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FAQs
  1. What will affect the price of my motor insurance?
  2. Will my premium be affected if I claim on my motor insurance?
  3. What is an Excess?
  4. Will I be able to choose my excess?
  5. How should I determine the amount of houseowner coverage to purchase?
  6. What is the difference between market value and replacement cost?
  7. How does average affect my houseowners policy?
  8. How long should I wait before I report an incident or accident?
  9. What is considered an act of God?
  10. I want to travel abroad for several months. Will my house be covered if it is burglarised during my absence?
  11. My house was damaged during the storm and is unsafe to live in. Will my insurance cover the cost for temporary living arrangements?
  12. Underinsurance

1. What will affect the price of my motor insurance?

Generally the type of vehicle you purchase, the use of the vehicle (e.g. if the vehicle is used for business and for routine daily commute), type of coverage required, your age and the age of other drivers, your occupation, your driving experience (how long you have been driving) and your driving record.

2. Will my premium be affected if I claim on my motor insurance?

Yes. The No Claims Discount you received was a reward for not claiming on your insurance policy. Once you claim, your discount will be reduced and this causes an increase in your premium.

3. What is an Excess?

The excess, which is called also a deductible, is the amount you are responsible for when you claim on the policy. It is the amount that the policy does not cover and you must pay before Vinsure becomes responsible for payment under the policy. For example, if your claim is for $5,000 and your excess is $1,000, you pay $1,000 and Vinsure pays $4,000.

4. Will I be able to choose my excess?

Our excesses are compulsory. You will not be able to choose your excess.

5. How should I determine the amount of houseowner coverage to purchase?

We recommend that you have your house valued by an appraiser and use the value given. Since it is impossible to predict today what the exact cost will be to replace your house in the future, it’s important to have enough coverage to account for unforeseen circumstances. We suggest that you review your insurance coverage annually.

6. What is the difference between market value and replacement cost?

“Market Value” is the value established by the amount a willing buyer pays for property from a willing seller. “Replacement cost” is the amount needed to replace your damage or destroyed property. In the case of house insurance, it is the cost of rebuilding your home or replacing your damaged property to the condition it was before your loss. The replacement cost of a home is NOT the market value of the home, its purchase price or the outstanding amount of any mortgage loan. It does not include the value of the land, but is the cost of rebuilding your home. Routine maintenance does not increase the replacement cost.

7. How does average affect my houseowners policy?

If your building, contents, inventory, etc. is insured for less than its full replacement value and there is a claim for partial loss, you will be responsible for the amount that you have chosen not to insure. For example, if you insured only 75% of the value, you will receive payment of only 75% of the loss or damage sustained.

8. How long should I wait before I report an incident or accident?

We prefer if you report all incidents and accidents within 24 hours of its occurrence to allow us to investigate properly. If you are unable to do so, report it as soon as possible. Two weeks or two months later is not considered as soon as possible.

9. What is considered an act of God?

Any force of nature which is beyond human control or influence is considered an act of God. How this affects your policy depends on what type of coverage you have.

10. I want to travel abroad for several months. Will my house be covered if it is burglarised during my absence?

You will be covered if there is someone living in your house during this period. If, however, you are the only occupant of the house and during your absence you do not engage the services of a caretaker who visits the premises occasionally, your loss or damage will not be covered. Our houseowner policy does not cover any loss or damage to the house if it is left unattended for more than 40 consecutive days.

11. My house was damaged during the storm and is unsafe to live in. Will my insurance cover the cost for temporary living arrangements?

It depends on the coverage you have bought. Please check with the company to determine if your policy includes this cover.

12. Underinsurance

When you choose to insure an interest for a sum less than its replacement value you are considered to be uninsured.

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St. Vincent Insurances Limited,
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