This guide is designed to provide you with additional information about how we calculate prices and pay claims under the policy. You should read this guide together with the Trōv Protection Product Disclosure Statement (PDS).
Prices How prices are calculated The price you pay is calculated on several factors. The importance we place on the factors can change and the combination of factors and their impact on price differs from person to person. Significant factors which impact generally on the price you pay include: Protected value as determined by the Trōv app
The excess
Item type as determined by Trōv app
Address
Your age and gender
Item portability
Each time you renew your policy the price you pay may change, even if your personal circumstances have not changed, as the price you pay is also affected by other things including:
yy the cost of current and future claims; yy new and updated data; yy other commercial factors; yy changes in government taxes or charges; and yy our expenses of doing business. We will always notify you prior to any price changes so that you are aware. The price you pay us for cover of your protected item will be shown on your protection summary. It includes stamp duty, the goods and services tax (GST) and other government charges which will also be shown on your protection summary.
Discounts There are no standard discounts available for Trōv Protection, but from time to time we may offer discounts or some other special offer as part of a marketing promotion. If we do this, the discounts will be shown in your protection summary and separate terms and conditions will usually apply. The discounts you qualify for will be included in the price you pay and will be applied before adding applicable government taxes and charges. The amount and type of discounts that may be offered can change or be withdrawn by us at any time. Minimum prices may apply and any discounts provided will not reduce a price below the minimum. Trōv Protection Pricing and Payout Guide | 1
Excess You select your excess when purchasing protection. You can select an excess of between 10 to 25 percent of your item’s protected value.
Claim payout examples These examples explain how a claim payout might be calculated. They do not cover all scenarios and do not form part of your policy terms and conditions. The examples should be used as a general guide only. We always determine real claim payments on an individual basis, after we have assessed each claim. You should read the PDS and your protection summary for full details of what we cover as well as what policy limits, excesses, conditions and exclusions apply. Notes about the claim payment examples:
yy the amount shown is in Australian dollars and is inclusive of GST; and yy the examples assume that you are not registered for GST.
Example 1 – Total Loss – Theft of electronic device You have protected your electronic device for $1,100. On the 20th of November your electronic device is stolen from your bag while you are out. You report the theft to the police and lodge your claim through the Trōv app. We review your claim and since your electronic device is not recovered we determine that your item is a total loss. The excess you have chosen is $165 and this applies to your claim. Protection of your electronic device ends on the 20th November and you are refunded $2 for the unexpired protection period.
How much we pay Electronic device Less the excess
Plus refund Total payout
Additional information $1,100
Your electronic device is insured in the Trōv app for $1,100.
$165
The excess is $165 and applies to each claim. We will deduct the excess from your payout. Your protection comes to an end once the claim is finalised.
$2
We refund an amount for the unexpired protection period (the 10 days remaining in the month).
$937
Trōv Protection Pricing and Payout Guide | 2
Example 2 – Partial Loss – Cracked screen on electronic device You have protected your electronic device for $550. On the 20th of November you drop it and crack the screen. You lodge a claim including a receipt for $250 for repairs. We review your claim and determine the repair costs are payable by us. The excess you have chosen is $110 and this applies to your claim. Protection of your electronic device continues for the remainder of the month and will automatically renew on the first day of the next month.
How much we pay Electronic device repairs
Additional information $250
The repairs to your electronic device are less than the protected value shown in the Trōv app. We pay you these costs.
$110
The excess is $110 and applies to each claim. We will deduct the excess from your payout. Your protection does not end and your protected value is automatically reinstated at no extra cost for the rest of the protection period.
Less the excess
Total payout
This insurance is issued by AAI Limited ABN 48 005 297 807 AFSL No. 230859 TRŌV00002 23/08/17 A
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