How is Depreciation applied to items under my travel insurance policy?
Depreciation is applied to Unspecified luggage and personal effects based on the age of the item and its expected wear and tear over time. The amount claimable is limited to the original purchase price of the item, less any applicable depreciation, and subject to the benefit limits and sub-limits outlined in the Product Disclosure Statement (PDS).
Depreciation is not applied to:
- Luggage and personal effects purchased duty-free prior to departure
- Items purchased during your trip
- Specified High Value Items listed on your Certificate of Insurance
Depreciation for Unspecified items is applied monthly from the date of purchase, up to a maximum percentage of the original purchase cost. Depreciation will be applied to claims for Unspecified luggage and personal effects and relevant items as follows:
| Depreciation Table for Unspecified Luggage and Personal Effects | |||
| Luggage or Personal Effects Item Claimed | Types of items (but not limited to the below examples) | Depreciation amount applied from the date of purchase. (Applied for each month you have owned the item) | Maximum depreciation applicable (% of original purchase cost) |
| Toiletries | Cosmetics, moisturiser, skin care, make-up, perfume, hair products and medications | 3% per month | Maximum of 80% |
| Computers and Electrical Devices | Personal Computers, video recorders, cameras, photographic equipment, mobile phones, tablets, personal computers, and electronics devices or equipment | 1.75% per month | Maximum of 60% |
| Clothing, Shoes, Luggage and Books | Your clothing (including sporting clothing), shoes, suitcase, handbags, jackets, underwear, accessories (but not jewellery), Prescription eye glasses and sun glasses. | 1.75% per month | Maximum of 80% |
| Camping, Sporting and Snow Sports equipment, musical and leisure equipment (but not clothing) | Skis, snowboards, guitars, bicycles, tennis racket, golf clubs | 1% per month | Maximum of 60% |
| Jewellery | Earrings, Ring, Necklace, Bracelet | 0.25% per month | Maximum of 25% |
| All other items | 1.25% per month | Maximum of 60% |
Eligibility criteria, policy terms, conditions, exclusions, limits and sub limits apply. Consider the PDS prior to deciding on which policy is right for you and your needs.
Any advice is general advice only and does not take into account your individual objectives, financial situation, or needs. Please consider the PDS before making any decisions regarding the purchase of travel insurance.
As each individual’s circumstances are different, we will assess each claim on a case-by-case basis in accordance with your specific circumstances, policy terms, conditions, exclusions and Certificate of Insurance.