The cost of your policy
How do we calculate your premium?
The premium is what you pay us for the Policy and it's made up of the amount we've calculated for the risk plus any taxes and government charges. When calculating your premium we take a number of factors into account, including:
- the sum(s) insured;
- the type of cover you have chosen;
- the year, make and model of the vehicle being insured;
- your residential address;
- any no claim discount to which you may be entitled;
- the age of the main driver and any other drivers, as well as their driving and insurance history;
- the cost of any optional benefits you have selected;
- the level of excess you choose to pay;
- the frequency with which you choose to pay your premium.
Ways to reduce your premium
No Claim Bonus
No Claim Bonus is a premium discount awarded for not making a claim. A No Claim Bonus discount increases each year that you remain claim free until you reach our maximum discount. Based on the claims lodged during the period of insurance, your Policy’s No Claim Bonus will be adjusted when you renew your Policy and this can either:
- increase (up to our maximum No Claim Bonus),
- decrease, or
- remain the same.
If your vehicle is involved in an incident your No Claim Bonus will not be affected if we decide the incident was not your fault and you provide us with the name, current residential address and vehicle registration of the person who caused the incident.
If you make a claim and we decide that you are at fault, your No Claim Bonus will be affected and may be reduced when you renew your Policy.
- Multi Policy Discount
If this Policy insures your vehicle and you also hold a buildings and/or contents policy through the same financial institution, we may provide you with a multi policy discount. You may also be entitled to the same discounts on other household insurance products. For more information, contact us.
Other ways you can help reduce your premium:
- Choose a higher excess
You can choose a higher excess for a reduced premium. Your Policy Schedule will indicate the excess applicable in the event of a claim. Please refer to ‘Excesses’ for more information on excess options.
If you change your mind within 21 days of buying your Policy, you can cancel it and receive a full refund. Naturally, this doesn’t apply if you've made or are entitled to make a claim. Even after the cooling-off period ends, you still have the right to cancel your Policy. However, we may deduct some costs from any refund, as set out in the Policy wording under 'Cancelling your Policy'.
To cancel your Policy within the cooling-off period, send an email to email@example.com.