How does Coverpay work?

Coverpay is a payment platform allowing you to pay for your insurance in 12 instalments. Coverpay is interest-free, always.

Using Coverpay is simple: 

Find insurance Arrange your insurance policy through a Coverpay merchant. 

Sign-up Select Coverpay as your payment choice then sign-up in under 2 minutes. 

Pay in instalments Pay your first instalment at the time you purchase your policy, the remainder over time. A plan management fee may apply to each instalment.

Relax All remaining instalments are deducted automatically.

Who can use Coverpay?

To be eligible to open an account with us, you must:

• be an individual who is at least 18 years old
• be an Australian citizen
• not suffering an insolvency event as defined in the user terms
• be capable of entering into a legally binding contract
• have identification documents that meet our requirements for the purposes of conducting identification checks in accordance with our practices and any applicable laws
• have an Australian residential address
• have a valid email address and Australian mobile number and
• have a credit card or debit card

How do I sign up to use Coverpay?

If your merchant offers Coverpay, you can sign up in less than 2 minutes when paying for your insurance.

Please ensure you have a valid Australian drivers licence, Australian passport or Australian (green) Medicare card handy to verify your identity.

Does Coverpay charge interest?

Coverpay is Interest free-always. We never charge interest.

Does Coverpay charge missed payment fees?

Coverpay is Interest free-always. We never charge interest.

Can I use Coverpay for purchases other than insurance?

Coverpay can only be used to pay for insurance when offered by your merchant.

Fees and charges explained

Plan management fee Variable $3.00 - $79.00 per instalment paid. 

This fee is payable to us when you have an active payment plan with us. This fee varies based on the number of instalments, the frequency of repayments and the invoice amount. We will deduct this amount with each instalment. In some cases, the merchant may absorb these fees for you, and if this is the case, there will be no fee payable by you. If this fee applies to your payment plan, the amount will be clearly stated at the time you create your payment plan and included in your plan instalment schedule.

Plan activation fee Variable $10.00 - $90.00 

This fee is payable to us when we approve a payment plan. This fee varies based on the number of instalments, the frequency of repayments and the invoice amount. We will deduct this amount with your first instalment. In some cases, the merchant may absorb these fees for you, and if this is the case, there will be no fee payable by you. If this fee applies to your payment plan, the amount will be clearly stated at the time you create your payment plan and included in your plan instalment schedule. 

Plan default fee $40.00 

This fee is payable to us when you fail to pay an instalment under a payment plan and are in default. We will add this amount to any outstanding instalment when you are in default.

Limits explained

Maximum plan limit $10,000.00 

The maximum limit for a payment plan. The maximum plan limit may be reduced for certain merchants. If a reduced limit applies to your payment plan, the platform will clearly state and enforce the limit that applies to you.

Maximum platform limit $20,000.00 

The maximum limit for your account balance. The maximum platform limit may be reduced for certain merchants. If a reduced limit applies to your account, the platform will clearly state and enforce the limit that applies to you.

Maximum boost limit $10,000.00 

The maximum limit of an invoice amount. The maximum boost limit may be reduced for certain merchants. If a reduced limit applies to your payment plan, the platform will clearly state and enforce the limit that applies to you. You will need to make a deposit if your invoice amount is greater than the maximum plan limit. The deposit will be specified in your payment plan and equal to the difference between your invoice amount and maximum plan limit. The deposit will be deducted with your first instalment on the day your payment plan is approved.  

When is my first payment due?

Your first instalment is taken immediately on the day you start your plan. The remaining instalments are taken on the dates set out in your plan instalment schedule. 

Note the time between the first instalment and second instalment could be longer if you start your plan prior to the inception date, or shorter if you start your plan after the inception date. 

Can I change the date of a payment due?

Your first instalment is taken immediately on the day you start your plan. The remaining instalments are taken on the dates set out in your plan instalment schedule. 

These instalment days are fixed and cannot be changed. 

However, at Coverpay we understand sometimes stuff just happens so we never charge missed payment fees. If you miss an instalment payment, you have 3 days to make up the payment.

Can I change the number of instalments on the plan?

No, the number of instalments are set at the time you create your plan and cannot be changed. A plan instalment schedule is provided to you when we approve your payment plan.

Can I change the instalment frequency on the plan?

No, the instalment frequency is set at the time you create your plan and cannot be changed. A plan instalment schedule is provided to you when we approve your payment plan.

What if I don’t pay the outstanding instalment?

If after 3 days the instalment remains outstanding, you will be in default and a default fee of $40.00 will be applied to your account. 

Your insurance policy will be cancelled if the outstanding instalment has not been paid within a further 7 days.

Will signing up on a weekend or public holiday effect my payment dates?

Your first instalment is taken immediately on the day you start your plan. The remaining instalments are taken on the dates set out in your plan instalment schedule. 

 If an instalment falls on a public holiday the instalment will still be deducted on this day however it may take extended time for this transaction to appear with your bank.

Can I use Coverpay for purchases other than insurance?

Coverpay can only be used to pay for insurance when offered by your merchant.

Can Coverpay be used outside of Australia?

You must be an Australian resident to use Coverpay.

Customers must make purchases in Australia from merchants located in Australia or operating in Australia.

We only accept payment in Australian dollars.

How do I update my contact information?

You can update your contact information anytime by logging into Coverpay.

Clicking the Profile menu will allow you to change your password, email address or mobile number.

Why do I have to verify my identity?

Verifying your identity builds stronger security for everyone.

Identity theft happens and that’s why, to protect you (and us), we ask you to verify your details.

Why couldn't Coverpay verify my identity?

There could be a few reasons why we weren't able to successfully verify your identity:

• Expired or suspended driver's licence
• Your name, address or date of birth has been input incorrectly
• Your name or address has changed
• The details you entered are not an exact match to the details on your identification

Please check all details on your chosen identity document exactly match those provided to Coverpay.

If you are still having issues, try another form of identification. To verify your identity, details of one of the following must be provided:

• A valid Australian driver licence
• Australian passport
• or Australian (green) Medicare card

What identity documents can I use?

To verify your identity, details of one of the following must be provided:

• A valid Australian driver licence
• Australian passport
• or Australian (green) Medicare card

I have forgotten my password

Enter your email address on the Coverpay login and click the Forgot password link.

A verification code will be sent to your mobile number, allowing you to create a new password.

The new password should be at least 8 characters long and contain a combination of numbers and symbols.

How do I change my password?

You can reset your password anytime by logging into Coverpay.

Under the Profile menu you will see an option to change your password.

The new password should be at least 8 characters long and contain a combination of numbers and symbols.

I no longer have access to the email/mobile number used to setup the account

You can still log into Coverpay using your old email address to update your details.

Clicking the Profile menu will allow you access to change your email address and/or mobile number.

If you have forgotten your password and no longer have access to the listed mobile number, please contact us.

Can I have more than one user/login on my account?

For security and account verification reasons, only one user/login is allowed per account.

Can I have more than one account?

A user may only create one account, however may have multiple plans under the one account.

Can I change the name on my account?

To prevent fraudulent activity, you cannot change the name on the account yourself.

If you wish to change your registered name then please contact us. You will be asked to provide proof of identity before a name change can be actioned.

Why has my account been suspended?

We may suspend or close your account when:

• You are in default under your plan
• You fail to meet the eligibility criteria for a plan
• There are extended periods of inactivity
• We may also suspend or close your account at any time in accordance with the user terms

Why has my policy been cancelled?

Please contact your merchant for any policy queries including cancellations.

Can I turn off SMS notifications?

As we communicate with you electronically we cannot turn off SMS notifications, however we will only send relevant notifications such as payment reminders.

SMS notifications are also required to verify your account if you forget your password.

Can I transfer my plan to another account?

Coverpay plans are non-transferrable.

How do I find my merchants details?

Merchant details are displayed under the Plans menu when you log into Coverpay.

How do I close my Coverpay account?

To close your Coverpay account:

• Firstly pay out your plan so your account balance is $0. We cannot close your account if you still have money owing.
• Once you have a $0 balance your plan is automatically finalised. You will not receive any further communications from Coverpay in relation to your plan. Your account may be closed by Coverpay after a period of inactivity.

If you would like to close your account or delete your access please contact us.

When is my first payment due?

Your first instalment is taken immediately on the day you start your plan. The second instalment 14 days after the start date of your insurance policy, third instalment 28 days after the start date of your insurance policy and so on.

Note the time between the first instalment and second instalment could be longer than 14 days if you start your plan prior to the inception date, or shorter if you start your plan after the inception date.

Where can I find my plan number?

If you have a query regarding your plan, Coverpay may ask you for your plan number.

Under the Plans menu you can view all of your plans and their plan numbers.

How do I change my nominated payment method?

Coverpay accepts Mastercard or Visa debit and credit cards. You can log into your Coverpay account at any time and update your nominated payment method.

Under the Plans menu you can view all of your plans. Select the plan then scroll down to Payment Method to change your card details.

If you have multiple plans you will need to update the payment method on each relevant plan.

Why is the date of my first payment incorrect?

The Coverpay platform operates on Australian Eastern Standard Time (AEST) as the default time and so depending on the time you completed your plan, the first payment may show the previous days date.

How do I check my plan balance?

You can easily check your account balance at any time by logging into your Coverpay account.

Under the Plans menu you can view all your plan details, including the Plan Balance.

How can I check my payment schedule?

You can log into your Coverpay account at any time to view your payment schedule.

Under the Plans menu you can view all of your plans. Select the relevant plan to see your payment schedule. Payments will display the date and amount of each paid, overdue and future instalment.

Will I receive payment reminders?

Yes, Coverpay will send you an SMS and email each time a payment is due so you can make sure you have sufficient funds to make the instalment payment.

You will also receive a notification for missed payments or cancellations and at completion of your plan.

Can I change the date of a payment due?

Your first instalment is taken immediately on the day you start your plan. The second instalment 14 days after the start date of your insurance policy, third instalment 28 days after the start of your insurance policy and so on.

These instalment days are set by Coverpay and cannot be changed.

However, at Coverpay we understand sometimes stuff just happens so we never charge missed payment fees. If you miss an instalment payment, you have 3 days to make up the payment.

Can I have more time to make my payment?

At Coverpay we understand sometimes stuff just happens so we never charge missed payment fees.

If you miss an instalment payment, you have 3 days to make up the payment.

Can I make additional payments?

Payment schedules are set and cannot be changed, however you can pay out your plan at any time and avoid additional plan management fees.

You can log into your Coverpay account to pay out your plan.

Under the Plans menu you can view all of your plans. Select the relevant plan then scroll down to Plan Actions and select Pay out your plan.

You can also “boost” your first payment by paying a deposit of up to $2,500 with your first payment to keep your plan amount under the maximum plan amount.

Can I change the number of instalments on the plan?

No, all Coverpay plans are payable over 12 instalments.

Can I change the instalment frequency on the plan?

No, the instalment frequency is set at the time you create your plan and cannot be changed. A plan instalment schedule is provided to you when we approve your payment plan.

Can I pay less than the instalment amount?

Instalment amounts are fixed, however at Coverpay we understand sometimes stuff just happens so we never charge missed payment fees. If you miss an instalment payment, you have 3 days to make up the payment.

What happens if I miss a payment?

Instalment amounts are fixed, however at Coverpay we understand sometimes stuff just happens so we never charge missed payment fees. If you miss an instalment payment, you have 3 days to make up the payment.

What if I don't pay the outstanding instalment?

If after 3 days the instalment remains outstanding, you will be in default and a default fee of $40.00 will be applied to your account.

Your insurance policy will be cancelled if the outstanding instalment has not been paid within a further 7 days.

How do I pay out my plan?

Great, we love this. You can pay out your plan at any time and avoid additional plan management fees.

Simply log into your Coverpay account, select your plan and scroll down to Plan Actions to select Pay out your plan.

Can I use Coverpay to pay for an endorsement invoice?

No, Coverpay can only be used for new policy and renewal transactions.

What types of cards can I use as my nominated payment method?

Coverpay accepts Mastercard or Visa debit and credit cards. International cards are not permitted.

What happens if my card is lost, stolen or cancelled?

Notify your bank or credit card company ASAP.

Don’t worry, if you miss an instalment, you have 3 days to make up the payment. If you have another active Visa or Mastercard you want to use instead, you can log into your Coverpay Account and update your nominated payment method.

Under the Plans menu you can view all of your plans. Select the plan then scroll down to Payment Method to change your card details.

If you have multiple plans you will need to update the payment method on each relevant plan.

My card is due to expire shortly, what do I do?

We do ask that you have a valid card to ensure you don't miss any instalment payments.

If your current card is about to expire, you can add another card by logging into your Coverpay account and updating your nominated payment method.

Under the Plans menu you can view all of your plans. Select the plan then scroll down to Payment Method to change your card details.

If you have multiple plans you will need to update the payment method on each relevant plan.

Why has my payment been declined?

If your payment is declined, you’ll need to check with your bank. The most common reason for this is insufficient funds to cover the instalment amount.

Don’t worry, if you miss an instalment, you have 3 days to make up the payment.

What name will appear on my bank statement?

Coverpay or Coverpay Pty Ltd will be the name displayed on your bank statement (rather than the merchant from whom you purchased your insurance policy).

Will signing up on a weekend or public holiday effect my payment dates?

Your first instalment is taken immediately on the day you start your plan. The remaining instalments are taken on the dates set out in your plan instalment schedule.

If an instalment falls on a public holiday the instalment will still be deducted on this day however it may take extended time for this transaction to appear with your bank.

How do I make a claim on my insurance policy?

Claims and other policy queries should be directed to your merchant.

Will making a claim on my policy effect my Coverpay plan?

Generally, making a claim on your insurance policy will not effect your Coverpay plan. You make a claim, receive claim proceeds from the insurer and your Coverpay plan continues, unaffected.

In the event your insurer pays out a total loss, your insurer may lapse or cancel the policy from the date of the loss. In this circumstance Coverpay has rights over the proceeds of your claim up to the value of your outstanding balance on your plan. We recommend you pay out the balance of your plan so the claim can be settled directly to you in full.

In the event you are in default under your plan Coverpay has rights over the proceeds of your claim up to the value of any outstanding amount. We recommend that you ensure your Coverpay plan is not in default so the claim can be settled directly to you in full.

How do I cancel my policy?

Please cancel your insurance policy directly with your merchant before notifying Coverpay.

Then submit a request and advise us of the following:

• Have you cancelled your policy directly with your merchant?
• Please confirm the date you notified your merchant of the cancellation
• Please confirm the effective date of the cancellation

All payments cease from the effective date of the cancellation.

What refund options are available after I cancel my policy?

Please cancel your insurance policy directly with your merchant before notifying Coverpay.

Coverpay will instruct your merchant to send any policy refund to Coverpay, pay out your plan then refund any balance to your card.

All payments will cease from the policy cancellation date.

As your merchant needs to send your policy refund to Coverpay first, the refund can take up to 28 days.

When will I receive my refund?

Please cancel your insurance policy directly with your merchant before notifying Coverpay.

Coverpay will instruct your merchant to send any policy refund to Coverpay, pay out your plan then refund any balance to your card.

All payments will cease from the policy cancellation date.

As your merchant needs to send your policy refund to Coverpay first, the refund can take up to 28 days.

Coverpay privacy policy

Visit our website to view the Coverpay privacy policy.

I think someone has accessed my account, what do I do?

Please contact us immediately if you believe that your account may be subject to an unauthorised transaction or other type of fraudulent activity or security breach.

How does Coverpay protect my personal information?

We strive to maintain the relevance, accuracy and completeness and currency of the personal information we hold and to protect its privacy and security. We keep personal information only for as long as is reasonably necessary for the purpose for which it was collected or to comply with any applicable legal reporting or document retention requirements.

We hold the information we collect from you in physical and electronic records, which may be stored at our premises or those of our service providers, or in a secure data centre or in the cloud. We strive to ensure that the personal information is safe by using a range of physical and electronic security measures.

Visit our website to view the Coverpay privacy policy.

Send a support message to Coverpay

We can't wait to hear from you. To get in contact please submit a request

Can I talk to someone?

Absolutely you can! We recommend reviewing our Help Centre first. If you cannot find the information you need please submit a request to get in contact with us.

Make a complaint

If you have a complaint, we will deal with it in a fair and transparent manner and will work as quickly as possible to resolve it.

Please send us your Coverpay account details, a description of your complaint, how you think we can resolve it and any other relevant information.

• In writing: The Complaints Officer, GPO Box 44, Melbourne Vic 3001
• By email: complaints@coverpay.com.au
• Online: Submit a request

We will acknowledge receipt of your complaint promptly and no later than within 24 hours (or one business day) of receiving the complaint, or otherwise as soon as practicable.

We aim to resolve all complaints within 21 days of receiving them. We will be in touch to let you know whether any additional information is required.

If we are unable to resolve your complaint or dispute within 21 days we will advise this in writing and provide a reason.

You may at any time contact the Australian Financial Complaints Authority (AFCA) who are an external dispute resolution body and may review your complaint if it falls within AFCA's rules.

• Website: afca.org.au
• mail: info@afca.org.au
• Telephone: 1800 931 678 (free call)
• Address: GPO Box 3, Melbourne Victoria 3001

View user terms and conditions

Visit our website to view the Coverpay user terms and conditions.