Insurance excess is the amount you agree to pay out of pocket when making a claim on your policy. For example, if your car insurance has a $500 excess and you lodge a claim for $3,000, you would pay the first $500 and your insurer would cover the remaining $2,500. Different policies may have varying excess amounts, and some insurers might offer a lower premium for a higher excess. It's important to understand how excess works, as it can impact your finances when making a claim. For more detailed advice, consider speaking with an insurance professional or checking your insurer's policy details.