An excess clause provides that the insured must bear the first amount of any loss. It can be expressed either as a sum of money e.g $1,500.00 or as a percentage of the loss e.g. 5%. A deductible operates in exactly the same way as an excess. The excess represents a portion of the risk the insured bears in the event of a loss
If you are liable for or cause injury to or damage the property of other motorists, pedestrians, passengers, etc., you will have a legal liability. Third Party insurance relieves you of this liability by paying these claims on your behalf up to the policy/statutory limit. Third party insurance does not provide cover for your vehicle against loss or damage by collision, fire, theft or malicious acts.
A Comprehensive policy generally provides cover for your vehicle against loss or damage by collision, fire, theft or malicious acts. Additional benefits for which an additional premium is paid, will provide cover for extra perils (for example, acts of God such as flood, hurricane etc.). Comprehensive Insurance also covers your liability to a third party in the event of an accident up to the policy/statutory limit.
If you have an open policy, any licensed driver is insured to drive your vehicle with your permission. However if the driver is under the age of 25 years or holding a Driver’s Licence for less than 2 years, this person must be named as an authorized driver on the policy because he/she is not covered under the policy. Please ask any of our Customer Service representatives how these persons can be covered under the policy
This is a discount that you can earn for not making claims under your policy. Once you do not claim on your policy this discount will increase at each renewal up to a maximum of 65% after five (5) years.
The vehicle can be used for your business purposes provided we are informed of the change in use. This may attract an additional premium.
There is no grace period, the Policy expires at midnight on the expiry date. E.g. Period of cover is 01 January 2015 – 31st December 2015, the Policy expires at 12:00 am and there is no cover from 01st January 2016 from 12:00 am going forward. To ensure continuous Insurance coverage, customers are advised to renew their policy before the expiry date.
If there is breakage of glass but no other damage to the vehicle and this is caused by an accident, your policy covers you up to a specified amount. Claiming will not affect your Safe Driver Discount nor will it be subject to an excess.
If you have Comprehensive cover, factory accessories are included in the cover. If you have items such as DVD player, advanced stereo systems, chrome rims or other accessories, you should let us have a list of the accessories and their cost at the time you are taking out the insurance. Without such a list, if you suffer a loss you may only be entitled to the cost of standard equipment.
The value of your car changes over time (it normally reduces in value due to use). In the event of a total loss e.g. Fire claim or Theft claim totally affecting the vehicle, the amount paid by the company will be the value of the vehicle immediately prior to the accident, or the sum insured - whichever is less. Please note that claims settlements are still subject to an excess. For example, if you buy your car in 2006, and it is written off a year later, the value is less than what you paid for it. Annual valuations help us ensure that your policy is kept up to date with these changes in value. Valuations also form the basis to calculate your insurance premiums therefore you pay the correct premium to cover the value of your vehicle.
A valuation report establishes the value of the vehicle and an inspection report speaks to its general condition and roadworthiness.
Yes, it is insured whilst it is in the custody of a motor trader or authorized Garage.
As long as they have a valid driver’s licence your car would be covered. Limitations would apply if the driver is under the age of 25 years old or has their driver’s licence for less than 2 years unless listed on the policy. Also the cover would only be applicable while the car is being used for social, domestic, or pleasure purposes.
The coverage provided is for you only. You cannot sell or transfer your insurance policy. Should you dispose of your vehicle by whatever means, whether sale or gift to a friend you must do the following:
• Advise COLFIRE immediately of the sale and change ownership of the vehicle
• Surrender the Insurance Certificate or Cover Note to COLFIRE
• Request that the coverage on the vehicle be terminated
• A premium refund will be paid to you
You must advise COLFIRE of any change to your vehicle which would affect manufactures’ operating specifications and performance. The associated risk will be underwritten to determine if there will be any change in premium.
Vehicles are transferred on a regular basis and our duty is to ensure the settlement cheque is payable to the registered owner of the vehicle. The only way to verify this is to obtain a certified copy. Payments will be made to the registered owner on the certified copy.
The salvage vehicle does not belong to COLFIRE. This property belongs to you or the mortgagee if mortgaged. We cannot sell an item that does not belong to us. We can assist you by providing contact information of firms and persons who are interested in purchasing salvage vehicles, but the decision to sell and the amount rests with you the owner of the vehicle. Also the Licensing Office does not transfer a vehicle in its damaged state.
The excess waiver benefit is independent of recovery or liability. When the insured or spouse is involved in an accident or collision, no excess is applied to the claims settlement. The benefit removes the need to find additional funds. The benefit must not be dependent on recovery or liability to operate.
Authorized Dealers sell parts to repair your vehicle. These dealers usually give COLFIRE a special trade discount on these parts and these discounts are extended to you our valued customer. In the case of a cash settlement COLFIRE can give you this trade discount letter to supply to the dealer to receive this discount.
Yes. Your tenants are free to insure their contents.
"Market Value" is based on what a willing purchaser would pay a willing vender. This value could fluctuate significantly depending on the state of the economy or the housing market etc. "Replacement Value" is the actual cost to rebuild your house.
Homeowners Insurance covers loss or damage arising from a variety of "Perils" such as fire, hurricane, earthquake, windstorm, flood, impact, burst pipes etc. It also includes cover for your liability to third parties in the event of your negligence. Please consult us or your broker/agent for full details.