FREQUENTLY ASKED QUESTIONS
Q.1: Does FinGuard apply to new and used vehicles?
A: FinGuard applies to NEW vehicles only.
Q.2: What is the interest rate being charged?
A: Our rates are very competitive compared to the market. Give us a call and we will quote a rate for you!
Q.3: What is the minimum down payment required?
A: 15% minimum downpayment.
Q.4: Can I get FinGuard for a term other than maximum 5 year term?
A: Yes. FinGuard is applicable for applicants wishing to obtain facility for 3 and 4 year terms.
Q.5: What is the maximum age limit for obtaining FinGuard?
A: 60 years.
Q.6: Will insurance cover both parties if application is joint?
A: Once vehicle is registered in the name of both parties, yes insurance will cover joint applicants.
Q.7: Is FinGuard applicable to only private vehicles?
A: No. FinGuard applies to both private and commercial vehicles.
Q.8: If I have a Pick Up (‘T’) vehicle being used for my private, social and domestic use, can I include it on this plan?
A: Yes, Pick-ups being used for private, social and domestic use can be covered under this plan.
The requisite Declaration Form stating that the vehicle will only be used for social, domestic and pleasure purposes must be completed and submitted.
Q.9: Would my premium/installment increase if I have an accident or claim during the period of the loan?
A: No. Installment is fixed for period of loan which is maximum of 5 years.
Q.10: If I decide to repay my loan before maturity, what happens?
A: In the event of early repayment, although the rate is fixed throughout the 5 years, consideration can be given to refund the unearned premium e.g. If the period of insurance is from 2019 to 2023 and the loan is settled mid-way during the 2020-2021 period, the insurance company would consider refunding the unearned premium from renewal date 2021-2023, provided no claims were made on the policy. This refund can be used towards settling the loan.
Q.11: If the vehicle is written off what happens to the loan?
A: If vehicle is written off, the normal terms and conditions apply as per insurance process. An investigation would be done and once completed, the insurance company would make the cheque payable to the Bank. Clients should note, that in the interim of the investigation, they are fully responsible for honoring their debt.
Q.12: Can I apply my existing No Claim Discount towards FinGuard?
A: No. FinGuard already includes No Claim Discounts.
Q.13: If I cancel my policy, would I get a refund?
A: Given that FinGuard is a wrapped package, if the applicant cancels the policy, once there has been no claim made during the tenure of the loan, the refund of unearned premiums would be made payable to the Bank.
Clients should note, however, that the Bank should be advised prior to cancelling with the Insurance company as this would affect the overall loan.
Q.14: What is the Excess or Deductible?
A: An excess clause provides that the insured must bear the first amount of any loss. It can be expressed either as a sum of money e.g $1,500.00 or as a percentage of the value e.g. 3% of the value $250,000.00 = $7,500.00. A deductible operates in exactly the same way as an excess. The excess represents a portion of the risk the insured bears in the event of a loss.
Q.15: What is Comprehensive Insurance?
A: A Comprehensive policy generally provides cover for your vehicle against loss or damage by collision, fire, theft or malicious acts. Additional benefits for which an additional premium is paid, will provide cover for extra perils (for example, acts of God such as flood, hurricane etc.). Comprehensive Insurance also covers your liability to a third party in the event of an accident up to the policy/statutory limit.
Q.16: Am I covered for Flood and any natural disasters?
A: Yes, under comprehensive motor policy you are covered for flood, hurricane, windstorm, tornado, earthquake or any other convulsion of nature.
Q.17: If my windscreen is damaged, will a claim affect my Insurance Premium?
A: If there is breakage of glass but no other damage to the vehicle and this is caused by an accident, your policy covers you up to a specified amount. Claiming will not affect your insurance premium at renewal nor will it be subject to an excess.