An insurance excess of 500 pounds represents the fixed financial amount you are personally required to contribute out of pocket toward the total cost of repairing your vehicle after an at-fault accident or claim. For example, if a repair bill comes to 2,000 pounds, your insurance company will pay 1,500 pounds and you will pay the remaining 500 pounds directly to the approved garage. The excess is split into a mandatory compulsory excess set by the insurer and a voluntary excess you choose to lower your monthly premium.
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