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Excesses explained

What is an excess?

An excess is the part of a claim that you need to pay. 

Sometimes a benefit or optional benefit will have an additional excess. These additional excesses will apply in addition to any other excesses in your certificate of insurance.

You can change your excess at any time but keep in mind any changes to the excess will influence your premiums. The higher the excess, the lower the premium - but remember, if you need to make a claim you'll have to pay the excess you've chosen, so make sure you are comfortable with it. 

 

Example

Let's say you damaged your car by reversing into a pole and you want to make a claim. The cost to get the damage repaired at the panelbeaters is approximately $2,000 and your excess is $200. This means you must pay the $200 excess and we will contribute the remaining $1800 to the repair costs.

 

One Event - One Excess

If you suffer a loss or damage of your car at the same time as your contents or house through the same accident then we will only charge one excess. In this instance the higher of the excesses applies.

 

Example

You crash your car into the side of your garage and both car and garage are damaged. Your car excess is $300 and your house excess is $500. We will only charge you one excess, the $500 excess.

 

Please refer to the applicable policy wording documents for more information:

Comprehensive car policy wording 

Third party car policy wording

Contents policy wording

House policy wording

 

 

Still unsure? Fire up a live chat or contact us, we are here to help.

 

Related Articles:

How to Pay Your Excess

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