What is bonus discount on your car insurance?
When you are looking for a car insurance, you will mainly look at the monthly premium and the coverage. Ideally, you would like to have the best possible cover at the best possible price. Discounts on the premium of your car insurance are therefore very welcome. What does bonus discount mean and how do you qualify for it?
How is your eligibility for a discount determined?
You can qualify for a discount on your car insurance by driving without a claim. As long as you do not file a claim with your insurer, the insurer does not have to make any costs for you. The insurance company rewards you for the number of claim-free years. The more claim-free years you have, the more discount you will receive. This is also called bonus discount or no-claim discount.
How does bonus discount work?
Insurers determine the discount by using the no-claims bonus-malus ladder. A no-claims ladder is a table that insurers use to determine the discount on your insurance. The higher you are on this ladder, the more discount you will receive. For every year that you do not make any claims, you will climb one step on the ladder. The discount can be as much as 80% on the basic premium. However, when you do claim damage, you descend on the ladder. For each claimed claim, you fall back 5 claim-free years on the ladder. This is the same for each insurer. What does differ per insurer is the discount or surcharge.
In some cases, it may be better not to claim a small(er) damage so that you do not lose your bonus discount. This is because the damage amount of a claim makes no difference to the loss of 5 claim-free years on the bonus-malus ladder. Because of this, it can be cheaper not to claim the cost of a smaller damage, but to pay for it yourself.
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Because every insurer has its own bonus malus regulation, there can be differences in discount between the different insurers. When you calculate the premium for a car insurance, you always have to enter the number of accrued years without claims. This way the insurance company calculates which car insurance fits you and your car best.
The bonus malus scheme of your insurer can be found in the policy conditions.
Do you have any questions regarding the (bonus) discount on your car insurance? Then feel free to contact us, we are happy to help! We can be reached by telephone from Monday to Friday between 08:00 and 18:00 on the following number: 088-6883700.
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