What you need to know about your Insurance Policy

Please read carefully. By making a payment, you confirm that you have read and agreed to the
statements below.

Issuance:

• Issued policies should be double checked upon receipt for incorrect details or information. This
should be coordinated as soon as possible to Moneymax for correction or endorsement. An
error in your policy may lead to a delay or will result in claims denial.
• We are pushing for paperless transactions for faster communication. Policies will be forwarded
as a soft copy and is as good as the hard copy.

Accessories:

• Any upgrades and/or add-on accessories should be declared prior to policy issuance. The
Company and/or your chosen insurance provider will not indemnify or replace any loss or
damage to any undeclared accessory/upgrades on your scheduled vehicle upon issuance.
Failure to disclose any add-ons/accessories will result in non-coverage.
• Paint Protection Film (with depreciation) /Nano Ceramic/Car tint is considered an add-on
accessory and should be declared upon issuance.

Authorized Driver:

• As a declared Authorized Driver, any monetary claim such as cash settlement, total loss,
reimbursements, and any other monetary value spent other than the repair itself must be
processed by the owner listed on the documents provided.
• A policy coverage requires the client to have an Insurable Interest. A person or entity has an
insurable interest in an item, event, or action when the damage or loss of the object would
cause a financial loss or other hardships. Insurable interest is an essential requirement for
issuing an insurance policy that makes the entity or event legal, valid, and protected against
intentionally harmful acts. People not subject to financial loss do not have an insurable interest.
In this case, the declared owner has the insurable interest in the said vehicle. Any changes that
would cast uncertainty on the insurable interest, like undocumented change of ownership, may
result in claims denial.
• If there is a change of ownership, please provide us a complete copy of any
documentation (Deed of Sale/Purchase Agreement) as proof for us to amend the policy. Failure
to do so, prior to any claim requests, will be an automatic denial
Cancellation:

• Cancelled policy requests will be charged a cancellation processing fee by Moneymax equivalent
to 25% of the total premium.
• Cancellation charges include, but are not limited to, Prorated Charges, Documentary Stamps,
and Government Taxes. Prorated charges will continue to accrue until policy cancellations are
officially declared by the provider.
• For mortgaged vehicles, it is the client’s responsibility to retrieve any documentation submitted
to the bank prior to the policy being cancelled.
• Customers are responsible for any costs incurred from issuance of a policy regardless if the
policy is cancelled or not.

Claims:

• Reporting of a claim should be made immediately within the policy period after the loss/incident
and in full particulars. Submission of the documents should be made within 30 days from the
date of its notice.
• In the event of total loss, the basis of the settlement will be the fair market value of the vehicle
at the time of the incident less the deductible fee.
• Any monetary settlement will be credited to the insured listed on the documentations
presented.
• The acknowledgment of the claim notification and any documentation is not an acceptance of
liability. All submitted documents are still subject for review and evaluation by our mutual
Insurance Provider.
• Repair of the vehicle should start after the issuance of the approval. Settlement on any repair
prior to the issuance of Letter of Authority and/or approval from the Insurance Provider will be
null and void.
• Amicable settlement of any amount from an adverse party is not accepted. Monetary
settlement without documentation and without the provider’s knowledge and approval will
result in cancellation of the policy or claims denial.
• The insurance provider will only start the review and evaluation of your claim upon the
completion of claim requirements
• Any falsification or misrepresentation shall be a basis for absolute denial of insurance benefits
under the issued Insurance Policy.
• Limitation as to Use: The policy issued was based on the declared usage of the unit. Any usage
outside of the issued policy will result in claims denial.
 • “In the event of any accident which may arise to a claim under this policy, The Insured shall, as
soon as possible, give notice thereof to the company with full particulars” (Condition Applicable
to All Section; Paragraph 4). In case you need more time to complete all the documents, please
let us know immediately so we can further assist you. Otherwise, the claim request will be
closed and you will need to refile the claim to proceed.
• Third-Party: Is a person outside of your Family tree nor an employee or part of the assured’s
household “A person other than a PASSENGER as defined in the law and shall also exclude the
member of the household or a member of a family within the second degree of consanguinity
and affinity.”

Towing Coverage:

• Coverage depending on the approval of your chosen insurance provider. Subject to limitation of
the following;
▪ Vehicle type
▪ Vehicle Weight
▪ Use of the vehicle (Private/Comercial)
▪ Age of the vehicle
▪ Amount of coverage agreed on.

Confirmation of No Loss:

• Damages incurred prior to the policy issuance date are not eligible for filing a claim. It means
that no claims will be made for the period between the existing policy expiry date and the date
of issuance of the new policy.
• Any falsification or misrepresentation shall be a basis for absolute denial of insurance benefits
under the issued Insurance Policy.

Mortgaged units

• It is the insured's responsibility to renew your insurance policy prior to your current policy’s
expiry date. Your bank requires that the effective date should be the same as the expiry date of
your previous policy. If you have not renewed by the time the previous policy expires, then you
will need to backdate your new policy. If you prefer to change the effective date, you need to
coordinate with your mortgagee/bank of the said change. The company will not be liable for
any penalties that you will incur due to late submission.
• NON-PERSONALITY; In the event of non-compliance with payment of premium “within the 90
days” credit term, the issued policy will be cancelled and you will be liable to inform the bank
and will be liable for any monetary liabilities in the event of a claim and the Cancellation of the
Policy.
Payment:

• The accountability of meeting the payment terms will be that of the customer’s and not of
Moneymax. Failure to complete the payment/s within the agreed term or payment schedule
will result in cancellation of the policy or claims denial
• The insurance premium must be paid in full prior to any claim submission being processed.
• For check payments, no notification will be given prior to submitting the check for payment.
Sufficient funds on the payor's bank account must be maintained to avoid bank's penalties.

Unauthorized Repair

• No repair of the vehicle is allowed until the claim is processed and approved by the insurance
provider. Please note that the process of the claim will only start upon completion of documents
and full payment of the premium.

Unclear Document:

• Any unclear documents submitted will not be honored upon filing of claims. The insurance
provider has the right to request any documentation/requirements that are deemed pertinent
in the claims process. Unsubmitted clear/readable documents will result in a pending claim.
Failure to submit the documents “within 30 days” from the date of notice will result in
temporary closure of the claim.