(Answered) Carol owns a delivery van and insures it for a net annual

Management Studies

Carol owns a delivery van, and insures it for a net annual premium of £684, which is the net cost after a deduction of 43% no claims bonus

Carol pays the net premium in 12 equal installments of £62.70. Carol had an accident and damaged her van. The cost of repairing the damage is £460.

The insurance company decides that the van was underinsured, and was insured for only 80% of its value. Carol 's gross insurance premium is increased accordingly. Carol 's no claims bonus is reduced to 18%.

Calculate:

1. The amount the insurance company pays towards the repairs

2. The new net annual premium charged by the insurance company.

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