Insurance Excess Explained – Fast Cash Loans From $300 To $10,000

Find out how much you’re liable to pay based on your insurance excess. Whether it’s car insurance, private health insurance or home insurance, an excess will usually be included in your policy. But what does insurance excess mean? Monzi’s here to explain. Need an insurance excess loan? Apply for personal loans from $300 to $10,000 now.

Please note, certain ideas and products presented in this article may not be offered by Monzi nor the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

What is insurance excess?

So, you’ve been researching different insurance policies. Whether it’s private health care, car insurance, or home insurance, you’ve probably come across the term “excess.” With this, you might be wondering what it means.

Luckily, it’s quite simple. Most insurance policies include an excess to allow you to assume a portion of the risk yourself. In short, if you make a claim on your insurance policy, then the excess is the amount you will have to pay out-of-pocket.

To put this into an example, let’s say you get into a car accident and repair costs are $3,000. If your car insurance excess is $800, then you will be required to pay that figure while your insurer will cover the remaining $2,200. Simple, right?

Now that we’ve covered the basics, we can dig a little deeper. Through our guide, we’ll explore the different kinds of insurance and the associated excess. Moreover, we’ll examine all the tips, tricks and considerations you might need to know. Let’s go.

How can I pay my insurance excess?

In most cases, you must pay your excess upfront in cash. This payment may be made directly to your insurance provider or could be to the business completing certain repairs (e.g. your mechanic). As a result, you must ensure that you have enough cash to make this payment.

Unfortunately, this won’t always be possible. After all, managing your finances isn’t always smooth sailing. Your insurance excess may range from $100 to $500 or even more than $1,000, depending on the policy that you select. When the time comes to make a claim, you may discover that you can’t afford your insurance excess.

In these situations, one way to pay your excess may be to apply for an insurance excess loan from $300 to $10,000. That way, you can borrow the cash you need today and repay it via instalments. Lenders offering personal loans may allow you to cover almost any legitimate expense.

Apply today with Monzi.

Can I get insurance excess loans through Monzi?

Yes, but not directly.

At Monzi, we’re a lender-finder, not a direct money lender. So, if you find that you can’t afford your insurance excess, we could help point you in the direction of a lender who might be able to assist.

With Monzi, all it takes is one easy application. It’s so simple that you could have it completed in minutes. Once we receive your application, our automated system will take over and attempt to match you with a lender offering Aussie cash loans from $300 to $10,000. One way to use these loans could be to cover your insurance excess.

If approved, you receive cash upfront. You can then divide your excess costs into installments over terms of up to 24 months.

Apply today.

Will I get the cash to pay my excess on the same day?

It may be possible.

At Monzi, we know lenders who like to work fast. So, whether you need to pay the excess on your private health care or your car insurance, it might be possible to access same day loans for your excess.

That said, you must apply during business hours. That way, if you are matched with a lender, they might process your application without delay. If approved, you might receive quick same day loans from $300 to $10,000 to pay your excess. From there, your car may get the repairs it needs to get it back on the road.

Finally, note that processing times may vary. While lenders endeavour to provide fast loan outcomes, they must assess your application. As a result, you may need to account for a waiting time of up to one business day.

Is it possible to get insurance excess loans with no credit check?

No credit check loans are often seen as a glimmer of hope for people with bad credit needing insurance excess loans. After all, if you can avoid a credit check, how will a lender know about your past borrowing mistakes.

While that sounds great in theory, lenders are often unwilling to bypass a credit check in practice. Ultimately, lenders use credit checks to assess your creditworthiness. As a result, they are often a feature of loan assessments and you may not be able to access a loan without one.

If this has you worried, fear not. At Monzi, we work with understanding lenders. So, if you need fast cash for your excess but your credit history isn’t the best, there may still be options for you. If you are earning a consistent income and have your budget under control, you may be offered a cash loan for bad credit today.

Can I pay my insurance excess in installments?

You can. If you’re in a bind, you may find yourself searching whether you can pay your car insurance excess in installments.

While you may not pay your excess in installments through your insurance provider, Monzi might be able to provide a quick and easy option for you.

In short, if your car has been in an accident and major repairs are needed, you typically must pay your excess amount. Often, this is a hefty sum. As a result, it might be more suitable for your budget to divide this amount into installments.

Via a personal loan, you can borrow amounts from $300 to $10,000 to pay for your insurance excess in installments. If approved, you get your cash upfront. From there, your lender will divide your costs into even loan repayment instalments over a fixed term ranging from 12 to 24 months.

Given this, an insurance excess loan might be one way to pay your excess in installments. Just remember that if you borrow money, you must repay it with interest.

Is the excess the same for all insurance policies?


Every policy will vary in the type and level of excess included. As a result, it will be up to you to select the best home insurance, car insurance or other insurance policy for you.

For instance, when it comes to your car, you may opt for a lower insurance excess, given that repair costs are often considerable and claims are not uncommon. On the other hand, you may select a higher excess private health insurance entitlement.

At the end of the day, though, it’s up to you to determine the excess that you are comfortable with. From there, you can select the policy that works for your circumstances.

Finally, one thing to keep in mind is that excess is not always constant. For some claims, an excess may not apply (i.e. you will not be required to pay anything out of pocket). Moreover, your excess may vary depending on the nature of your claim.

What is the excess on a car insurance policy?

Car excess insurance is no different to any excess that we’ve already described. In short, it’s simply the difference that you must pay between your total repair costs and what the insurer pays. Realistically, it’s as straightforward as an excess gets.

In saying this, it’s worth noting that some car insurance policies will include different types of excess. For example, inexperienced drivers may need to pay an additional excess (e.g. an age excess) on top of the standard amount.

Car rental excess insurance

So, you’re hiring a car. Whether you’re going on holidays or just need to travel for work, car rental excess insurance is available. In short, this insurance covers the excess charged by hire car companies if your rental car is stolen or damaged.

If you get into a major accident, one of these insurance policies can potentially save you thousands. This is due to the fact that most hire car companies can charge excesses of over $3,000, if significant damage occurs and you are uninsured.

In saying this, while standalone insurance policies are an option, most hire car organisations will offer their own policies too. As a result, you will need to weigh the costs, risks and coverage of each policy to decide which is right for you.

Car rental excess insurance comparison

Comparing insurance policies is a must. As a guide, ensure that you have taken the following steps:

  • Seek quotes from a range of different insurers.
  • Compare the level of coverage offered (e.g. the excess).
  • Read the terms and conditions: what can be claimed and what cannot?
  • Check the insurance provider’s reviews to ensure they’re trustworthy.
  • What are your premiums?

Based on this, as well as consideration of your personal circumstances, you can determine what policy suits your needs.

What is the excess in health insurance?

While Australia has a public health system in place, you can access private health care too. In short, private health care allows you to be treated in the private health system. With this, benefits can include reduced waiting times, private hospital rooms and even additional care.

When it comes to private health care, you’ll need to purchase a private health insurance policy. This essentially mirrors a car insurance policy, however, rather than claiming for expenses related to car repairs, you’ll be claiming the costs of medical care (e.g. surgeries). While you could rely on medical loans if something goes wrong, a private health insurance policy is often a better choice given the additional benefits.

Like with all insurance policies, though, there will be an excess. As we’ve already explained, this is simply the portion of costs you are liable to pay out-of-pocket.

To put this into an example, let’s say you require medical care that costs $2,000 and you’ve got a $500 excess. With this, you must pay the $500 while your insurer covers the rest.

Excess private health insurance premium reduction or refund

In Australia, the government contributes to the cost of your private health insurance premiums via the private health insurance rebate. However, this rebate is income-tested. In other words, the amount and availability of this rebate depends on your income.

As a guide, the higher your income, the smaller the rebate you will be entitled to. If your income exceeds a certain threshold, then you may not be eligible for any rebate at all.

When you lodge your tax return each year, your correct rebate entitlement will be calculated. Depending on the findings, you may be eligible for a refund (if overcharged) or you may owe money (if you’ve received more than you are entitled to).

For further details, Moneysmart has explained health insurance for you.

How does an excess affect my insurance premiums?

Your insurance premiums must be considered before you select your insurance excess.

As we’ve already discussed, rental car excess insurance and other such excess types are a way of assuming some of the risk yourself. With this, your excess level will influence your premiums.

As a general rule, the higher your excess amount, the lower your premiums will be. This is simply because you are taking on more of the risk. As a result, there’s less risk for your insurer and your premiums can be lowered.

Obviously, the inverse will be true too. A lower excess means you are accepting less risk. With this, you must pay higher premiums.

Man signing insurance contract after agreeing to insurance excess

How do I pay my insurance excess?

In short, there are different ways that you may be required to pay your excess. It may depend on your policy, the nature of your claim and your insurance provider. Ultimately, your insurer will let you know how it must be paid, once your claim has been processed.

That said, as a guide, it will usually be paid in one of the following three ways:

  • You must pay your excess directly to your insurance provider.
  • You must pay your excess to the organisation conducting repairs (e.g. the mechanic).
  • The insurer will deduct your excess from your payout.

Obviously, for the final option, you won’t be able to apply for an insurance excess loan to cover the shortfall. However, if you must pay cash directly to your insurer or to a third-party, you may apply with Monzi. From there, we will attempt to match you with a lender who might offer fast and easy cash loans from $300 to $10,000.

Travel insurance excess

Whether you’re kicking back on the beaches of Bali or exploring the popular tourist destinations of Europe, there’s really nothing better than an overseas getaway.

Unfortunately, things can go wrong. If you suffer an injury or fall ill, the medical bills can quickly add up. Similarly, if your flights get cancelled, you can find yourself stuck in a foreign land without the cash needed to get you home. In short, you can find yourself trying to find travel loans to cover these unforeseen costs.

That’s why travel insurance is a must. If something does go wrong, you’re covered. However, as with all insurance policies, there will usually be an excess. While your insurer may be able to account for many of your unforeseen costs, you will typically be liable to pay for some of it too.

So, before you head off, do your research to find a travel insurance policy that provides the cover you need.

Do I pay an excess if I’m not at fault?

In most cases, if you are involved in a car accident and you are not at fault, you will not be required to pay any excess. This is because your insurer will typically be able to recover their costs from the at-fault driver or their insurer.

However, for this to be possible, you must prove that you were not at fault. In addition to this, you must provide the name and address of the person who was.

While that covers typical car insurance, car hire excess insurance can be a little different. Often, there will be a stipulation in your rental agreement that states that you must pay an excess regardless of fault. However, consult your contract to determine if this is the case.

In any case, many hire car companies will be willing to waive this cost if you are not at fault.

What is a standard excess?

In short, there really is no standard excess amount. Policies vary based on your level of cover, type of cover and the excess amount that you can select. In other words, the excess on a rental vehicle insurance policy can vary significantly from your private health insurance excess.

Given this, there’s no reason to try and find the standard excess amount. Instead, aim to find the level of coverage that suits you. Moreover, ensure you are mindful of the relationship between your excess and insurance premiums too.

You will be required to assume a portion of the risk, so do your research and consider what level of risk you are comfortable with. That will determine what your excess should be.

What if my repair costs are less than the excess?

If you’re involved in a car accident that results in minor damage, it may not always be wise to make an insurance claim. This is particularly relevant if the repair costs don’t exceed your excess. Instead, simply pay for the damage out-of-pocket. This is due to two reasons.

Firstly, if your costs don’t exceed your excess, then your insurer will not make a payout anyway. This is because the costs are less than what they are responsible for. Moreover, the purpose of an excess is to avoid such minor claims.

The second reason relates to your insurance premiums. In most cases, if you file an insurance claim following an accident, your insurance provider will increase your premiums by a fixed percentage. This may be the same for contents insurance and building insurance too. Moreover, you may lose other benefits, such as no claims bonuses.

While that covers accidents involving your personal vehicle, keep in mind that with car rental excess insurance Australia you will typically need to make a claim regardless of the level of damage.

Is it better to have a $500 or $1,000 excess?

In short, it’s up to you.

If you get into an accident, then having a $500 excess will mean that you are required to pay less out-of-pocket for repairs. However, the trade-off with this is that you must pay higher insurance premiums. The opposite will be true with a $1,000 excess.

Given this, evaluate your options to determine which works best for your circumstances and budget.

Insurance excess and personal loans

Depending on the size of your claim and the extent of your coverage, you can potentially find yourself needing to cover insurance excess payments from just $100 up to $1,000 or more.

In short, this can present a financial headache. If you find yourself unable to make the payment, then one potential option could be to apply for a personal loan.

Through a series of online lenders, these cash loans may be available for amounts ranging from $300 to $10,000. Best of all, your costs are divided evenly over the long-term with repayment terms offered from 12 to 24 months.

If you think this is the right choice for you, consider applying with Monzi’s lender-finder service. In short, we might be able to make it easy to find lenders online. Apply today and our system will aim to pair you with a trusted, available lender in just 60 minutes. From there, you can potentially access the instant approval loans you need today.

Should I apply for an insurance excess loan?

Ultimately, that’s up to you.

Paying your insurance excess can put a significant dent in your budget, particularly if you opted for a higher excess to reduce your premiums. As a result, if you can’t afford your insurance excess and would prefer to divide the costs into instalments, then you can apply with Monzi. From there, we’ll do our best to put you in touch with lenders offering insurance excess loans up to $10,000.

However, as we’ve touched on, there are costs associated with borrowing money, so ask yourself the following questions before applying:

  • What is the amount I must pay?
  • How much money do I have saved?
  • What is my current income?
  • What are my current expenses?
  • Do I have any outstanding debts?
  • Is there a repayment amount that would comfortably fit my budget?
  • Are there any other ways that I could pay my excess?

At the end of the day, if you must pay your insurance excess today, a quick personal loan might be one option you consider. Just ensure you answer the above questions and consider your alternatives. If you are dealing with financial hardship, insurers may assist you to institute a payment plan to repay what you owe.

Can I get a loan to cover any excess on an insurance policy?


At Monzi, we work with lenders who may offer quick cash to pay your insurance excess in installments. Best of all, these loans can be used to cover almost any personal expense. That means that it doesn’t matter what insurance policy you’ve made a claim on, there could be assistance out there for you.

As a guide, insurance excess loans might help you pay the excess on your:

  • Car insurance
  • Home insurance
  • Boat, motorcycle or caravan insurance
  • Private health insurance
  • Contents insurance
  • Building insurance
  • Pet insurance

Am I eligible to apply with Monzi?

If you’re looking for a simple and convenient way to access online loans, then Monzi’s lender-finder service is one potential option. In short, we’re here to help everyday Aussies just like you.

In saying this, before you apply, we do ask that you meet our four eligibility criteria. Check them out:

  • At least 18 years of age.
  • Australian citizen or permanent resident.
  • Have a current email address and mobile phone number.
  • Possess an online bank account with at least three months of transaction history.

How do I apply?

Once you’ve confirmed that you are eligible, you’re welcome to apply. All you need to do is:

  1. Select your loan amount and repayment period (where applicable).
  2. Enter the required personal information and financial details. Hit ‘Submit’.
  3. Our automated system will then search our network to try and find an available lender willing to assess your application.
  4. You’ll receive a text with an outcome. If a lender is found, then they will be in touch to complete an assessment.

Get a loan to pay for your insurance excess

Keen to apply with Monzi? Scroll up and use Monzi’s loan slider to begin your application today.

Fast cash to pay your insurance excess in instalments could be at your fingertips. Apply from $300 to $10,000 now. It’s as quick and easy as can be. We’d love to hear from you today.

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