Beany is not allowed to act as your agent with ACC, but here is some general information about the cover options.
Despite its title, this is the standard cover.
- If you’re self-employed or a contractor you’ll automatically be on CoverPlus. If you’ve had an accident and can’t work, ACC will pay compensation at up to 80% of your taxable income, based on the most recently completed financial year.
- If that previous year was a bad year and your wages were unusually low, then your compensation will still be based on that amount, regardless of what you were earning just prior to your accident.
- But what happens if you don’t have prior years financial information? Well, you will get the minimum weekly compensation which is $566.40 (equal to 80% of the adult minimum wage of $708.00 for a forty-hour week).
Cover Plus Extra
- An optional cover product that allows you to choose how much of your income you want covered if you have an accident and can’t work. Compensation is paid out at 100% of the amount you have agreed in advance with ACC.
- Levies are pre-arranged so you always know how much you are paying
- CoverPlus Extra is especially suited to those who those with fluctuating income, either yearly or seasonal income, and those who are newly self-employed with no earnings history and want assurances around your cover
It is important to remember that ACC only covers accidental injury, not sickness or age-related injuries. We suggest you also discuss your situation with an insurance broker. They’re usually paid a commission by the insurance provider for selling their products. You won’t pay for their time, and if you don’t go ahead, there’s no cost either.
- If a your levy is over $575 it can be spread over six months without penalties, interest or fees. Or it can be spread it over ten months, with an admin fee of 5.4% – this is a better option than most overdraft or credit card rates. Longer term options are available, but this needs to be specifically requested.
Check out ACC’s website for additional information.