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Finsef extends cover to imported cars

In June 2021, Finsef Brokers added vehicle insurer FinCar to its already expansive bouquet of offerings. Staff Writer HARRIET NKONJERA met with Finsef Marketing Officer AMANTLE TEFO this week

mm by Staff Writer
October 27, 2021
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Q: Tell us about the services Finsef offers as an insurance broker?

A: Finsef is an independent insurance broker that offers a wide range of insurance services like all a major insurance companies. In the short-term (up to 12 months), we offer insurance for cars, property, personal effects, business risks and long-term insurances respectively, as well as funeral and group life schemes.

Q: You have FinCar, which covers grey imports. When did you start offering insurance cover for imports?

A: In June 2021, seeing that many imported cars weren’t insured, we crafted a simple, affordable and inclusive scheme for first-time insurers. This scheme, however, is open to all excluding already insured vehicles.

Q: Which cars fall under the FinCar?

A: All cars, imported or local, valued below P500,000

Q: How much should I insure my car for?

A: Your car should be insured at its market value. We have assessors available to provide valuations.

Q: Do I have the option to pay a monthly premium if I cannot afford once for entire year?

A: Yes, we offer payment options to suit our clients. You can opt to pay monthly, quarterly or annually.

Q: What does this insurance cover include?

A: FinCar is a comprehensive motor insurance and covers the following: Accidental damages to your vehicle, third-party liability, natural disasters, fire, theft/hijacking, windscreen damages, as well as towing charges from the accident scene to the nearest garage subject to terms, exceptions and conditions.

Q:  What is a policyholder and can someone else pay for insurance for a vehicle under my name if I am unable to?

A: A policy holder is the principal/ owner in whose name the policy is taken or issued. Yes, someone else can pay the premium on behalf of the policyholder.

Q: Is there a waiting period after I become insured?

A: Most insurance policies become active upon payment of a premium. However, there may be a waiting period for certain life covers.

Q: What is the process when I need to make a claim for my vehicle?

A: Do not accept liability following an accident, notify your insurer of the accident, have a police report, complete an insurance claim form, and have two repair quotations.

Q: How long after putting in a claim will I get assistance with my vehicle?

A: Immediately, in most cases. Depending on the severity and on documentation provided, repairs can be authorised within 72 hours.

Q: What other aspects affect my insurance premium?

A: The sum insured (the value of what is being insured), demographic factors, claims experience, amounts of deductibles or excess contribution.

Q: Will my annual premium change each year for my vehicle?

A: Annual premiums are subject to change, depending on such factors as claims experience/claims history, market trends, and economic facts like VAT and inflation.

Q: What is excess and will I be required to pay excess after putting in a claim?

A: Excess is a contribution made by a client towards every claim lodged and is generally set as a percentage of the claim amount. It is currently 5 percent of claim minimum of P3500 for FinCar

Q: How do I apply for Fincar cover?

A: We are in Unit 5, Plot 75783, Setlhoa Office Park, Gaborone. Our contact details are as follows:  Office +267 3164650 and Whatsapp: +267 74106564

Tags: Amantle TefoFinsef Brokers

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