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Please read the relevant Product Disclosure Statement before you make any decision regarding this product. The Target Market Determination is also available. What is a voluntary excess? In some cases, you may be better off not claiming for lower value items. For example if a lamp is accidentally knocked over and broken. With the price of the excess combined with the chance that your renewal premium will increase after claiming, you may be better off replacing or fixing the object out of your own pocket.
When you start the claims process, the insurance excess usually needs to be paid before any further work can begin. If you need to pay voluntary excess, you will have chosen this option when the policy was first taken out.
When you make a claim and you have both compulsory and voluntary excess, you must pay both of these together.
The total of the two together will be deducted from the total of your claim. So how much voluntary excess would be too much? It should be set at a reasonable amount that you would be prepared and comfortable to pay should the need arise.
This is so, in the event that you do need to make a claim, you can make the necessary payment. Alternatively, you could look into taking out excess protection. You do not have to pay the excess on your insurance if the incident is found to be the fault of someone else.
Request a brochure. We welcome our pets into our homes but sometimes, things get scratched and broken. You can find some of the most common causes of pet damage in the home and how to stop this misbehaviour, read more. The higher your excess is, the less you will pay for your home insurance on a monthly basis.
Therefore, it is up to you to decide how likely it is that you will need to make a claim, in order to save some cash while ensuring you are covered in an emergency. Try and find that balance between keeping your premium as low as possible, and being realistic! It really depends. Increasing your voluntary excess will no doubt bring the cost of your monthly or annual premium down in the vast majority of cases.
Do a bit of maths and figure out the best balance between lowering your insurance premiums, and your ability to afford to make a claim on your home insurance policy. Excess insurance will cover the cost of your excess in the event that you have to make a claim, up to an agreed limit.
You can choose how much you excess insurance policy will cover, but keep in mind that your premiums will rise in accordance with the amount you want covered.
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