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Wednesday 28 November 2007
What is Malus?
Wednesday 28 November 2007
| Suppose you have an accident and make a claim on your car insurance policy. At the time of renewing your policy, the insurance company loads an extra charge on to your premium (on the Own Damage part of the premium). This extra charge is called Malus. The Malus is charged considering that you are a riskier customer to insure because of your accident and subsequent claim. Malus amounts vary - a two-year old vehicle attracts a 10% Malus of the Own Damage while a four-year old vehicle attracts 50% Malus for insurance.
See also: Voluntary Deductibles and Compulsory Excesses What if I forget to renew my auto insurance on time? Motor Insurance FAQs on Claims Motor Insurance FAQs on Coverage Motor Insurance FAQs on Cost, Premiums, Bonus, Discounts, Renewals |
