What Does It Mean If Your Insurance Policy Has An Excess Of £500? / driverly

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What does it mean if your insurance policy has an excess of £500?

The insurance company will pay the first £500 of any claim

You'll be paid £500 if you don't claim within one year

Your vehicle is insured for a value of £500 if it's stolen

You'll have to pay the first £500 of the cost of any claim

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