An insurance excess is the amount you agree to contribute towards a claim before your insurer pays the remaining covered costs. For example, if your excess is $600 and an approved claim is worth $3,000, the insurer may pay $2,400, subject to the policy terms and limits. Some policies have different basic, voluntary, age or special excesses, and an excess may apply each time you claim. Check your product disclosure statement or ask your insurer, as the amount and circumstances can vary.