PERSONAL INSURANCE FAQ

• Q: What's a deductible or excess or insured’s contribution?
  This is the amount you've agreed to pay out of your pocket before your insurance pays for any covered losses. It can also be a standard deductible which the insurance companies have dictated. Here's an example. Say you have $20,000 worth of covered damage, and you picked a $500 deductible, applicable to that coverage, when you bought the policy. That means you pay $500, and your auto insurance pays the rest. Almost all home and contents insurances apply a standard deductible of 2% for damage caused by catastrophic risks such as hurricane, earthquake etc.

• Q: How long will my claim take?
  Every claim is unique, and there are many factors that could affect how long it takes to resolve your claim. Our claims personnel are made up of experienced professionals who work with issues similar to yours day in and day out. We will work quickly to get your claim resolved efficiently.

• Q: What happens if my vehicle is total loss?
  The decision whether to repair or declare a vehicle a total loss is based on the type and the extent of damage, age of the vehicle and other factors. In order to make a decision, your vehicle must be thoroughly inspected, and the damage assessed. If you have collision coverage, and your repair estimate is more than the vehicle's worth, your insurance will pay the actual cash value of the vehicle, up to the limits of the policy, minus your deductible.
   
• Q: Will my insurance premium increase if I file a claim?
  Every policyholder's situation is unique, so depending on your circumstances, your premium may be affected. Some motor policies have no-claim protection. This means when you file a claim, your no-claim discount is not affected. If you are concerned, don't hesitate to discuss this with our claim department.
   
• Q: I had some damage to my home, but my damages are probably not more than my deductible. Should I still file a claim?
  You buy insurance to help protect you in case of a covered loss, so filing a claim could help protect you in case there are covered damages or injuries discovered later. Additionally, if you become involved in litigation because of a covered claim, your insurance could help pay for legal bills. If you are not sure whether damage is recoverable under an insurance policy, don’t hesitate and call us.
   
• Q: What if the facts change or I don't have all the information needed to report a claim?
  Remember your MCIS claims representative is availabe to you throughout the claim handling process. What's most important is to report your claim as soon as possible even if you don't have all the information. The sooner you report your claim, the sooner we can start processing it. You can always contact your claim representative again if you find additional damage you hadn't noticed before.