Many vehicle owners and motorist carry insurance certificates and documents without understanding it and applying the guiding rules when losses occur.
In this case, they have lost genuine claims during accident with third parties without knowing and this has led to why may do have confidence in taking up insurance because they do not know their rights.
Insurance expert, Victoria Adegbaju, in trying to enlighten insurance consumers about their rights in motor insurance policy discusses “Know Your Insurance Rights” says for you to enjoy the benefits of insurance there a basic things you must try to understand as captioned in the headings:
What is the certificate of insurance?
This is a document issued by the insurance company to the policyholders, stating the details of cover, the vehicle and the owner. It is evidence that you have an insurance cover on your vehicle. It is important under law that this evidence must be provided whenever it is required.
What you should look out for in your certificate?
The following information are important in any motor certificate issued to you by an insurer: Name of the insurer; Signature/stamp of the insurer; Insured: Vehicle owners; Policy No: Your identity with insurer; Period of cover: From……………to……; Type of cover: Third party or comprehensive; Make of Vehicle: Toyota/Honda etc; Registration No: AAA 345 BK; Class of vehicle and Private or commercial.
The policy document:
This is a legal document that contains the terms and conditions of the contract between the insurer and you. It is expected that you have a policy document for your motor, especially for motor insurance contract you enter into with an insurer. It is as well, importance that you read and understand this document.
Some common policy conditions/clauses that affect claims settlement:
There are some policy conditions including No premium no cover clause; Excess clause: This is part of the loss borne by the policyholder. It varies from company to company and can be cancelled by paying additional premium; Authorised repair limit: This refers to the maximum amount a policyholder can pay for repairing a damaged vehicle without getting approval from the insurer. Any amount more than this will not be paid; Accidental notification clause: This is the period within which one must report a claim. Claims reported after the period specified in the policy document, will not be settled.
Procedures for motor accident claims
For you make claims take photographs of the vehicles involved; Report to the nearest police station; Notify the insurance company within the notification period stated in the policy document (usually 30 days); Complete motor claims form & submit with the required documents; Get approval from your insurer before authorizing the repairs; Adjustment of estimate of the repairs by motor engineers appointed by the insurer; Sending of an offer to the policy holder; Acceptance of offer; Note that if the policyholder rejects the offer, then insurer will send a counter offer; As policy holder you only sign the discharge voucher if and only if you are satisfied with the offer; Signing of discharged voucher and Collection of cheque.
Required documents for motor accident claim
To make your claims, you will be required to file these documents Incident report of the driver stating how it occurred; Police report; Completed motor claims form; Photographs of the vehicle & scene; Estimate of repairs; Copy, certificate of insurance; Sometimes, lone accidents (i.e without a third party) do not need police report.
Procedures for theft claims
When a vehicle is snatched or stole where is parked, the insured will report to the police; Notify the insurance company and Complete the motor claims form and submit with the required documents.
Required documents for motor theft claim:
Interim police report; Completed motor claims form; Final Police report: This is issued when they have confirmed that the vehicle has not been recovered; Original vehicle particulars; Duplicate car key. Note that occasionally insurance companies may appoint investigator on theft to unravel the circumstances. So ensure you give adequate information.
Procedure for fire claims
When loss is as a result of fire incident, the insured is required to Notify the insurance company; Complete the motor claims form and submit with the required document; Take photographs of the vehicle; Required documents for motor fire claims; Completed motor claims form; Photographs of the vehicle; Estimate of repairs. (For partial losses); Certificate of insurance; Original vehicle particular & keys
( In case of total loss).
Adegbaju concluding said “my advice, once again is that policyholders should take time to study their policy documents and ensure they have a thorough understanding.”
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