What is a voluntary excess?
An excess is the amount you pay towards the cost of your claim for each incident covered by your policy. A standard excess applies to all claims unless stated otherwise in the PDS.
Depending on your level and type of cover, you can increase your excess by choosing a voluntary excess (from the range we offer, between $200 and $2,000) to reduce your premium. A voluntary excess applies to all claims in addition to your standard excess. In the event of a claim, your standard excess remains the same and the voluntary excess represents an additional payment.
The option of paying a voluntary excess only applies to the following products:
- Car insurance (Platinum and Comprehensive only)
- Caravan insurance
- Motorcycle insurance
- Boat insurance (Comprehensive only)
- Business insurance
If you have a Home, Landlord or Strata Insurance, you also have the option of increasing your standard excess.
For further information please check your PDS or contact us.