You pay your accident insurance policy premium provisionally—that is, you pay for your insurance at the beginning of a period, and adjust it at the end.
If you're renewing your policy we use the following to calculate your provisional premium:
- your estimated wages for the previous financial year (we already have this information from your last premium renewal)
- your actual wages from the previous financial year
- your estimated wages for the current financial year.
If your estimated and actual wages from the previous financial year differ, we will calculate the difference in premium costs and add or deduct this amount from your current provisional premium (depending on whether you under or overestimated your wages from the previous financial year).
If you're applying for a new policy, we use your estimated wages for the current financial year to calculate your provisional premium.
GST and Stamp Duty are applied to all policies to reach your final premium amount.
Your industry rate and claims costs are also important factors in your premium calculation. How we calculate your premium using these factors depends on the amount of wages you declare.
You might be surprised at how much extra you can get from your WorkCover accident insurance policy with our free services. Read more about Free services to help reduce your premium
- Last updated
- 10 December 2019