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.
For new customers, we require an accurate estimated mileage so that we can calculate this effectively and price your policy.
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.
Please note that if you do not renew your policy, you will only be entitled to 50% of the calculated rebate.