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Frequently Asked Questions.

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Motor Vehicle Insurance.

Yes, This is required by law in order to drive any vehicle legally on the road.

Yes. Here’s why. The Proposal Form is used to obtain information from you the person requesting insurance. It gives the insurer an opportunity to assess the application to determine whether or not to accept the risk, the premium to be charged or the terms to be imposed. It forms the basis of the contract between you and your insurer.
Yes. You may cancel your policy at any time by advising us in writing.
You may be entitled to a refund of premium depending on the length of time that the policy was running for and whether a claim payment has been made under your policy.
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’.

The policy excess is applicable to each claim that you make.

The Excess is deducted from the amount of your actual loss first and the balance left is the amount you will receive.

It is a document issued by an insurance company which provides proof of insurance in accordance with the Motor Vehicles (Third Party Risks) Law, CAP.257. It provides proof that you have complied with the law.

No. A certificate of insurance is required for each vehicle and must identify the vehicle to which it relates
 

The Cover Note, though serving the same purpose as a Certificate, is a temporary insurance document and has a lifespan of a maximum of thirty (30) days. It is issued by the insurer, pending the preparation of the more permanent document, the Certificate of Insurance.

No Claim Discount is a way in which insurers reward safe drivers. It is a discount you earn on an insurance premium annually if you do not claim on your insurance. Each year you are claim free, the amount increases. The maximum no claim discount is usually earned after five years. It is transferable from one company to the next, from one vehicle to another and between countries. Usually, this is dependent on receipt of an original letter from your previous insurer. In the event of a claim, the no claim discount is reduced or disallowed according to the Company’s guidelines.

Your son is covered under your policy as long as his driver’s licence permits him to drive such a vehicle. However, at the time of an accident, the Excess applicable will be increased due to his age and his driving experience.

Your insurance certificate will state clearly who is authorized to drive your vehicle. If it says any person driving with your permission then your insurance is valid if you lend that vehicle to someone provided that such person holds a valid driver’s licence. However, in the event of an accident, the excess applicable may vary depending on the age and experience of that driver.

You will be compensated under your private car comprehensive policy for your personal effects up to a specified amount. These personal effects may include handbag, shoes, umbrella, cellular phone etc. However, items such as money, stamps, tickets, documents and securities, goods, samples, or equipment carried in connection with your trade or business are not considered to be personal effects.

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 judgment against you in a court of law for an amount greater than that stated in your policy, your insurer will pay the amount of your policy, and you will be responsible for paying the difference.

Yes. You are allowed to make a single windscreen claim in any one policy year without it affecting your No Claim Discount.

Once your vehicle is comprehensively insured, the company will reimburse the amount spent for wrecker fee. This is subject to the maximum amount allowed under your insurance policy.

No. There is no grace period under your motor insurance policy. You must ensure that your insurance is current and valid at all times.

Home Insurance.

Your house should be insured for the cost of rebuilding the house as new. That means it should be insured for what it would actually cost you to replace the buildings.
Yes you can. You can insure your household goods and personal belongings such as furniture, video and audio equipment, television and jewellery.
Yes. An Excess is applicable to most losses under home insurance except losses caused by fire, lightning, and explosion and damage from falling aerials, fittings or masts.
No. Under the Strata Titles Act, your apartment complex should be fully/adequately insured.
No. The Strata Corporation’s policy is for the joint owners of the building in which you live and only covers items that are commonly owned such as the Building, Guard House, Swimming Pool etc. You will have to take out a contents insurance policy to cover your own belongings.

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