Demystifying Motor Insurance

Demystifying Motor Insurance

How much do you know about Motor Insurance? It is not enough to have a motor insurance policy; you need to also have a clear understanding of your motor insurance rights.

 

We understand Motor Insurance can seem a little complicated at times. One of the reasons for such complication could be because there are different classes of motor insurance policy – Third Party, Third Party Fire & Theft, and Comprehensive Insurance.

 

Below is a quick glance attempt to explain the differences between each of these policies, so you can better understand or be reminded of the events covered or exempted by these types of Motor Insurance policy.

  1. Customer Rights on Third Party Insurance: For a Custodian Third Party Motor Insurance policy, the first party is you; the second party is Custodian, while the third party is anyone else involved in the accident. This means as a third party insurance holder, you are only covered for the damages you may cause to an involved third party in the event of an accident.

Claim Settlement: In the event of an insured event, Custodian will indemnify (compensate) the involved Third Party only (up to a limit).

 

  1. Customer Rights on Third party, Fire and Theft: The policyholder is covered against third party liability (up to a limit) and in the event of fire damage and/or theft of your vehicle.

Claim Settlement: Custodian will indemnify (compensate) the involved Third Party only in the event of an accident. Custodian will also indemnify the policyholder (you) in the event of Fire damage and/or Theft of your vehicle.

 

  1. Customer Rights on Comprehensive Motor Insurance: The policyholder’s vehicle is also covered for accidental damage, theft as well injury to other people or damage to their car/property.

Claim Settlement: Custodian will indemnify (compensate) the policyholder (you) and involved Third Party in the event of an accident, theft, fire, injury to the third party or damage to their property/car.

 

Our unique identifier at Custodian is that we don’t tell stories; we tell you everything you need to know before you sign up to our policy but always advice that you read your policy documents.  Our service delivery will certainly exceed your expectation.

 

Thank you for reading, more information on Customer Rights to follow in our subsequent newsletters.

If you have any questions or enquiries, please contact us via phone: 01-2774008 or Email: carecentre@custodianinsurance.com

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