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ACCACC CoverPlus Extra

ACC CoverPlus Extra is an optional cover that lets self-employed people agree a guaranteed level of lost earnings compensation.

This way you know exactly how much you’ll receive each week if you are injured and can’t work – whether the injury is work related or not.

There are two types of cover: standard and lower levels of weekly compensation. If you choose ACC CoverPlus Extra, this will replace your standard ACC CoverPlus cover.

Income Protection and ACC CoverPlus Extra?
Accidents accccount for 15% of all income protection claims and 85% from sickness. ACC will cover you for an accident and offsets your income protection regular payment under claim.

By using ACC CoverPlus Extra you can reduce your ACC levies and insure the risk of sickness. If under ACC weekly benefit claim, Sovereign will top up your weekly payment up to 75% of your income. (or agreed value)

Whichever option you choose, ACC will provide assistance with treatment and rehabilitation costs.

What are the benefits of ACC CoverPlus Extra?
You can tailor the level of cover for lost earnings to suit your own personal circumstances, subject to ACC underwriting.

If you make a claim, there is no need to prove your earnings, as the weekly compensation has already been agreed. This means that you may receive your weekly compensation quicker.

You will receive 100% of the amount of the agreed lost earnings compensation until you are fit for full-time work.

What is the difference between ACC CoverPlus and ACC CoverPlus Extra?
The key difference is the amount of lost earnings compensation you receive. With ACC CoverPlus Extra you get 100% of the amount you negotiate. Because you have agreed cover, you may begin receiving compensation more quickly.

Who can apply?
Self-employed people can apply for ACC CoverPlus Extra.

What does it cost?
ACC CoverPlus Extra levies are calculated in a similar way to ACC CoverPlus levies, based on your previous year’s earnings from self-employment and the levy rates specific to your business activity.

In addition the levies also take into account the agreed amount of lost earnings compensation.

ACC CoverPlus Extra cover options
Standard cover
Standard cover maintains the weekly payment of an agreed amount of compensation until you is deemed fully fit for full-time work, or you are rehabilitated. A unique feature of this cover option is that, even if your business continues to generate income, your weekly payment will remain at the pre-agreed level.

Lower levels of weekly compensation (LLWC)
LLWC gives you the opportunity to pay a slightly lower levy in return for reducing levels of lost earnings compensation payable in the event of an injury.

You can still negotiate how much compensation you may receive; however, if your business continues to receive income during your time off work or you return to work on a part-time basis, your weekly payment will be reduced.

For more on ACC CoverPlus Extra call us on 0800 238 626




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Gregor Mansfield
Insurance Adviser
Income Protection Insurance