Pricing of BonkCover
Last updated
Last updated
BonkCover currently offers three different types of insurance policies, each available to users through NFTs. These NFTs can be purchased with $BONK tokens, and each premium package is renewed monthly, with renewal fees paid in $BONK. If a payout is made due to a fraudulent incident, the corresponding premium NFT will be burned and will no longer be functional.
Insurance Plans:
Plan 1: Costs the equivalent of $100 in $BONK tokens and provides coverage up to $250.
Plan 2: Costs the equivalent of $500 in $BONK tokens and provides coverage up to $750.
Plan 3: Costs the equivalent of $1000 in $BONK tokens and provides coverage up to $1400.
Plan NFT : -Soon-
After claiming an NFT, users must pay a monthly fee to maintain their insurance coverage. This fee is calculated as follows:
Monthly Fee=(Premium Package Number)×34$÷(Months Since Joining BonkCover÷1.85)
If the payment is missed and the user does not exit the system, the payment will reset to the amount for the first month.
Example:
Toly uses Plan 2 and claimed his NFT 3 months ago, making all payments for these months. The payment for the 4th month will be calculated as:
(2×34)÷(4÷1.85)=31.45$
This structured approach ensures that users are provided with clear and fair pricing while maintaining flexibility and scalability for their insurance needs.
