The fact that uncertainty does not knock on our door means all vehicle owners need to ensure they are prepared with motor insurance. As a driver and vehicle owner, you should be aware of the importance of motor vehicle insurance. Designed to protect the insured vehicle from loss or damage resulting from driver negligence.
Let’s first look at the basics as we get into the details.
What is an Excess?
An excess is the first amount payable, which is your responsibility, in the event of thsubmission of a claim. It is the uninsured portion of your loss and is payable regardless of whether or not it was your fault. It serves to deter clients from submitting minor claims and/or fraudulent claims, thus keeping premiums down.
Who is the insured on a Short-Term Policy?
The Insured is the person named in the Policy Schedule and includes his/her spouse as well as family normally living with him/her and financially dependent on him/her.
What should I do in the unfortunate event of an accident?
The Insured is the person named in the Policy Schedule and includes his/her spouse as well as family normally living with him/her and financially dependent on him/her.
- Call your Emergency Roadside Assistance number or your Financial Adviser to assist you
- Collect the name, address, contact number, identity number, vehicles details (registration, make, and model) of all other parties involved in the collision.
- Take note of the name of the third parties, their insurance broker or insurance company, and policy number.
- Get the names, addresses, and contact numbers of any independent witnesses.
- Sketch the scene of the accident, including landmarks, road signs, street names, and markings.
- Give your name and address, the name and address of your insurance company, and your vehicle registration to the other driver(s) in the accident, if requested.
- Report the accident to the nearest police station (within 24 hours) and, if there is a third party involved, obtain a copy of the police report for recovery purposes.
Can I have a vehicle policy without an excess?
If you are over 55 and have our policy, there is zero basic excess for you and your spouse. Penalty excesses may apply, for example if a younger person was driving.
If you are younger than 55 or over 55 and a younger person is going to drive, you can pay a fair and reasonable monthly charge to waive the excess.
My child has a learner’s licence – is he or she covered to drive my car?
Unless cover has been restricted to “Named Driver” on your policy, your child is covered if they comply with licence regulations and obey the rules of the road. The licence must be current and a fully licenced driver must accompany your child in the car.