No Claim Bonus
This is a bonus
that you receive as a percentage discount on your premium after a
year with no claims. It is also referred to as claim free
If you do claim,
you lose your No Claim Bonus and your premium increases. This
usually occurs on the renewal date of the policy, but can be
effective the month after the date of loss.
takes into account any losses or damages an insured previously
had, whether claimed for or not, when applying a No Claim Bonus
to an item or section of the policy.
It is of paramount
importance that a policyholder informs his or her insurer or
broker of any previous losses suffered, whether claimed for or
not, to prevent any hassles at claim stage.
Personal Legal Liability
Extended Personal Legal Liability
Value of Vehicles