Key definition of terms and what is not covered will be under the terms and condition.

Average clauseThis cause states that if the value of the car open market exceeds the sum insured, the insured shall bear a rateable proportion of the loss accordingly in the event of a claim on their car.

Excess ClauseAs part of the conditions precedent to an insurance policy, it is understood and agreed that in any event leading to a loss the insured will be required to pay the first part of every claim expenditure on the claim.

Betterment Clause This clause states that the insured must contribute if the repairs to be done would improve the vehicle condition and same would always be applicable to parts subject to wear and tear.

Non assignment clause Proceeds of an insurance contract is not transferrable to a third party.

Unauthorized repair We will do everything possible to treat your claims very quickly, however if you commence repairs without our consent, we will only pay you N30,000 (Thirty Thousand Naira) or the receipted unauthorized repair costs less your policy excess, whichever is lower

Subrogation This refers to the document of the third party that is liable for an accident.

Indemnity The term indemnity insurance refers to an insurance policy that compensates an insured party for certain unexpected damages or losses up to a certain limit—usually the amount of the loss itself

Market price In the event where the repairer disagrees’ with the team adjustment, the team is obliged to use ‘market prices’ of the reported damaged parts to make an offer to the insured.

Mode of indemnification We may choose to replace, repair, or pay an amount equal to the loss or damage. We will not pay more than the sum Insured of your car at the time of the loss less any excesses, pay cash or replace your vehicle in the event of a loss

Vehicle Improvement Where repairs or replacement of a lost/damaged parts of your car results in betterment to that part of the car as a whole, the insured shall contribute proportionately for the betterment accordingly

Transportation of Damaged Vehicle We will pay you up to a maximum of N20,000 as charge for towing your vehicle to the nearest repairer, or to your address as shown on the schedule, or tow it to a secure place for it to be garaged, provided the damage to the vehicle has rendered it immovable

Constructive Total Loss Any cost of repairs greater than 65% of the sum insured, it will be considered as constructive total loss. We will pay the insured value of your vehicle as shown in your schedule or the market value after the policy excess and applicable depreciation have been deducted. Also, in this situation, any salvage will become our property.