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Frequently Asked Questions
What Is Car Insurance?
Car Insurance provides protection against losses incurred as a result of accidents, theft or damage to your vehicle. Motor insurance can be seen as a legal contract between you and your insurer, defining each party's rights and responsibilities in the case of an accident.
Do I Need Car Insurance?
Yes. It's the law. It legally binds all motorists to take out insurance against their liability for injuries to drivers and passengers and for damage to other's property. The minimal legal requirement is Third Party insurance, this insures against loss and injury to others. Remember, driving without insurance is a big mistake.
What are the types of Motor or Car Insurance Policies?
There are two main types of car/motor insurance:
1. Third Party Only (TPL) - This covers Third Party Liability (cTPL or TPL) for bodily injury and death and Third Party Property Damage. - Protects individuals against liability should they injure a third party or cause damage to a third party's property. Most importantly, be aware that TPL does not cover the driver for damage, loss or theft to his or her car and property.
2. Comprehensive (Fully Comp) - Comprehensive cover can offer protection for accidental damage, theft, fire, as well as liability towards third parties. Importantly, Fully Comp can pay for damage to the driver's vehicle and property no matter whose fault the accident is. - This covers Loss or Damage to the vehicle insured (Own Damage) in addition to the Third party cover.
What is Bodily Injury coverage?
If you are the cause of a car accident in which other people are injured, bodily injury coverage protects you against claims for their damages such as medical expense, lost wages, funeral costs, and pain and suffering. Body Injury coverage is usually required by most insurance company as part of the car insurance policy. You need enough insurance to protect your assets from claims resulting from a serious car accident. Bodily Injury coverage can also serve as a safeguard against potential law suits. You should not reduce this coverage over time even though your car ages and declines in value.
What is Property Damage Coverage?
Similar to bodily injury coverage, property damage coverage will cover the cost of any property damage to another person's property. Property damage can range anywhere from a crushed fender, broken glass, or a damaged wall or fence which is damaged due to a car accident. Property damage can even include significant damages to another person's car. Because certain instances of property damage may vary, coverage tends to vary depending on the car insurance company. Property damage coverage is considered to be one of the most important aspects of a car insurance policy. It protects you in the event of a lawsuit. Property damage coverage also safeguards your assets. That is why some sort of property damage policy is usually mandatory or required. Make sure that you
What is Comprehensive coverage?
Comprehensive car insurance coverage pays for damage to your car if it is stolen, vandalized, or damaged by fire, flood, fallen trees, storms, other natural disasters, collisions with animals, etc. These scenarios may happen regardless of where you live and they may not be preventable. This is the main reason that comprehensive car insurance coverage is vital. Comprehensive car insurance coverage is required by lenders. So if you took out a loan to buy your car you must take comprehensive coverage. Otherwise comprehensive car insurance coverage is usually optional. Comprehensive car insurance coverage pays only the depreciated value of your car. The depreciated value of the car is the current worth of the car minus the amount of deductible stated in the insurance policy. Comprehensive car insurance coverage can be very advantageous to owners of new or expensive vehicles.
Who is covered under my car insurance policy ?
Generally, your car insurance policy covers you, your spouse, family members, anyone driving the car with your permission, and anyone who reasonably believes he or she is entitled to drive your car.
When I buy a new car is it automatically covered?
Not yet, You may also need to purchase a new car insurance policy for your car as well. A car must be insured before you drive it.
When is an endorsement required?
An endorsement is a written evidence of an agreed change to a policy. It is a document that incorporates changes in the terms of the policy. If there are any alterations to be done in the policy the customer needs to approach the Insurance Company to effect the change in the policy. This is done by way of an endorsement. An endorsement may be issued at the time of issuing the policy to provide additional benefits and cover (e.g., legal liability to driver) or to impose restrictions (e.g., accidental damage deductible). The wordings of those endorsements are provided in the tariff. An endorsement may also be issued subsequently to record changes such as change of address, change of name, change of vehicle etc.
What are the documents required for renewing the policy?
- OR / CR of the unit - Premium Cheque / PDCs / Credit Card - Application with signature - Renewal Reply Form / Notice
Is it legal to drive without car insurance?
No. Accidents do happen, and the law states that you must be able to compensate any person you injure or any damage you may cause. The cheapest form of car insurance is third party , which only covers any damage that you may cause. the most popular policy sold would be comprehensive cover , which will cover you for any damage to your own vehicle as well as anyone else.
How can i insure my car?
Just leave it to us, all we need is the car details thru your OR/CR, you can fax the copy or email it.
How can I pay for my car policy?
There are a number of options. Annual premiums can be paid by cash, credit card, cheque, and thru Bank Deposit (company account). For full details, ask mikel
How long does it take to get car insurance?
In most cases, assuming you request a policy now, for brand new car, You should have at hand details of your assigned car or arrangement to your agent, policy must be delivered before scheduled release of the unit to your dealership. You can be insured the day you requested it or call and take out a policy, or you can choose a later date for your cover to begin. (deliver and pick-up for special arrangement) and it won't take long at all.
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Federal Phoenix Assurance Co., Inc.