Frequently Asked Questions
An excess is that portion of any claim, which you, the policyholder, will bear out of pocket before your insurance company will pay. It can be a fixed amount or expressed as a percentage (%) of the value of your vehicle (sum insured) or of the settlement amount. It is applicable to each and every claim you may make under your policy and is sometimes referred to as the “deductible”.
Widest cover for damage to the motor vehicle caused by impact/collision, fire, Acts of God among others. It also covers damage caused by the insured’s vehicle.
No claim discount is a way in which insurer’s reward safe drivers. It is a discount you earn on an insurance premium annually if you do not claim on your insurance. The maximum no claim discount is usually earned after 5 years. It is transferable to one company to the next, from one vehicle to another and between countries. Usually, this is dependent on receipt of original letter from your previous insurer. In the event of a claim, the no clam discount is reduced or disallowed according to the company’s guideline.
When property is destroyed or the cost of the repairs is uneconomical, there is a total loss. In the situation where the repairs in uneconomical, the property is regarded as a constructive total loss.
No. There is no grace period under your motor insurance policy. You must ensure that your insurance is current and valid at all times.
No. You are allowed to make a windscreen claim in any one policy year without it affecting your No Claim Discount.
This refers to the value of a vehicle immediately before an accident. It is determined by reference to the dealer's price and by applying a rate of depreciation to that value. The depreciation rate takes account of the age of the vehicle and is usually an agreed market rate. it is therefore important that special accessories or other features that increase the value of the vehicle be declared at the start of each period of insurance. This will ensure that they are included in the pre-accident value.
8. My vehicle is insured comprehensively but the insurance certificate reads, at the top, “The Moto Vehicle Insurance (Third Party Risks) Law Ca, 257”. Why is this?
This is the act that governs the insurance of all Motor Vehicles and every certificate that is issued must comply with certain provisions of the ACT. When the certificate is printed, irrespective of the type of policy , these words appear to indicate that insurance of the certificate is done in accordance with the provisions of the ACT
Your insurance policy provides indemnity (protection) against third-party liabilities but subject to the maximum amount stated in your policy. In the event of a judgement against you in a court of law for an amount greater than that stated in your policy, your insurer will pay the amount of the policy, and you will be responsible for paying the difference.