What does voluntary deductible mean in insurance.
Voluntary deductible or excess is that portion of any claim, which is not covered by the insurance company. It is usually a standard amount specified in the policy document which the insured is willing to pay out of his pocket. This amount is fixed as per the policy terms and conditions and must be paid by the insured before the benefits of the policy can apply.
This deductible is applied to car/auto insurance policies, home insurance/ home content insurance and to travel insurance.
In case of auto insurance, your deductible will vary depending on the cubic capacity (CC) of your vehicle. The standard rule is, the higher the deductible, the lower the premium.
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