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Insurance Excess and How Does it Work


What is the insurance excess?  

An Insurance Excess is the agreed amount of money you will pay towards a claim on an insurance policy and can be referred to as a ‘deductible’. Once the Insurance Excess has been settled your insurance provider will then pay the remaining expenses up to the limit of cover. For example, if you submit a claim for $400 and your excess is $100 then the claim payment will be $300.

Without Insurance Excesses, there would be claims for little aggregates like $5, $10 and $20, which would result in far greater expenses to run insurance companies. That's the hypothesis. The reality remains, nonetheless, that in a few conditions, excesses
 can cause a profound feeling of foul play in policyholders. And it's questionable in the case of charging insurance excess in those conditions conveys any genuine "honesty" esteem in controlling policyholder conduct seems powerless. 

Voluntary Excess

All policies have a base Insurance Excess that is outlined on your most recent policy schedule, which is sent to you as part of your documents each year on renewal. You have the option to increase your Insurance Excess. The amount of excess you choose for your policy is a way to help lower your premium - the higher your excess, the cheaper your premium.
You will only need to pay your excess in the event of making a claim. The Insurance Excess you pay is the amount outlined in your policy schedule, which means you aren’t able to choose another excess at the time of making a claim.  
Paying your Excess  

You will be asked to pay your Insurance Excess at the time you make a claim with us, usually by credit card or a bank transfer. Once your excess has been paid we can get on with processing your claim.
In some circumstances, you may not need to pay an excess. For instance with Car Insurance cover, if the other driver in a car accident can be identified, admits or is found at-fault after you have already paid your excess, your excess could be refunded. Speak to your Customer Manager for more details.

Our team's hands on experience in bespoke insurance solutions and claim handling makes us #1 preferred choice with businesses and individuals NZ wide.