An excess is the amount you, the claimant, would need to pay if you make a claim on your policy. Basically, it’s the amount you agreed that you would contribute towards the cost of a claim when you bought your policy.
When purchasing your 1Cover policy you have the option to select the excess amount applicable to your policy. For example, if you purchase your policy with a $200 excess and you submit a claim for $600, you are liable for the first $200 and we would reimburse $400.
The lower the excess amount you choose, the higher your insurance premium. That’s why we offer different excess amounts for our policies. You can choose the excess that best suits you.
Excess is applicable per claim/event. Below are some examples of different situations:
All FAQ answers are based on the current effective PDS. If your policy is older than the current PDS, please contact us or refer to your particular policy.
Any information contained on this website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these having regard to the PDS.