FAQs

• Are accessories in my car automatically covered?

  Once accessories or stereo equipment are not factory fitted, it is your responsibility to produce documentation to prove the value of accessories and to ensure that these are specifically insured under your Motor policy.

• Do I have a grace period?

  If your insurance cover expires at midnight before a public holiday or weekend, you should ensure that your policy is renewed before date as there is no grace period.

• Do I have to pay my premium all at once?

  No, ICWI offers the most flexible payment plans without using a finance company: Semiannual and Quarterly. To make paying your premiums even more convenient, you can choose from our many payment methods:

  • Tele Scotia
  • Post-dated cheques
  • Tele Midas
  • Cash
  • Pre-authorized payment from your chequing or savings account
  • Credit Card

  Please note that in the event of a claim, all outstanding premiums become due. Remember you must pay on time! Late payments incur a penalty.

• If I am insured under a private motor cover, can the vehicle be used for business?

  The vehicle can be used for your business purposes if the insurance company has been be notified of the change. This cover will attract additional premium.

• If I make a windscreen claim, is my claim discount affected?

  No. A windscreen claim does not affect your NCD, nor is an excess payable. The benefit is limited to two (2) claims for the life of the policy. You can purchase/reinstate this benefit after the 2^nd claim.

• If I modify my car will it affect my premium?

  You must advise ICWI of any change to your vehicle which would increase performance. The associated risk will be underwritten to determine if there will be an increase in premium.

• What do I do if I sell my car? Can I sell my insurance?

  The coverage provided is for you only, you cannot sell or transfer your insurance policy. Should you dispose of your vehicle by whatever means, whether sale or gift to a friend you must do the following:

  • Advise ICWI immediately of the sale and change ownership of the vehicle
  • Surrender the Insurance Certificate or Cover Note to ICWI.
  • Request that the coverage on the vehicle be terminated
• What is a no claim discount (NCD)?

  This is discount which is earned by an individual for having a claim-free/accident-free period of insurance. Every year of claim free driving increases your NCD until is reaches maximum.

  A NCD cannot be borrowed, loaned, or transferred to another individual. It is earned separately for each vehicle owned and can be transferred from one vehicle to another with identical ownership. Once there is a claim, whether you are at fault or not, your NCD may be affected.

• What is included under homeowners insurance?

  Homeowners Insurance covers loss or damage arising from a variety of “Perils” such as fire, hurricane, earthquake, flood, faulty plumbing. It also includes cover for your liability to third parties in the event of your negligence. Please consult your Insurance Company/Broker for full details.

• What is the policy excess?

  The excess is the first portion of claim you pay when making a claim. It is specified as a percentage of the value of the vehicle. The excess must be paid whether you are at fault or not. Your insurance policy covers any amount over the excess up to the sum insured.

• Who is authorized to drive my vehicle?

  Only persons or category of persons named are covered by your Insurance Policy to drive your vehicle. If anyone else should be driving your vehicle and there is an accident you will not be entitled to any compensation.

• Why do I need to insure my property at full replacement value?

  If you insure your home for less than the full replacement value, in the event of a partial loss you would be subjected to the CONDITION OF AVERAGE. Under this condition if you have a claim for partial loss, what you would receive from the Insurance Company would be the same percentage of your loss as your sum insured is to the full replacement value, minus any excesses that are applied under this policy. E.g. your sum insured is 50% of the replacement value, you would be paid 50% of the loss, minus the excess.