Car prices in the market today already expensive enough without the added cost of insurance. However, recently more and more insurance companies are offering the program "No Claim Bonus". If you've been reading about Multi-Rumble Car Insurance and will understand the meaning of a car insurance claim, we will explain the "No Claim Bonus" in this article.
Definition of "No Claim Bonus"
No Claim Bonus is a bonus that is given to the consumer or insurance customers who do not make a claim at all in a given time period. These claims may include personal accident claims, car damage claims, or claims of theft. In other words, the insurance company gives the above reward prudence and vigilance in driving and securing your vehicle.
How it Works "No Claim Bonus"
Said bonus certainly sounds tempting, but do you know how to work without claim this bonus? Lets see explanation below!
1. Time
Generally, these bonuses are given in the following year without your claims. If you do not file a claim at all in the year 2013, you will be able to enjoy this bonus in 2014.
2. Forms
Form of bonuses given by these insurance companies vary, but generally not in the form of cash back (money back) on the premiums you have paid. For example, Insurance Auto Guard provide discounted premium costs for its customers, while Simas Insurance impose a system of reward points collected until the end of the year to be redeemed for a period of time.
3 Total
The next question is how much can you get as a bonus. Once again, the answer varies according to company policy. As an illustration, the average bonus given by the insurance company in the first year amounted to 25-30%. This amount generally increases in subsequent years cumulatively. In the fifth year, some companies set a policy of giving a bonus of up to 65-70%. If you can maintain your status with no claim to the 8th year, certain insurance companies can give a discount of 100 percent and frees you from monthly premium payments.
4. Requirements
To get this bonus, the first requirement of course is not to make a claim at all for a minimum period set by your insurance company. In addition, the documents required renewal premium each year as well as evidence in the form of a document that shows that you have never filed any claims during that time.
Things that Need to Look in the "No Claim Bonus"
Once you make a claim for problems that arise in your vehicle, "no claim bonus" is automatically no longer valid. Period for the calculation of the bonus can be re-started next year.
Terms and conditions of each insurance company is different. Claims for minor problems such as scratches on the windshield might not affect the no claims bonus in the company, but other companies may have another policy that states that no matter how small the claim may cancel the agreement "no claim bonus" that has been agreed upon. For such cases, it is advisable for you to deal with minor damage using private funds, because profits without long-term claims can cover your losses due to the current problem.
If you insure more than one vehicle in the same company, you earn bonuses that can typically be used to pay the premium of your other vehicles. But as the above points, you should first check the company's policy to ensure that the applicable provisions.
In principle, the more you are careful in driving a vehicle, as a customer you risk getting smaller. In line with this, the less risk you are, the bigger the bonus you can get.
In principle, the more you are careful in driving a vehicle, as a customer you risk getting smaller. In line with this, the less risk you are, the bigger the bonus you can get.
0 Response to "Have You Heard The Term "No Claim Bonus"?"
Post a Comment