An insurance excess is the amount you agree to contribute towards a claim before your insurer covers the remaining eligible costs. You may need to pay it when you make a claim, although some policies waive or change the excess in specific circumstances. Common types include standard, voluntary, age or unlisted-driver excesses, depending on the policy. Choosing a higher voluntary excess may reduce your premium, but it can leave you paying more after a claim. Check your product disclosure statement or ask your insurer how the excess applies to your circumstances.