Although the majority of Spaniards believe they are responsible behind the wheel, the truth is that there are various studies that claim that they have bad driving habits among their exceed the speed limit, not respecting the safety distance or forget to turn on the indicator when performing any maneuver. This type of bad habits and small infractions can lead to a traffic accident.
As is evident, the Insurance companies take these data into account, so it should not be surprising that, when establishing the price of the policy, the insurers take into account the number of claims and accidents of which it has given part a driver. The formula used by insurance companies is the bonus - malus system, about which we tell you everything you need to know in this article.
The world of insurance It is complex, so it is a great option when contracting an Insurance or resolving any questions about your Insurance, hiring the services of a good advisory of insurance. Euroteide Seguros we are a consultancy of insurance that operates in the south of Tenerife. With more than 24 years of experience, we can guide you to get the best Car insurance, Home o life, so that it adapts perfectly to your needs and requirements.
What is the bonus malus?
El bonus Malus is a pricing system which was introduced in Europe in the 60s. This pricing system is widely used in automobile insurance by virtue of which the value of the insurance premium is rewarded or penalized depending on the history of the insured.
Thus, if during a certain period of time the contract is in force, the insured has not had any accident or incident, he will obtain a bonus, so that the price of the premium of his Insurance policy will be lower. On the contrary, if the insured has experienced accidents or incidents, he will be penalized, increasing the premium of his insurance policy. insurance and having to pay a higher price.
How can the bonus malus affect the price of my Insurance?
With this system, the price of the insurance policy may vary. Let's see how:
- Bonus: insurance companies offer a discount on the base premium of the Insurance policy of up to 30% during the second year of the contract and up to 50% in the following years. This discount is applied when the insured does not present more than three accident reports.
- Penalty: The insurance premium can also be increased when the insurer is informed of one or more parts of accidents in which the insured is the culprit of the loss or has caused it himself. In addition, the company insurance You may choose not to renew the policy of the insured if you decide that it is not profitable for the company.
In any case, these bonuses and penalties of the insurance price will depend to a great extent on the policy contracted and the insurance company. insurance in question. Companies insurance They have bonus tables - malus in which the percentages of increase or reduction of the premium of the insurance policy are detailed. insurance depending on the accidents and claims suffered by the insured.
How insurers consult claims
There is a Historical File of Automobile Insurance or SINCO in which the Bonus Malus rates of the insured are kept. SINCO is a Common file shared by all Insurance companies in which incidents, claims and accidents of their clients are published and made known to the rest.
Thanks to SINCO, when hiring a new insurance with a new company, The insurance company will be able to check the history of claims and incidents of the insured and, in relation to this information, apply a more or less favorable rate. This can be very useful, especially for drivers who have had few accidents, as they will pay less for their premium, even when they hire a insurance new with a new company.
How to know where I am on the bonus malus scale
As we have already said before, Each insurance company has its own bonus malus table in which the bonus or penalty percentages will be detailed depending on the number of claims that the insured reports to the insurance company insurance. The malus bonus table is delivered to the insured at the time they take out the Insurance.
It is essential that the insurance company provide this information to the insured, since it has full right to know how much the price of your insurance policy may vary and based on what criteria. In fact, according to the jurisprudence of the Supreme Court, the failure to deliver the bonus malus table empowers the insured to, regardless of the claims it has caused, to demand that the premium for their automobile insurance be maintained the following year.
Thanks to this table, the insured can know how much the premium of his policy will go up or down. insurance and on what occasions, although the normal thing is that there is a 30% discount during the first year of Insurance without claims and 50% during the following years in which there have been no accidents.
In any case, before hiring a insurance of automobile or any other management that arises at the moment, the best thing is to clear all our doubts and put the search in the hands of a good insurance consultancy. Euroteide Seguros is a Tenerife Insurance consultancy that, with more than 20 years of experience in the Insurance sector, will know how to hit the mark and find the right insurance that best suits you, your needs and your requirements. In addition to Car Insurance, you can consult everything you need about others insurance as Self-employed insurance, the Life insurances or the Home insurance, among many others.