The reason that there is always an excess is to discourage you from making insignificant claims, to preserve no claim bonuses or to make you think twice before claiming. Excesses are a major factor which determines your insurance premium and a very effective way of reducing the cost of insurance. By electing to take a voluntary excess, it effectively reduces the risk that the insurance company has and shows a willingness on your part to drive more carefully, secure you car while parked and indicates that you personally feel you are less likely to be involved in an accident or have your car stolen.
People who are in administrative working positions often feel that they are over paying for their insurance and where your occupation is also an important factor in determining your premium, it makes sense to opt for a higher voluntary excess as on a balance of probabilities, you are less likely to be involved in an accident.
When you get your insurance quotes, ask for a quote with the standard excess and then ask for a quote that includes a higher voluntary excess and calculate the annual savings. Make sure that the insurance advisor is aware of your occupation and the place that your car is parked during the day. If you only drive to and from work, your car is parked in a secure parking lot and you are in a low risk occupation, your savings on your car insurance will be very significant.
Be sure to tell the insurance advisor everything that would effect the premium and the risk profile will be accurate, offering you a saving that can be better put to use.
Insuring a car is not just about the value of the car… There are many factors which effect the premium you pay and you must get competitive Insurance quotes to be sure that you are not over paying on your insurance.