurers impose depending on the driver's age or type of vehicle, and voluntary excess, which the insurance holder may elect to pay in order to reduce the cost of the premium.

The excess must be paid to the insurance company regardless of who is at fault; however, if it was a non-fault accident, the excess should be recoverable from the third party.

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