Have you ever thought how much it would cost you if you had to rebuild your home? And what if you had to replace your car from a major accident? Whether its major damage, complete loss of your home or car, the result can be devastating indeed.

That is why EIBL can help make sure that you are adequately covered for the value of your property, and minimize the disruption to you and your family should a mishap occur and claim need to be made.

Motor Vehicle Insurance

Comprehensive insurance

Comprehensive motor vehicle insurance is the most popular type of insurance available for your vehicle. The policy covers the cost of repairing damage to your own vehicle, as well as third party property, cover damage to anybody else's vehicle, property and death or injury. Theft cover is also included.

Most policies are arranged on a "market value" basis. This means that if your vehicle is stolen and not recovered or damaged beyond repair, the insurer pays the current market value of the vehicle at the time of the claim. Premiums for comprehensive insurance are based on a number of factors. These include:

• Type of car/vehicle
• Age of car/vehicle
• Use of car/vehicle
• Claims history

Third party property damage insurance

This type of policy only covers damage that you cause to another person's vehicle or property, and death or injury to the person. It doesn't provide any cover for damage to your own vehicle.

Common terms explained

No Claim Bonus

This is a system where you accumulate a bonus for claim free years. The bonus is a percentage discount of your premium. For the first claim free year, you receive 20%. Each claim free year after that, you receive a further 10%, up to a maximum of 50%. If you have only had third party property damage insurance in the past, most insurers will recognize two years of every claim free year for 10% no claim bonus. If you are at fault, each claim reduces your no claim bonus by 20%.

Note that if you have an accident and are not at fault and can identify the other party; you don't lose any "NO CLAIM" bonus. Some companies also offer the facility to protect a maximum no claim bonus, meaning whether you are at fault or not you will not lose any 'No Claim Discount'.

Market Value

Is the current market value of your vehicle, usually at the time of the loss.

Agreed Value

This is a fixed amount that your car is insured for, which would be paid in the event of your vehicle being stolen and not recovered or damaged beyond repair. In most cases the premium is higher than for a market value policy.

Excess

This is the amount that you must pay towards any claim. Note that if you have an accident and are not at fault and can identify the other party; you won't have to pay your excess.

Home & Contents Insurance

Type of Policies Available

Generally there are two different home and contents policies available. They are commonly referred to as "Accidental Damage" and "Defined Events". Defined Events is also sometimes known as "Insured Events". The difference between the policies is summarized as follows:

Accidental Damage

This policy states in the insuring clause that you are covered for any accidental loss or damage. It then lists what you are not covered for (exclusions).

Defined Events

This policy specifically lists the events that you are covered for. Anything not mentioned is not covered. Some of the defined events included are:

• Fire
• Lightning
• Theft
• Explosion
• Accidental breakage of glass
• Malicious damage
• Impact damage

Note that both policies will not cover all natural disasters such as, floods, earthquakes and storm damages. Accidental Damage cover is more commonly taken than "Defined Events." It's a much broader cover and it can cover circumstances that may not be listed on a Defined Events policy (such as accidentally dropping an expensive object).

Both policies automatically include Personal Public Liability cover for you and your family living at the location. In summary, Public Liability covers you or your family for legal costs and compensation as the result of an occurrence in which you were negligent and caused injury or damage to someone or someone's property.

How much do I insure for?

The most common type of insurance is to cover most items for "new for old", also known as replacement value. It is imperative that the sum insured you select represents the full replacement value of your home and contents. Failure to insure for the replacement value can result in the amount of a claim being reduced proportionally by the amount that you are underinsured.

Listed Special Contents

Many items need to be specified on the policy in order to be insured for their correct value. Items such as jewelry, gold or silver articles, paintings, works of art, antiques, furs and special collections all need to be listed. Many other contents are restricted to certain amounts, unless the items are individually specified. Some examples are: money and negotiable documents, recorded music collections, musical instruments, home office contents, tools of trade, computers and spare parts for motor vehicles or motor cycles. Each insurance company has its own limits, which are detailed in the policy document that we supply on arranging the cover.