Have you ever wondered why policyholders don’t win cases against insurance companies when they file complaints to IPEC or take them to court? It’s because everything is stated in the policy documents. Every policy states the cover, extensions, limits and exclusions.
With motor insurance it’s important to understand the difference between RTA, Full Third-Party, Full Third-Party Fire and Theft and Comprehensive insurance and accordingly decide on what will suit you & your car better. One should not just pay a premium and assume they are fully covered.
Knowing the difference between insurance policies is vital, and also being aware of policy ‘limits’ and ‘excess’ which affect the full compensation of claims. Read the policy document or get an agent to advise you on the technicalities of the policy.
A lot of people with RTA and Full Third-Party policies come in to claim for their own damage. That is not hoe those policies work. Third-Party insurance only covers you against Third-Party Property damage and Third-Party bodily injure and death up to a certain LIMIT.
The general public knows very little about the world of insurance. It’s unfortunate this lack of knowledge often leads to misunderstandings, and belief in common insurance misconceptions mostly cause people to make uninformed cover decisions.