Cover Plus Extra is an optional insurance product ACC (Accident Compensation Corporation) offers in New Zealand. It allows self-employed individuals and non-PAYE shareholder-employees to choose a pre-agreed income level to be covered in case of injury, regardless of their actual income. Unlike regular ACC cover, which is based on your earnings history, Cover Plus Extra allows you to set a predetermined level of coverage.

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Self-employed individuals, non-PAYE shareholder-employees, and some working in a partnership or trust structure are generally eligible to apply for Cover Plus Extra. Eligibility criteria may vary, so it’s best to consult the ACC website or contact ACC directly for specific details regarding your situation.

The benefits of Cover Plus Extra include greater certainty and control over your income protection in case of injury. By setting a pre-agreed level of coverage, you can ensure that you receive a consistent income replacement, regardless of fluctuations in your actual earnings. It can provide financial security and help maintain your business operations during recovery.

The level of income you declare under Cover Plus Extra should reflect the amount you would like to be covered for in case of injury. It’s essential to consider your financial needs and consult with an ACC advisor or financial professional to determine a suitable level of coverage based on your circumstances.

You can switch from your ACC plan to Cover Plus Extra. However, it’s advisable to review the terms and conditions of your existing plan and consult with ACC to understand any implications, such as potential loss of entitlements or changes in premium costs.

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The premiums for Cover Plus Extra are calculated based on factors such as your occupation, declared income, risk profile, and the level of coverage you choose. ACC will provide you with a premium quote based on these factors.

There may be specific exclusions or limitations under Cover Plus Extra. These can vary depending on the specific terms and conditions of your policy. Standard exclusions include intentional self-inflicted injuries, injuries resulting from criminal activities, and injuries while under the influence of drugs or alcohol. Reviewing the policy documents or consulting with ACC for a comprehensive understanding of the exclusions and limitations is essential.

If you need to claim Cover Plus Extra, you must contact ACC and provide the necessary documentation to support your claim. ACC will assess your claim based on the terms and conditions of your policy. If approved, you would be eligible to receive income replacement based on your agreed level of coverage.

Yes, under Cover Plus Extra, you can still access healthcare support and rehabilitation services provided by ACC. These services aim to help you recover and return to work immediately.

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The duration of the Cover Plus Extra policy can vary based on the terms and conditions you agree upon. Typically, the policy lasts for 12 months then its renewed.