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To clarify our terms around renewal, here's a few pointers to help out.
It's important to Truck Assist that You are able to compare Your renewal premium with the previous year's premium when making a decision to renew Your policy with Us.
To provide You with a true comparison, we have provided an explanation of how We calculate the "Last Year's Premium" as shown on Your Invitation to Renew.
So, what does this mean?
"Last Year's Premium" includes any annualised premium for item(s) endorsed during the year of Your policy.
If You made any mid-year alteration, (ie. an addition/deletion/endorsement) to Your policy during the previous year that generated a premium, You would have been charged for the remainder of the policy period. For example - if an endorsement costing $1200 was made 9 months into Your policy period, You would only have been charged $300 to cover the remaining 3 months.
In order to compare with Your new renewal offer, endorsements are annualised to convert to a 12 month premium. Using the example above, this means the endorsement would be shown on Your renewal comparison as costing $1200. This allows You to make a true comparison to the 12 month premium that is shown on Your Invitation to Renew.