BonkCover
  • BonkCover - Decentralized Insurance on Blockchain
  • How It Works
    • BonkCover Working Details
  • How BonkCover helps to Solana Community
  • Pricing of BonkCover
  • Insurable Assets
  • Bonus for Early Users
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Pricing of BonkCover

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Last updated 11 months ago

BonkCover Insurance Plans and Pricing Structure

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:

  1. Plan 1: Costs the equivalent of $100 in $BONK tokens and provides coverage up to $250.

  2. Plan 2: Costs the equivalent of $500 in $BONK tokens and provides coverage up to $750.

  3. Plan 3: Costs the equivalent of $1000 in $BONK tokens and provides coverage up to $1400.

  4. 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.