An insurance excess is the amount you generally pay towards an accepted claim, with your insurer covering the remaining eligible costs under the policy. Common types include standard, voluntary, age-related and unlisted-driver excesses, and more than one may apply to a single claim. Choosing a higher voluntary excess may reduce the premium, but it can leave you with a larger bill if you claim. Check the policy’s Product Disclosure Statement (PDS) for the exact excesses, exclusions and payment rules, and ask the insurer or a licensed adviser if anything is unclear.