Outsurance is a leading South African insurer that provides policies for vehicles, homes, and more. One unique benefit Outsurance offers its clients is the Outbonus. But how exactly does the Outbonus work and how can you earn it? This article explores the details of this innovative programme.
What is the Outsurance Outbonus?
The Outbonus is an annual cashback reward Outsurance pays its eligible policyholders based on their claims history. By driving safely and minimally using your policy benefits, you can earn a portion of your premiums back each year through the Outbonus. This makes Outsurance stand out from competitors.
Policyholders can receive an Outbonus of between 10% and 50% of premiums paid over the last year. Since 2011, Outsurance has paid out over R4 billion in Outbonuses to qualifying clients. But certain criteria must be met to earn the largest rewards.
Outbonus Qualification Criteria
To qualify for the maximum 50% Outbonus, policyholders must:
– Maintain a claims free record for the full policy term
– Have at least 12 months of continuous cover with Outsurance
– Have no single claim exceeding the policy’s threshold amount
Those with an otherwise claims free year who filed a small claim will earn a reduced Outbonus of 25%. Policyholders with multiple claims in a term may earn 10%, depending on claim amounts and frequency.
The Outbonus thresholds and criteria vary slightly by policy type. But in general, lower claims mean higher cash rewards. Checking your specific policy terms is advised.
How Outsurance Determines Your Outbonus
Each year at renewal time, Outsurance will calculate your Policy Claim Ratio (PCR). This is done by dividing your claims against your premiums over the prior 12 months.
R20,000 in premiums paid
R5,000 in claims made
PCR = R5,000 / R20,000 = 0.25
The lower your PCR, the higher your Outbonus will be. Outsurance determines your Outbonus percentage based on which PCR bracket you fall under.
You can estimate and track your PCR and projected Outbonus via your Outsurance profile. The final confirmed amount gets credited to your account upon renewal.
Getting Your Outbonus Paid Out
Once the final Outbonus amount is determined at policy renewal, there are two ways to receive your cash reward:
1. Credit against next renewal: Your Outbonus can automatically credit against your next policy premium, reducing the amount you owe. This option simplifies renewal.
2. Cash payout: You may request your Outbonus as a cash payout instead. You’ll receive the funds directly to your nominated bank account within 14 days of policy renewal.
You can choose your preferred Outbonus payout method via your online Outsurance profile or by contacting your broker.
Maximizing Your Outbonus Earnings
Certain steps can help maximize your potential Outbonus over time:
– Maintain a clean claims history year after year
– Avoid small claims when possible that may reduce your Outbonus bracket
– Consider slightly higher excess amounts, which could deter small claims
– Drive safely and implement loss prevention measures to avoid accidents
– Bundle multiple policies like home and auto for discounted premiums
– Refer friends and family to Outsurance to earn rewards
The Outbonus offers a unique opportunity to get a portion of your premiums back while being rewarded for safe driving and protection of your assets.
Outsurance Outbonus – A Unique Benefit
The Outbonus cashback reward is a standout feature that makes Outsurance policies rewarding. By minimally claiming and practicing sound loss control, you could earn hundreds or thousands of Rands back each year. Contact your Outsurance broker to ensure your policy qualifications. With the Outbonus, safe driving really pays off.