An insurance excess is the amount you generally pay towards an approved claim, so compare both the excess and the premium rather than focusing on price alone. Check whether the policy has compulsory and voluntary excesses, and whether different excesses apply for specific events such as storms, theft or windscreen damage. A higher excess may reduce the premium, but it can leave you paying more if you claim. Read the product disclosure statement and confirm the details with the insurer before choosing, as excesses and claim conditions vary between policies.