Your excess for contents insurance is the amount you pay yourself in the event of claim. For example, if you chose an excess of £100 and made a claim for £250, you would pay the first £100 yourself and your insurer would pay the remaining £150. Usually, you will pay a lower monthly premium if you have a higher excess.
This depends on your circumstances. You should consider how much you can realistically afford to pay if you make a claim. You should also think about the effect your excess has on your premium, as a higher excess typically results in a lower monthly payment.
This depends on the provider. With some it is mandatory, with others it isn’t. When purchasing a contents policy, you will be asked to choose an excess, and some providers allow you to select an excess of £0. However, having an excess is quite common for contents insurance.
With Getsafe, an excess is mandatory. Despite this, you have a high level of flexibility regarding the amount. You can start from £50 increasing in increments of £50 up to £400. The higher the excess you choose, the lower your premium will be. This means you can find the perfect balance between how much you pay for your premium and how much you would pay in the event of a claim to suit your circumstances.
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