Insurance plans are the options that we have created to understand what is the minimum amount you should charge from the customer to ensure product delivery.
We have two kinds of plan types:
i.Fixed Insurance Plans.
In these plans, set a fixed minimum value for the cart and a maximum value for the cart, and it has a fixed amount of Insurance amount that is to be charged.
If a customer has a cart value of $75, you can charge $5 as an insurance amount. The minimum cart value should be $10 and the maximum should be $100.
You can make different plan lists with a wide variation in the prices.
ii. Percentage Insurance Plans.
In these plans, you need to set a default amount of Insurance fees and percentage fees.
Set your default insurance fees and percentage fees.
Insurance fee's increment by 0.50 starting at Default Fee to a maximum of Default Fee + (98 * 0.50)
You can fix the percentage fee according to your product selling frequencies.
If any of the plans do not meet the requirement,then the Global rule will apply.It means a particular amount decided by you will be charged as an insurance amount.
For example:If a merchant has selected $ 10 as a global amount,then in the case where none of the plans apply,this amount would be automatically available in the cart.
Note:A merchant can charge a maximum amount here,provided it should be feasible.