Motor Excess Insurance - Some facts and figures

Motor Excess Insurance is an insurance product that has gained some interest over the last few years. The soaring prices car owners have to pay for their motor insurance have seen many try to mitigate these costs by taking a higher excess on their policy.

To counter the higher excess risk, you can protect this with a motor excess insurance policy. This means that if you have to claim on your motor insurance and are charged your excess, you can claim this cost back against your car insurance excess protection cover.

But what sort of car owners buy motor insurance excess cover? What level of cover do they take? Here, we provide some insights into the trends we find with our customers. At Total Loss GAP, we have been selling Motor Excess protection for most of our 15 years in business. Today, we offer excess protection for privately owned cars and motorbikes. We are well-placed to provide some facts and figures* for you to consider.

What claim limit do people opt for?

We provide our excess protection coverage within several maximum claim limits. This is the most you can claim back, having paid your excess, to cover the cost of your excess deduction. We provide cover at £300, £500, £750, £1000 and £1500.

So, which level do customers buy the most?     

Motor Excess Insurance sales by maximum Claim Limit

• £500 - 29.4%

• £750 - 28.4%

• £1000 - 24.5%

• £1500 - 9.8%

• £300 - 7.8%

These figures show that the lowest level of cover available is the lowest of the five levels by sales volume. Why may this be?

Perhaps most people have an excess, compulsory and voluntary combined, which is more than £300 in most cases. People could also feel that £300, even at the current premium price of £14.99, is not worth covering.

Motor Excess Insurance protection sales by manufacturer

So, which vehicle manufacturer accounts for the most private car excess sales? You might be surprised to learn that there is a clear winner.

• BMW - 13.7%

• Audi - 5.9%

• Volkswagen - 4.9%

• Peugeot - 4.8%

• Lexus - 4.0%

The average premium paid for a Motor Excess Insurance policy

The average premium paid for a Motor Excess Insurance policy from Total Loss GAP is £30.28, including Insurance Premium Tax.

If you are interested in how Motor Excess Insurance can help protect you, please take a look at our dedicated Motor Excess Insurance page, click for a quote, or give us a ring.

*figures calculated for sales of motor excess insurance by Aequitas Automotive in October 2024.