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Claims Guide For Motor Accidents
Terms & Conditions
- You must disclose all material facts such as previous accidents, claims experiences and any modification to your vehicle's engine.
- You must ensure that your vehicle is insured at an appropriate amount. For a new vehicle, the insured value is the purchase price while for other vehicles, the insured value is the market value of your vehicle when you apply for this policy.
- Over-insurance - this occurs when you insure your vehicle for a sum higher than the market value, which means you would have paid a higher premium than necessary. When you make a claim, we will only pay you the market value of your vehicle at the time of loss.
- Under-insurance - this occurs when the sum insured for your vehicle is lower than the market value. If you are under insured, what we pay you may not cover your losses and you will have to pay the difference.
- The over-insurance and under-insurance will not be applicable if customers choose Agreed Value.
- Valuation - the market value of your vehicle would be determined in the event of a dispute by the Head Office of the Franchise-holder. In the event of no Franchise-holder is available for the make of your vehicle, the market value of the vehicle would be determined by a Loss Adjuster licensed under the Financial Services Act 2013 and its subsequent legislation, agreed to by both you and us.
- Principle of Indemnity - based on this principle, the insurance cover will compensate your loss by putting you back to the same position you were in immediately before the loss. You cannot 'profit' from a motor insurance claim.
- Excess - this is the amount of loss you have to bear while we will pay for the balance of your vehicle damage claim. If you have an 'excess' on your policy, you must pay the amount of the 'excess' direct to the repairer.
- Betterment - this occurs when in the course of repairing an accident-damaged vehicle, an old part is replaced with a new franchise part. In line with the principle of indemnity, you will have to bear the difference in costs as your repaired vehicle is in a better condition after the accident with the new franchise part.
- Accident and claims procedure - you should obtain details of the accident such as the vehicles involved, lodge a policy report within 24 hours of the accident, notify us immediately and submit the claims form with complete supporting documents. You are advised to deal only with PIAM Approved Repairers Scheme (PARS) Workshop.
- If you are not at fault in the accident, you can submit the claim either directly to the insurance company of the party at fault, or to us under Own Damage Knock-for-Knock claim, without losing your No-Claim-Discount (NCD) entitlement. You are encouraged to submit your claim to us for speedier claim processing.
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