What is Comprehensive Car Insurance?
A Comprehensive car insurance policy generally covers your vehicle against loss or damage by - collision, fire, theft or malicious acts. Additional benefits for which an additional premium is paid, will provide insurance coverage for additional perils such as Acts of God like a flood, hurricane etc. Comprehensive Insurance also covers your responsibility to a third party if you should get into a car accident. This coverage goes up to the legal limit of your policy.
What is Third Party Car Insurance?
If you are responsible for, cause injury to or damage the property of a motorist, pedestrian, passenger, etc., you are legally responsible for the accident or injury. Third Party car insurance removes the responsibility from you by paying these claims, on your behalf, up to the legal limit of your policy. Third Party car insurance does not insure you against loss or damage by collision, fire, theft or any malicious acts.
What does Excess or Deductible mean?
An excess clause means that the insured must pay the first portion of any loss. This can be stated as a sum of money, for example $1,500.00 OR it can be stated as a percentage of the loss for example - 5%. A deductible means exactly the same thing as excess.
Who is covered when driving my vehicle?
Once you have an open policy, any licensed driver who has your permission to drive your car is insured. The exception to this is if the driver is under the age of 25 years or is holding a Driver's License for less than 2 years. This person must be named as an authorised driver on your car insurance policy for him/her to be covered. Please ask any COLFIRE Customer Service representative how these persons can be covered under the policy.
If I am insured under ‘Private Motor Cover’, can the vehicle be used for business?
You can use your vehicle for business purposes provided you inform us of the change in use. Unfortunately, this may attract an additional charge.
Are accessories like CD players or phone chargers covered by my car insurance?
If you have Comprehensive Car Insurance, standard factory installed accessories are included in your cover. If you have items like a DVD player, an advanced stereo system, chrome rims or other accessories, you should let us know. Make a list of all these accessories and what they cost at the time when you are taking insurance coverage with us. If you don't have this list and you suffer a loss you may not be entitled to the cost of even the standard equipment and/or accessories.
If I modify my car will it affect my premium?
It is best that you let COLFIRE know if you have made any changes or modifications to your car that affects the manufactures' operating specifications and performance. This new potential risk will be underwritten to determine if there is a need to change your premium in any way.
If my car has gone to get serviced does it have insurance coverage?
Absolutely, it is insured whilst with your car's distributor or an authorised garage.
If I lend my car to someone, are they covered?
If they have a valid driver's license your car is covered. Limitations apply if the driver is under the age of 25 or has their driver's license for less than 2 years. There is an exception though, if that driver is listed on your policy they are covered. Remember your insurance coverage is applicable only if your vehicle is being used for social, domestic, or pleasure purposes.
What do I do if I sell my car? Can I sell my insurance?
The insurance coverage provided is for you only. Unfortunately, you cannot sell or transfer your coverage. If you are getting rid of your vehicle whether by sale or as a gift to someone you must do the following:
- Advise COLFIRE immediately of the sale and change of ownership.
- Surrender the Insurance Certificate or Cover Note to COLFIRE.
- Request that the coverage on the car is terminated.
A premium refund will be paid to you.
Is COLFIRE’S Emergency Roadside Assistance (ERA) available to everyone?
Yes, once you have a policy with COLFIRE you can include the ERA service for a small fee. New policyholders (full comp only) get this benefit for FREE.
I know that the ERA is available 24/7, 365 days a year. How often can I use this service?
You have access to 3 ‘call outs’ during any one period of coverage. You can reinstate the service once the fee is paid.
Will I be able to get Emergency Roadside Assistance anywhere in Trinidad and Tobago?
COLFIRE’s ERA goes to almost every area across T&T. There are some areas however where this service may not be able to access, these include:
HOME INSURANCE COVERAGE
- Beetham - Phases 4 & 5
- Belmont - China Town
- Chaguanas - Crown Trace – Enterprise, Egypt Trace – Enterprise, Tobago Road
- Diego Martin - Bagatelle, Cemetery Street, Covigne, Mercer Road, Patna, Richplain
- Laventille – (1) - Bath St., Beverly Hills, Box Hill, Dan Kelly, Erica St., John John, Pashley St., Picton St.
- Laventille – (2) - Siparia Hill, Snake Valley, Soogrim Trace, Saint Barbs, Success Village
- Morvant - Coconut Drive, Never Dirty, Paradise Heights, Pelican Extension
- Port of Spain - Duncan Street (Lower), Nelson Street, Sea Lots, St. Paul Street
- San Juan - Laventille Road (Upper)
What is covered under Homeowners' Insurance?
Homeowners' Insurance covers the loss or damage to your home due to - fire, hurricane, earthquake, windstorm, flood, impact, burst pipes etc. It also covers your responsibility in any incident involving a third party.
Can I get insurance coverage only on my contents?
Yes, for sure. You can have all your household and personal items protected. You can even have your jewellery and valuables covered with COLEIRE's All-Risk policy.
In addition, COLFIRE's HomeSafe Advantage provides coverage at the same low rate as your home insurance. Once your home is protected by either a security guard, electronic security system or patrolled security you enjoy great savings.
What is the difference between "Market Value" and "Replacement Value" for a property?
"Market Value" is based on what someone will purchase your property for at a given point in time. This value can change significantly depending on the state of the economy or the housing market etc. "Replacement Value" is the actual cost to rebuild your home.
If I own a home and it's rented out, can the tenants insure their personal belongings?
Yes. Your tenants are free to insure their belongings.
I don't want to insure my home for its full value. Is that possible?
Yes, it is. However, when you don't insure your home for its full value, and you need to make a claim, you will only then receive the equivalent percentage of what your home is insured for. For instance, if your home is valued at $500,000 and you only cover it for $250,000 (which is 50% of the insured value) you will only recover half of the estimated loss.
As a homeowner, can I get public liability coverage?
Absolutely. This policy ensures you are covered in the event there is an accident on your premises causing injury or death to a third party.
What about Workman's Compensation? Can I include that in my coverage?
The answer is yes. There are some exceptions regarding this but give us a call, we'd be happy to explain it all.