What is an excess?
An excess is the amount of money (contribution) that you have to pay, towards a claim. Initio offer a range of excess options: $400, $650, $1150, $2000.
Why would I choose a $2000 excess?
The higher the excess, the lower the premium. The reason for this is because you are taking more of the financial risk on yourself, so we reward you for this choice. If you are the kind of person who only claims for large amounts of damage, then a higher excess is the way to go.
How do I pay my excess?
Initio will usually deduct your excess from any cash settlement we pay you, or from the first repairer invoice. You are then responsible for paying the repairer.
Do all losses have the same excess?
No, some losses have a specific excess and these are outlined in the policy wording. An example of this is methamphetamine contamination, which has a $2500.