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Optimal Claiming on Vehicle Insurance Revisited

  • Theoretical Paper
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Journal of the Operational Research Society

Abstract

Most motorists involved in an accident will claim from their insurance company only if the cost of repair exceeds a certain amount. In this paper, optimal no-claim limits are determined for a common type of insurance policy, and a simple decision rule which might be used by a motorist is shown to have an expected cost very close to the optimal decision rule.

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Authors and Affiliations

  1. Division of Economic Studies, University of Sheffield,

    J. M. Norman & D. C. S. Shearn

Authors
  1. J. M. Norman
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  2. D. C. S. Shearn
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Norman, J., Shearn, D. Optimal Claiming on Vehicle Insurance Revisited. J Oper Res Soc 31, 181–186 (1980). https://doi.org/10.1057/jors.1980.28

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  • DOI: https://doi.org/10.1057/jors.1980.28

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