How do I qualify for a rebate and how is it calculated?

Version 2 (applicable for policies incepted February 2024) 

To qualify, maintain over 75% connectivity and a loss ratio below 50%. Rebates are calculated using Safety Score, Time to Report, and Loss Ratio, with bonuses at set thresholds for each.

You must also renew for another year with Flock.

Rebates simplified (1)

Version 1 (applicable for policies incepted between June 2022 - February 2024)

If you have a loss ratio of less than 55% excluding Insurance Premium Tax (IPT),  you will be eligible for an annual premium rebate of up to 10%. For more information on what this means, see What is a Loss Ratio?

Rebates are calculated using telemetry data received from your vehicle and will be based on the following:

The Mileage Rebate is calculated by comparing actual mileage vs estimated mileage.
You are able to earn up to a maximum of 6% rebate as a percentage of your premium. 

The Safety Rebate is calculated by comparing your Safety Score at inception with your average Safety Score throughout the policy period. You are able to earn up to a maximum of 4% rebate as a percentage of your premium.

For more information on how the Safety Score is calculated see How is the Safety Score and rebate calculated? If we are unable to receive telemetry data from a vehicle, we will assume the vehicle is doing the estimated mileage declared when the policy was taken out or at renewal.