Register

rating

MUA’s new motor rating structure

Submitted by byrnie on Mon, 2011-02-28 00:00
Image/Video: 
Image
Short description: 
MUA is in the process of reviewing our approach to motor pricing. Part of this process is ensuring that we have the right information so that policyholders are charged premiums which are fair and in line with the rest of the market.
Content: 
MUA is in the process of reviewing our approach to motor pricing. Part of this process is ensuring that we have the right information so that policyholders are charged premiums which are fair and in line with the rest of the market. For this reason, we request that all quote forms are correctly and fully completed whenever a new quotation is requested or a new item is added to an existing policy.
 
This information will also be required when a policy is renewed. In those cases where the quote forms are not completed and an existing policy schedule is supplied, we ask that you include any outstanding information in writing on the quote request.
 
Most of our brokers are familiar with the information we require, but to recap:
 
  1. A valid Identity Number for the driver of the vehicle
  2. Vehicle Year of Manufacture, Make and model
  3. Usage of the vehicle i.e. private or professional
  4. Day area:  both postal code and suburb required
  5. Risk address where the driver of the vehicle lives – both postal code and suburb required
  6. Occupation of the driver
  7. Type of Cover required
  8. Driver marital status, date of birth and gender
  9. The date when the driver’s year of license was obtained (if less than 5 years ago) and whether the license has been endorsed
  10. Claims history: i.e. claims in the last 3 years and details of the claim. The claim free group (CFG) should reflect the claims history
  11. Whether a voluntary excess is required
 
From the 15/03/2011, new policies, items added to policies and amendments to policies won’t be accepted unless the above information is provided to MUA. Please note where the requirement is for the driver of the vehicle and not the policyholder.
 
Policyholders need to ensure that they advise you accurately when they take out a policy and when any of these details change after the inception of their policy i.e. if the regular driver of the vehicle changes.
 
Decisions on the acceptance of a policy, the underwriting conditions and the premium charged are based on the validity and accuracy of information provide at inception of a policy , on renewal or when circumstances have changed. It is the responsibility of the broker to ensure that this information is passed on to MUA as soon as it is provided. 
 
 
 
 
 
»
  • 103 reads
Syndicate content