Graham Lyle Insurance
You have a duty under the Insurance Contracts Act to take reasonable care not to make a misrepresentation to the insurer for this type of policy. Your duty applies before you enter into the policy, and also before you renew, extend, vary, or reinstate the policy. You will be required to answer questions and the insurer will use your answers to dc decide if they will insure you, and anyone else to be insured under the policy, and on what terms. To ensure you meet your duty, your answers to the questions must be truthful, accurate and complete. If you fail to meet your duty, the insurer may be able to cancel your contract, or reduce the amount it will pay if you make a claim, or both. If your failure is fraudulent, the insurer may be able to refuse to pay a claim and treat the contract as if it never existed.
Third Party Only covers you for the damage that your vehicle causes to others property and vehicles.
Third Party Fire & Theft covers you for the damage that your vehicle causes to others property and vehicles. It also covers your vehicle for Fire and Theft but no other damage to your vehicle.
Covers you for all of the above and in addition, damage to your own vehicle.
The premium is set by the insurance company based on an estimated value of your vehicle. In a total loss event an assessor will provide you with the current value that your vehicle would be sold for in its current condition, age and milage.
You advise the insurer what you think the value of your vehicle is and In a total loss event an assessor will provide you with the current value that your vehicle would be sold for in its current condition, age and milage. You then receive the lesser amount of these two figures.
You and the insurance company agree on a set value that you would be paid if your vehicle was a total loss. This may be a more expensive option.
