| Frequently Ask Questions |
| Motor Insurance
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Insurance | Life
Insurance |
General Non-Life Insurance |
| What would be
considered a Motor Trader? Motor Traders are those people involved in the motor car trade, like the straightener, the auto mechanic, the air-conditioning technician, the electrician, auto distributors, e.g. Neal & Massy, Toyota or Diamond Motor. What cover can an insured expect to get under a comprehensive motor policy? A comprehensive Motor Policy covers damage to the Insured Vehicle, by accidental collision, overturning, fire and theft. Subject to its terms and exclusions, the policy also covers the Insured's liability to Third Parties for bodily injury or property damage arising out of the use of the Vehicle. The Insured may also opt for additional benefits for Windscreen Damage, Personal Accident, and Special Perils which include earthquake, hurricane, windstorm and flood. Is there a difference between a full comprehensive and a comprehensive policy? There is no difference. The word "full" is being dropped in the industry. A Comprehensive policy contains the widest form of cover that is available from an Insurance Company. Why would the insured extend cover to include windscreen damage? The additional benefits provide cover for breakage of windows and windscreen without any effect to the insured no claim discount or an excess being applied. What is the procedure when involved in a car accident? Always make a report to the Police as soon as possible and within 48 hours of the occurrence of the accident. Report to your Insurance Company as soon as possible. A claim form must be completed which will outline the circumstances of the accident. Bills must be provided to support the claim. An adjuster will be retained to adjust the loss and make recommendations. The Insurance Company will negotiate a settlement with the claimant. On conclusion, and offer and acceptance must be signed by the claimant. A payment will be made by them Insurance Company in settlement of the claim. What can a motor insured do to reduce the possibility of having a claim? Insured persons can adopt risk conscious measures to protect their vehicles. Such measures include: - refrain from parking in dark lonely areas. - install security devices i.e. alarms, locking devices, immobilzers, and the like. In order to reduce accident claims: - Cultivate responsible driving habits. - Refrain from driving while under the influence of alcohol and other substances including sedatives and prescribed drugs which induce drowsiness. - Maintain your vehicle in a road-worthy condition at all times. - Always drive within the speed limit I am 17 years old and have my driving test in one month. What, if anything, should my parents do so I can drive the family car, and how will my driving affect their Motor Insurance policy? Most policies exclude driving by anyone who is under the age of 25 years or who has held a full driver's licence for less than 2 years unless such person has been declared to us and terms for their inclusions as an Authorised Driver have been agreed (an extra premium is usually payable, and a higher deductible on any claim must be borne by the Insured). What is the difference between Comprehensive Coverage and Collision Coverage? In general, collision coverage will pay for damage to your vehicle resulting from an accident. Comprehensive coverage will pay for damage to your vehicle resulting from theft, vandalism, and other non-collision related perils. Why should I pay an Independent Valuator for a valuation, even though I already know the value of my vehicle? Many persons have asked this questioon and the ansver is quite simple. The Valuator performs an act called a Valuation or an Appraisal. This act seeks to properly assess the current value of the vehicle for insurance purposes. An Independent Valuator, who is associated with either the insurance company nor the vehicle owner, is recommended as this person will provide an unbiased assessment of the vehicle. All
Insurance | Life
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General Non-Life Insurance
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