Explain terms ‘compulsory excess’ and ‘voluntary excess’.

Explain terms ‘compulsory excess’ and ‘voluntary excess’.
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1 Answer

Answer :

Compulsory excess: The compulsory deductible or excess is also called as mandatory excess. It is part of claim amount which you will have to bear out of your pocket. The amount is decided by insurance company. The amount is deductible for the cars the amount fixed is as 1000 Rs. and for two wheeler is fixed is 100 Rs. 

Voluntary excess: The voluntary deductible or excess is the amount which is deductible for special discount in the premium. The amount of the voluntary excess changes from company to company. The voluntary excess is set by you. 
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