CAR INSURANCE COVERAGE

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 a maximum of three (3) ‘tows‘ and unlimited ‘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 all areas across T&T.


HOME INSURANCE COVERAGE
 

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.
 

CAR CLAIMS

What Do I Need To Do If I'm Making A Claim On My Car?

Visit our Claim Centre online and fill out the relevant claim form. Submit this to us and print out a copy. When you visit our office please walk with the following:

- Original claim form signed by the owner/s (with company stamp if a company car.)
- Copy of driver's permit or ID (updated Certified Copy)
- Copy of driver's permit or ID of person on Third Party Insurance Certificate
- Copy of driver's permit of person who was driving third party vehicle
- Estimate for damages
- Letter from TP's Insurance Company stating terms of insurance
- Certificate of Insurance
- Vehicle's Certified Copy of Ownership
- Vehicle Inspection (if vehicle can be driven)

If you have any concerns or questions you can give us a call at 800-CARE.
 

What Do I Need To Do If I Am Making A Claim On My Windscreen?

Visit our Claim Centre online and fill out the relevant claim form. Submit this to us and print out a copy. When you visit our office please walk with the following:

- Original claim form signed by policyholder/s (with company stamp if a company car)
- Policyholder/s driver's permit copy
- Driver of vehicle - driver's permit copy (if different)
- Estimate for damages
- Vehicle Inspection (if vehicle can be driven)
- VAT letter - insured/s (private garage repairs)
- VAT Certificate(s) (in name of ALL insured person/s)
- Mortgagee Status or Release Letter (if car is no longer mortgaged)
- Certificate of Insurance (if car is a Total Loss or Constructive Total Loss)

If you have any concerns or questions you can give us a call at 800-CARE.
 

Do I Have A Grace Period In Which To Renew My Car Insurance?

Sorry no, there's no grace period. Your policy will expire at 12 midnight on the date of expiration for example - if the period of cover is 1st January 2019 - 31st December 2020, there will be no coverage from January 1st 2021 starting at 12:00 am and going forward. To avoid this renew your car insurance before the expiration date.
 

If I Make A Claim For My Damaged Windscreen, Will That Affect My Safe Driver's Discount?

If you get into an accident and your windscreen is cracked or shattered but there is no other damage to your car, your policy covers you up to a specified amount. Under these circumstances making a claim will not affect your Safe Driver's Discount nor will it be subject to an excess.
 

Why Do I Need To Get A Certified Copy?

Having a Certified Copy is the only way we can ensure that the settlement cheque is paid to the registered and rightful owner of the vehicle.
 

Why Must I Be Responsible For Selling The Salvage. I Thought I Was Paying COLFIRE To Seek My Interest?

The salvage vehicle does not belong to COLFIRE. This property belongs to you or the mortgagee if it is mortgaged. We cannot sell an item that does not belong to us. We can assist you by providing contact information of firms and persons who are interested in purchasing salvage vehicles. The decision to sell and the amount rests with you the owner of the car. Also, the Licensing Office will not transfer vehicles that are damaged.
 

When The Excess Is Recovered From The Other Insurance Company, Why Can't You Reinstate My Excess Waiver Benefit

The excess waiver benefit is independent of recovery or liability. When the insured or his or her spouse is involved in an accident, no excess is applied to the settlement of the claim. The benefit eliminates your need to find additional funds. For the benefit to be functional it cannot be dependent on recovery or liability.
 

Do I Really Need To Have My Car Valuated Every Year?

The value of your car changes over time. It normally will reduce in value because of usage. In the event of a total loss e.g. a Fire Claim or a Theft Claim, the amount paid by the company will be the value of the vehicle immediately prior to the incident/accident, or the sum insured - whichever is less. Please know that claim settlements are still subject to an excess. For instance, if you buy your car in 2006, and it is written off a year later, the value is less than when you paid for it. Annual valuations help us ensure that your policy is kept up to date with any changes in value. Also, valuations are used as the basis to calculate your insurance premium. This ensures you pay the correct premium to cover the value of your vehicle.
 

Is There A Difference Between A Valuation Report And An Inspection Report?

Yes. A valuation report establishes the value of the car/vehicle and an inspection report speaks to its general condition and roadworthiness.
 



HOME CLAIMS
 

What Do I Need To Do If I Am Making A Claim On My Home?

Visit our Claim Centre online and fill out the relevant claim form. Submit this to us and print out a copy. When you visit our office please walk with the following:

- Original claim form signed by Company
- Proof of Identification
- ID, Driver's Permit for Owners of Property
- Estimate for damages
- Any 2 of the following: WASA bill, Deed, Land & Building Tax Receipt (Original)
- VAT Certificate

If you have any concerns or questions you can give us a call at 800-CARE.



COMMERCIAL OR BUSINESS CLAIMS
 

What Do I Need To Do If I Am Making A Burglary Claim?

Visit our Claim Centre online and fill out the relevant claim form. Submit this to us and print out a copy. When you visit our office please walk with the following:

- Original claim form signed/stamped by Company
- Estimate for items stolen
- Police report or police receipt
- Company, internal investigator's report and statements
- VAT Certificate

If you have any concerns or questions you can give us a call at 800-CARE.
 

What Do I Need To Do For A Public Liability Claim?

Visit our Claim Centre online and fill out the relevant claim form. Submit this to us and print out a copy. When you visit our office please walk with the following:

- Original claim form signed/stamped by Company
- Estimate for damage
- Proof of Identification - ID, Driver's Permit for Owners of Property
- Any 2 of the following: WASA bill, Deed, Land & Building Tax Receipt (Original)
- VAT Certificate

If you have any concerns or questions you can give us a call at 800-CARE.
 

What Do I Need To Do For A Workman's Compensation Claim?

Visit our Claim Centre online and fill out the relevant claim form. Submit this to us and print out a copy. When you visit our office please walk with the following:

- Original claim form signed/stamped by Company
- Employer's statement - Health Benefit Form
- Sick Leave Certificate/s and/or Statement
- Medical bill/s - originals
- Medical report/s - originals
- Signed wage receipt
- Fitness certificate, Permanent Disability Medical Report, Death Certificate

DISCOUNTS

What is a Trade Discount on parts?

Authorised Dealers sell the parts necessary to repair your car. These Dealers usually give COLFIRE a special Trade Discount which in turn is passed on to you, our valued customer. In the case of a cash settlement COLFIRE will give you a Trade Discount letter. This letter can be presented to the Dealer and your discount will be honoured.
 

What is a Safe Driver's (aka No Claim) Discount?

This is a discount that you can earn for not making claims under your policy. Once you do not make any claims your discount will continue increasing each time you renew. You can get as much as 65% OFF your premium after five (5) years.
 

INSURANCE TERMS & MEANINGS

 

Average Clause - Underinsurance can severely limit the amount recoverable under your policy. Where the sum insured under your policy is less than the value of your property, you will be considered as your own insurer for the excess value or difference. In the event of a claim, the insurance company will only pay the rateable proportion of the claim or the sum insured that premium was paid for. For example, if the sum insured under your policy is 50% of the value of the property at the date of loss, your claim will be reduced by this proportion. To avoid any delays in processing your claim, please ensure that your property is appropriately valued and insured for this amount.

Adjuster - An Insurance Adjuster, also known as a Claims Adjuster, is someone who investigates claims. They determine how much, or if your insurance company should pay you for damages or losses sustained to your home, car or personal items.

Contents Insurance - Contents Insurance is coverage that protects your belongings. It can be taken as a standalone policy as part of your homeowner's insurance or as part of your renter's insurance.

Date of Loss - The date on which you suffered the loss, damage, destruction or accident.

Effective Date - An effective date refers to the exact date and time your insurance policy will officially become active. You can find the effective date on your Policy Schedule.

Emergency Roadside Assistance - We provide 24hour emergency assistance should your car need to be towed, a battery boost, refueled, a tyre change or locksmith services. A maximum of three (3) "call outs" is allowed during any one period of insurance.

Endorsement - Any changes made to your policy during the period of insurance.

Excess - You are responsible for a specified amount on each claim. This amount can be expressed either as a sum of money e.g. $1,500.00 or as a percentage of the loss e.g. 5%. A deductible operates in exactly the same way as an excess. The excess represents the portion of the risk that you bear, in the event of a loss.

Exclusions - Any loss or damage which is not covered by your policy. We ask that you read your policy wording carefully to ensure you understand the relevant exclusions. Please feel free to discuss it with any of our friendly customer service representatives.

Expiry Date - The date your insurance cover ends.

Flood and Special Perils - Cover in the event your vehicle is affected by flood or any other natural disaster.

Indemnity - This enables you to go back to the premium you were entitled to before the loss or accident. It cannot be used as a a way to profit or better your circumstances.

Legislative Limits of Liability - The Motor Vehicles Insurance (Third-Party Risks) Act, Chap. 48:51 (the ‘Act’) requires every policy of insurance to cover third party bodily injury and third-party property damage with the minimum limits stipulated by the Act.

In the unfortunate circumstance that you have an accident and the claim under your insurance policy exceeds the Legislative limit, you will be responsible for any additional costs. To protect you, COLFIRE offers twice the minimum limits of liability stipulated in the Act.

Loss of Use Benefit - In the event of an accident and you are unable to use your car, COLFIRE will pay the value of the benefit for the number of days required to complete the repairs (to a maximum of 15 days).

New for Old Benefit  - In the event of a claim, COLFIRE will waive the cost of replacing damaged parts with new parts. This will only apply to vehicles 5 years or less.

Partial Waiver of Excess - In the event of an accident COLFIRE will waive the excess to be paid by either you or your spouse.

Premium - The amount that you will pay on the policy taken with us.

Safe Driver / No Claim Discount - This is a discount that you earn by not making any claims on your car insurance. At COLFIRE we offer the highest Safe Driver Discount in the market- 65% for Comprehensive cover.

Schedule - This is a document that is incorporated into your policy. It includes your name, address, details of items insured, the premium and taxes.

Windscreen Coverage - We will repair or replace your windscreen, windows and sunroof up to the limit you have requested in your coverage.