An excess is an amount that you must pay towards each claim you make.
An example: Imagine your car is damaged in a covered accident and needs $3,000 of repairs. If your policy has a $500 excess, then you’ll need to pay the $500 excess and your car insurance will cover the remaining $2,500 for the cost of repairs.
Your insurance premium is the monthly or yearly amount you pay for your cover. Your insurance excess is your contribution towards any claim you make that is covered by your policy. While these are separate payments, the amount of excess you choose to pay can affect your premium.
With our Comprehensive Car Insurance, we offer you the choice to increase your excess to lower your premium. Or you can choose to lower your excess and pay a bit more on your premium.
Get an Allianz Comprehensive Car Insurance quote today to understand your options.
There may also be other types of excess. You should review your policy documents and PDS for details on the types of excess relevant to you.
The cost of your excess is listed in your car insurance policy. When you take out Allianz Comprehensive Car Insurance, you have the choice to adjust your excess level within our given range. If you raise your excess, this will decrease the cost of your premium.
On the other hand, reducing your excess will raise the cost of your premium. So, when making this decision, consider what is right for you and your circumstances.
You may need to pay a set excess for specific claims, such as an age excess. The specific excesses are outlined in the insurance policy.
If you take out Allianz Third Party Property Damage Insurance, you don’t have the option to adjust your excess.
The excess amount can vary based on factors such as your age, driving history and the specific terms of the policy.
Situations you’re commonly required to pay an excess with an Allianz Comprehensive Car Insurance policy include:
No. You won't have to pay an excess if we determine you're not at fault for the accident and you can provide the responsible party’s details.
You’ll need to get details that would allow us to reasonably identify the person at fault, so that we can recover our costs. Make sure you get all the necessary information before leaving the site of an accident. The information you need to provide to us is detailed in the Product Disclosure Statement (PDS) for your car insurance policy.
This article has been prepared by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL234708 ("Allianz"). In some cases, information has been provided to us by third parties and while that information is believed to be accurate and reliable, its accuracy is not guaranteed in any way.
Any opinions expressed constitute our views at the time of issue and are subject to change. Neither Allianz, nor its employees or directors give any warranty of accuracy or accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in this article.
Any advice here does not take into account your individual objectives, financial situation or needs. Terms, conditions, limits, and exclusions apply. Before making a decision about this insurance, consider the relevant Product Disclosure Statement (PDS)/Policy Wording and Supplementary PDS (if applicable). Where applicable, the PDS/Policy Wording, Supplementary PDS and Target Market Determination (TMD) for this insurance are available on this website. We do not provide any form of advice if you call us to enquire about or purchase a product.
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