Your premium will change based on the history of your personal claims.
– If the insured has claimed more than 5 to 10 times the total paid premium, the premium will be increased by 50% from the initial premium.
– If the insured has claimed more than 2 to 5 times the total paid premium, the premium will be increased by 25% from the based premium.
Please keep in mind that the premium increase cannot be more than 50%, which is calculated by dividing the amount of the claim by the total paid premium from your first year to the current year.
2. If the insured makes no claims during the year, you will receive a No Claim Bonus of 10% off your next renewal year calculated using the premium table and age range.