18 Questions
What is the maximum amount payable for accidental loss or damage to the vehicle?
The sum insured (TPFT + COMP)
If repair costs exceed the current market value of the vehicle, what action will the Company take according to the text?
Settle the claim by payment of the vehicle’s market value. In such event the Company may take possession and ownership of the vehicle and dispose of it and retain its salvage value
When will the Company replace a new vehicle with a new vehicle of the same make, model, and specification according to the text?
If it is stolen and not recovered
What option does the Company have for repairing a vehicle beyond its current market value?
Repair with parts of similar standard but not made by the manufacturer
What is one condition must be met for the Company to replace a stolen new vehicle with a new one according to the text?
It is damaged and repair costs exceed 60% of its new list price
In what scenario will the Company settle a claim by making a payment for a vehicle's market value?
If repairs to the vehicle exceed its current market value
What is the maximum amount the Company will pay if a vehicle is not immediately available in Malta or was not purchased in Malta?
The reasonable market value of the vehicle in Malta at the time of loss or damage
What is included in the Personal Accident coverage (not applicable to Motor Cycles/Quad Bikes) ?
Medical expenses for the Insured and passengers
What is the maximum limit for Personal Accident coverage for Death & Permanent Disablement?
€2,000 per person
Under what conditions will Breakage of Glass coverage apply according to the text?
Accidental damage, caused by breakage only, to the glass in the windscreen, sunroof or windows
What must be done to ensure that Breakage of Glass claim does not affect the No Claim Discount?
Ensure that no other damage is claimed
In case of permanent disability, how much can be claimed for modifications or adaptations done to the insured vehicle according to the text?
€2,000
If a private vehicle owner has had 4 years claims free and makes a single claim, what will be the new No Claims Discount (NCD) percentage at the next renewal?
60%
For a commercial vehicle owner aged 21-24, what would be the voluntary excess for Third Party Only in case of own damages?
€465
In the event of two claims arising during the period of insurance for a private vehicle owner with 3 years claims free, what will happen to the No Claims Discount (NCD)?
It will be reduced by 2 years step-back
For a motorcycle owner aged 18-20, what is the total excess payable for Comprehensive cover in case of own damages?
€350
If a private vehicle owner with MotorMax coverage ages from 25+ to 21-24, how does the excess change for Theft or Theft Damage or Fire following Theft?
Increases to €250
In which situation would a motorcycle owner benefit from an excess waiver on Comprehensive Cover?
If they have a Home Policy with MMS covering contents in force at the time of loss
Study Notes
- The text outlines various provisions of an auto insurance policy offered by a company.
- The policy covers accidental loss or damage to a vehicle, including its accessories and spare parts, up to the reasonable market value at the time of loss or damage, but not exceeding the Sum Insured.
- The company may repair, reinstate, replace, or pay for the loss or damage; use parts of similar standard for repair; or settle the claim by payment of the vehicle's market value if repairs exceed the market value.
- If a new vehicle is stolen or damaged beyond repair within the first 12 months of purchase in Malta, the company will replace it with a new one of the same make, model, and specification, if immediately available.
- Personal Accident coverage for death and permanent disablement, as well as medical expenses, is included for the insured and passengers.
- Police report and doctor's referral are required for Personal Accident and Medical Expenses claims.
- Glass breakage and bodywork scratching caused by broken glass are covered, up to €1,000, without affecting the No Claim Discount.
- No Claim Discount (NCD) reduction after claims: single claim results in a one-year step-back, two claims result in a two-year step-back, and more than two claims result in a 0% NCD.
- Various excesses apply to different types of damages under private, commercial, and motorcycle policies.
- Excess waiver is available for Comprehensive Cover if the client has a Home Policy with MMS covering contents, subject to conditions.
Test your knowledge on the maximum amount payable for accidental loss or damage to a vehicle, including accessories and spare parts. Understand the criteria for determining the reasonable market value at the time of loss or damage.
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