GoCompare offers customers a £250 free excess refund reward when they purchase car insurance.
The price comparison site has revealed that its customers have been refunded over £11 million through its £250 Excess Refund Reward since the scheme began in July 2019.
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The Excess Refund Reward allows any customer who purchases a car insurance policy through GoCompare to opt in and receive up to £250 back when the claim is settled.
An excess is included on most insurance policies and is the amount that the policyholder needs to pay upfront before they can make a claim. Regarding car insurance, the excess is split into two parts: compulsory and voluntary.
The insurer sets the compulsory excess while the policyholder can choose the voluntary excess – then when you make a claim the two are added together and must be paid before a claim can be made.
Previous research from Go.Compare revealed that only 49% of motorists fully understand the meaning of voluntary and compulsory excesses on their policy, while only 17% of drivers aged 18 to 24 said they understood compulsory excess.
Tom Banks, car insurance expert at Go.Compare, said: “Seeing that over £11 million has been refunded to our customers through this offer is amazing.
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“The process of making a claim on an insurance policy can be a stressful one so we hope that this refund reward can help ease some of the stresses, both mentally and financially.
“Our aim is to help motorists make informed decisions when it comes to insurance, making sure they get the cover they need and help them save some money – the excess refund reward is a great example of this.
“It’s great to see that so many customers have been able to benefit from the scheme.”
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.