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An excess is also known as a deductible because it is ‘deducted’ from the value of the claim. Your excess is the portion of the insurance claim which you are responsible for paying. It is the first part of the loss claimed. The value of the excess is determined when you take the policy out. It can be changed a renewal.

Initio currently has 4 excess options to choose from – $400, $650, $1150, $2,000. When you choose a higher excess, the cost of your insurance will reduce.