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Third Party Coverage

Comphrehensive Coverage

Insurance FAQ's

How much Auto Insurance do I need?

No one can predict exactly how much you would have to pay if you get into an accident. The higher your liability coverage limits are, the more likely your auto insurance policy will be able to pay all of the damages.

What Affects Auto Insurance Prices?

Most people are looking for a low car insurance price.  In many cases, it's the choices you make about the coverage you want that determine the cost of your car insurance premium.

Companies look at the following factors to determine your car insurance premium:

  • How much coverage you buy.
  • The deductibles.
  • What kind of car you drive - generally, the more expensive the car, the higher the auto insurance price.
  • How much you drive - people who use their car for business and long-distance commuting normally pay a higher car insurance premium than those who drive less.
  • Your age - accident rates are higher for all drivers under age 25.
  • Your driving record - drivers who cause accidents generally must pay higher car insurance premiums than those who are accident-free for several years.

What can I do to save money on my auto insurance premium?

  • When shopping for a car, take into consideration how your choice will affect you insurance premiums.
  • Ask about auto insurance discounts; for insuring more than one vehicle, accident-free driving, and others.
  • Drive carefully.

Who can buy a Property Insurance Policy?

A property insurance policy can be bought by anyone who owns or is responsible for a residential, commercial or industrial property.

Why do I need Property Insurance?

Buying Property Insurance brings you peace of mind, as it covers you for losses or damages resulting from fire or other perils.

The contents of your home can also be insured.

Is Property Insurance compulsory?

Property Insurance is not compulsory. However, if the property is mortgaged, the bank or financial institution will require that you have a property insurance policy on the outstanding loan amount.

How much should I insure for?

The amount of coverage is usually equal to the value of your property; the sum insured should cover the cost of rebuilding in the event of a loss.

What happens if the sum insured is inadequate?

If your coverage is less than the actual value of the property then you are considered to be Under Insured.

If the property is valued at $500,000 but your sum insured is $125,000 and a total loss occurs, the insurance company will pay the entire sum insured ($125,000).

However, if there is a partial loss, the insurance company will pro-rate the payment according to the portion of underinsurance.

This is known as the condition of average, which is a common feature for property insurance policies.

The amount to be paid will be computed using a formula that takes into account the insured amount, the value at time of loss and the amount of loss.

For instance, if the total cost of reinstating a property is $500,000 but the property is insured for only $125,000, there is an underinsurance of 75%. In the event of a fire which resulted in partial damage to the property, the insurer will only pay 25% of the reinstatement cost.

So, if the partial damage claim is $100,000, the insurer will pay $25,000, and the policyholder will have to bear the remaining 75%, which is $75,000.

Therefore, be certain that the amount of coverage you select is adequate or sufficient throughout the policy period.

What should be disclosed to me by the insurer when I buy an insurance policy?

  • Premium payable
  • Period and scope of coverage
  • Non-standard exclusions
  • Claims reporting procedures
  • Insurer's cancellation and refund policy

It is important to read your policy as soon as you receive it. This way, you can be sure that there are no surprises should you need to make a claim.

How do I make a claim?

Should the property insured be damaged, contact us as soon as possible.

You are usually required to complete and return a claim form. Sometimes, an independent loss adjuster may be appointed to look into the circumstances of the loss.

Upon completion of the investigation, we will make an offer to settle the claim against a signed claim discharge form.

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