The legendary Cash OUTbonus from OUTsurance
In 1998, OUTsurance transformed the South African insurance landscape by introducing the cash OUTbonus – a cash payment made to clients who remained claim free for three consecutive years.
The OUTbonus is a standard product feature (pet insurance and personal car, contents and buildings insurance), only paid after three claim-free years and premium dependent. The Business OUTbonus is paid if the loss ratio over a specified three-year period is 30% or less, is premium dependent, and included in the standard benefits.
Car, Contents and Buildings Insurance
- The OUTbonus is a cash payout that rewards you for not claiming.
- It underpins our commitment to our brand promise: to provide value beyond traditional insurance in making sure that our clients will ‘always get something OUT’.
- After three consecutive claim-free years, you’ll receive 10% of your paid insurance premiums back in cash. After another 2 consecutive years of not claiming, you receive 10% of your paid premiums during this time, and 10% of your paid premiums for every claim-free year thereafter.
- Please refer to your policy schedule for more details on the OUTbonus payout.
Pet Insurance
- We were the first pet insurer in South Africa to include a no-claims bonus reward as part of our standard product offering.
- In March 2024, OUTsurance became the first South African insurer to have paid out more than R1 million in cash rewards to pet insurance clients. Click here for the full article.
- After three consecutive claim-free years, you get 10% of your paid pet insurance premiums back in cash. After another 2 consecutive years of not claiming, you receive 10% of your paid premiums during this time, and 10% of your paid premiums for every claim-free year thereafter.
Business Insurance
- After three consecutive years, your claims ratio for this period will determine the percentage Business OUTbonus you will receive.
- The claims ratio is calculated as the total claim payments made on your policy, divided by the total premiums collected for your policy within the three-year period.
- The Business OUTbonus is paid if the loss ratio over a specified three-year period is 30% or less. Click here for a detailed breakdown of the Business OUTbonus claims ratio.
Car, Contents and Buildings Insurance
- The OUTbonus is a cash payout that rewards you for not claiming.
- It underpins our commitment to our brand promise: to provide value beyond traditional insurance in making sure that our clients will ‘always get something OUT’.
- After three consecutive claim-free years, you’ll receive 10% of your paid insurance premiums back in cash. After another 2 consecutive years of not claiming, you receive 10% of your paid premiums during this time, and 10% of your paid premiums for every claim-free year thereafter.
- Please refer to your policy schedule for more details on the OUTbonus payout.
Pet Insurance
- We were the first pet insurer in South Africa to include a no-claims bonus reward as part of our standard product offering.
- In March 2024, OUTsurance became the first South African insurer to have paid out more than R1 million in cash rewards to pet insurance clients. Click here for the full article.
- After three consecutive claim-free years, you get 10% of your paid pet insurance premiums back in cash. After another 2 consecutive years of not claiming, you receive 10% of your paid premiums during this time, and 10% of your paid premiums for every claim-free year thereafter.
Business Insurance
- After three consecutive years, your claims ratio for this period will determine the percentage Business OUTbonus you will receive.
- The claims ratio is calculated as the total claim payments made on your policy, divided by the total premiums collected for your policy within the three-year period.
- The Business OUTbonus is paid if the loss ratio over a specified three-year period is 30% or less. Click here for a detailed breakdown of the Business OUTbonus claims ratio.
Frequently asked questions
Where can I see the OUTbonus payout intervals?
The OUTbonus cycle, including payment intervals and the appropriate percentages, is shown on your schedule.
Can I take a loan against my OUTbonus?
The OUTbonus is only payable after a three year claim-free period and does not build up any loan value.
What happens to my OUTbonus if I claim?
Your OUTbonus will be forfeited following the payment of any claim submitted for any incident, including any liability claim settled or where letters of demand or summonses are referred to us and the incident date falls within the corresponding OUTbonus cycle.
What happens to my OUTbonus if my policy cancelled?
Your OUTbonus will be forfeited if your policy is cancelled. Please refer to the section ‘policy cancellations’ for more information.