What is an excess?

This is the amount of money that you will need to pay out should you make a claim. Usually payable to the insurer before they pay the remaining claim amount.

Most polices have an excess and you are able to select to a pay a higher one which is likely to give you savings, up front, on the initial policy cost. It should be remembered that the reason that this reduces your premium is that at the point of making a claim, the amount of excess you will have to pay out will be greater so when you budget for your motor insurance please bear this in mind!