WHEN DO I FILE AN AUTO INSURANCE CLAIM?

In the case of an accident make sure you call the Police, or EMS at 919 or 911 first, and then the Emergency and Accident Assistance Service that may be offered through your specific plan.

Making sure a situation is safe and the proper authorities have been notified is important. Next collect any information you can on the other vehicle and driver, including their insurance provider.

The insurance company is going to want to see a police report especially if there was another vehicle or someone else’s property involved in the accident. As far as when you should file, the next day is fine but basically the sooner the better.

WHAT IS A DEDUCTIBLE?

 This is the first portion of the claim that you are required to pay for any loss or damage to your vehicle.  It varies depending on the age of the driver at the time of the loss and usually only applies for Comprehensive Policies. If your loss amount is below this figure there is no claim under your policy.

WHAT IS A “NO CLAIMS BONUS”?

 As the name states, this is the bonus or premium discount allowed for consecutive years of having a clean driving record (no claims under your Policy).  However, if you have a claim (regardless of whether it’s your fault or not), your “No Claims Bonus” may be reduced! It is “No claim”, not a “No Blame” discount.

CAN ANYONE DRIVE MY CAR ONCE INSURED?

Many persons incorrectly assume that anyone can drive their vehicle if they have “Comprehensive” Insurance. This is not so!  This would only apply if your policy specifically notes “Any Driver” under the “Authorized Drivers” section on the Certificate of Insurance.  Some policies may allow you to have persons over the age of 25 drive your vehicle. However, most companies require that you list your drivers by name. There is usually a charge associated with wider driving warranties.

WHAT TO CONSIDER WHEN CHOOSING HOME INSURANCE?

Insurance policies can vary considerably in what they offer. Take as much care over choosing one as you would in buying a new car. If your house burns down, or is destroyed in a hurricane, will you get enough cash to repair or rebuild it? Will you be able to replace all your stolen property? If you have an old policy does it allow for new purchases and price increases since you first arranged it?

Find out exactly what your policy covers, compare the terms and charges (called premiums), and choose the one that suits you best. If a policy doesn’t provide the coverage you want, ask your Shield Insurance Agent what changes are possible.

Most policies require that buildings should be insured for their full rebuilding cost, not the price you would normally expect to sell them for. Don’t under-insure. Insuring for less than the cost of rebuilding your home could result in a claim not being met in full, even when it is a claim for partial damage and less than the sum insured.

HOW DO I ESTIMATE THE COST TO REBUILD MY HOME?

The most reliable method of verifying the value of your home (the rebuilding cost) is by utilizing a qualified Property Surveyor. To find out the “area building cost” in your area, you may also consult a member of the Institute of Bahamian Architects or a contractor.

WHAT ABOUT INSURING MY BELONGINGS?

You’ll want to insure your household contents generally, clothes and other belongings. Tell the insurer about items such as jewellery, furs, silver or a valuable painting, which might need separate or extra cover. Make a list to help you value your belongings and keep it up to date. Take photographs to help police to recover the items if they are stolen. It will also make claiming on the insurance easier. If you have any particularly valuable items get them professionally valued, and obtain a certificate giving a full description. Decide what kind of insurance cover you need.

WHAT TYPE OF ITEMS DOES CONTENTS INSURANCE INCLUDE?

Contents insurance includes everything in your home that is not fixed or immovable. Your refrigerator, for example, would be considered among the contents of your home, whereas your kitchen counter is considered to be part of the building. Clothing and other personal effects like books are also considered contents. Even when you do not own the building (e.g. rental or lease accommodation) there is still a need to arrange contents coverage. Landlords should make sure that any possessions that are included in home rentals are covered by Contents Insurance and tenants should have coverage for all of their non-rented possessions.

WHAT TO CONSIDER WHEN CHOOSING HOME INSURANCE?

Insurance policies can vary considerably in what they offer. Take as much care over choosing one as you would in buying a new car. If your house burns down, or is destroyed in a hurricane, will you get enough cash to repair or rebuild it? Will you be able to replace all your stolen property? If you have an old policy does it allow for new purchases and price increases since you first arranged it?

Find out exactly what your policy covers, compare the terms and charges (called premiums), and choose the one that suits you best. If a policy doesn’t provide the coverage you want, ask your Shield Insurance Agent what changes are possible.

Most policies require that buildings should be insured for their full rebuilding cost, not the price you would normally expect to sell them for. Don’t under-insure. Insuring for less than the cost of rebuilding your home could result in a claim not being met in full, even when it is a claim for partial damage and less than the sum insured.

HOW DO I ESTIMATE THE COST TO REBUILD MY HOME?

The most reliable method of verifying the value of your home (the rebuilding cost) is by utilizing a qualified Property Surveyor. To find out the “area building cost” in your area, you may also consult a member of the Institute of Bahamian Architects or a contractor.

WHAT ABOUT INSURING MY BELONGINGS?

You’ll want to insure your household contents generally, clothes and other belongings. Tell the insurer about items such as jewellery, furs, silver or a valuable painting, which might need separate or extra cover. Make a list to help you value your belongings and keep it up to date. Take photographs to help police to recover the items if they are stolen. It will also make claiming on the insurance easier. If you have any particularly valuable items get them professionally valued, and obtain a certificate giving a full description. Decide what kind of insurance cover you need.

WHAT TYPE OF ITEMS DOES CONTENTS INSURANCE INCLUDE?

Contents insurance includes everything in your home that is not fixed or immovable. Your refrigerator, for example, would be considered among the contents of your home, whereas your kitchen counter is considered to be part of the building. Clothing and other personal effects like books are also considered contents. Even when you do not own the building (e.g. rental or lease accommodation) there is still a need to arrange contents coverage. Landlords should make sure that any possessions that are included in home rentals are covered by Contents Insurance and tenants should have coverage for all of their non-rented possessions.

Motor:

1. Do not leave your keys in a car with the ignition on.
2. For high risk theft cars, it is best that you purchase an immobilizer alarm to increase security.
3. Do not use cell phones whilst driving as it may increase the likelihood of an accident happening due to distraction.
4. Ensure that you properly maintain your vehicle to minimize the likelihood of a loss.
5. Drive a safe distance from other vehicles.

Property

1. Maintain accurate record of your purchases in order to be able to substantiate values when presenting your claim.
2. Ensure that you have proper lighting to improve security measures.
3. Ensure that electricity wiring is checked on a regular basis to decrease the likelihood of a fire loss.
4. Take extra steps to protect your home against loss from hurricane; protect your home with storm shutters, hurricane resistant windows etc.
5. Properly secure all valuables.
6. Ensure your sums insured is adequate to avoid a penalty being imposed under your policy for under insurance.

Liability:

• Ensure that all pave-ways, walkways etc. are well maintained.
• Keep building clean and tidy, with clear access to the public.
• Move garbage, and overhanging trees from areas which might expose the public to bodily injuries.
• Do not keep vicious animals or animals with vicious propensity on you property which may expose you to a liability claim.