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Frequently Asked Questions

Yes you do.  However, the only insurance that you need to have is liability insurance, which covers your potential liability to others as owner/user of a motor vehicle as stipulated by law.

Yes you do.  The Proposal Form is used to obtain information from you about yourself, the vehicle itself, the drivers, and any institution that may have a financial interest in the vehicle.   It gives the insurance company an opportunity to assess the application to determine whether or not to accept the risk, the premium to charge and terms to be imposed (if any).  The Proposal Form forms the basis of the contract between you and your insurer.

Under the law, the Certificate of Insurance is required as proof of the existence of insurance. If for any reason a Certificate of Insurance cannot be prepared at the time of paying your premium, a cover note (Temporary Proof of Insurance) will be issued until the Certificate of Insurance is prepared. If it is lost, you should advise your insurers immediately.

No.  Purchase insurance to cover your newly acquired vehicle.  Once the former owner sells the vehicle, his/her financial interest in the vehicle ceases as does his/her insurance coverage on the vehicle.

No.  A Certificate of Insurance is required for each vehicle insured.

No Claim Discount is a mechanism in which your insurance company rewards safe drivers.  The discount is earned on the insurance premium annually if you do not claim on your insurance.  It increases each year you are claim free up to the maximum attainable under your policy.  No claim discount is transferable from one vehicle to another and from one company to another (even if that company is in another country).  To transfer a No Claim Discount from one company to another, an original letter is required from your previous insurer confirming the discount entitlement.  No Claim Discounts are reduced or disallowed in the event of a claim depending on the type of motor policy.  Some policies have an ‘accident forgiveness’ benefit.

Your insurance certificate will state who is authorised to operate your vehicle.  If it states any person driving with your permission, then your insurance is valid if you lend the vehicle to someone, provided that person holds a valid driver’s licence.

Yes, you may.  Simply advise us in writing and return the Certificate of Insurance.

An Excess is the portion of any claim that you will bear out of pocket before your insurance company will pay.  Usually it is a fixed percentage of the sum insured of your vehicle.

No, there is no grace period under your motor policy.  You must ensure that your insurance is current and valid at all times.

Yes.  If you modify your motor vehicle to make it more powerful or faster, you need to inform your insurer.  Such modifications increases the risks associated with your motor vehicle and consequently the premium.  If you fail to inform your insurer, it is not covered under your policy and any claim will not be honoured.

No, it is not covered automatically.  Accessories including a new music system, which were not fitted by the original manufacturer, are not covered.  It is therefore your responsibility to obtain proof of the value of these items and ensure that they are specifically insured.

Failure to report an accident is a breach of the terms of the policy.  If the other party chooses to pursue a claim on your policy, your rights to protection under the policy may have been forfeited.  It is important to report all accidents and avoid unnecessary problems.

Your house should be insured for the cost of rebuilding as new. That means your house should be insured for the actual cost to replace the building(s). If you are uncertain of the replacement cost, we recommend that you consult a professional property valuator.

Yes, you can. You can insure your household goods, valuables and other personal belongings such as furniture, video and audio equipment, television, computers, clothing, etc.

The decision on coverage should be determined by the potential risks to which your home is exposed.  Damage or loss resulting from fire, lightning and explosion are automatically covered by all basic fire policies.  However, you may consider other risks such as flood, earthquake, hurricane, burglary, accidental damage and other perils not included in a standard fire policy.  An All Risks Policy such as the GTM Homeowners Comprehensive Policy would be ideal.

Yes. A deductible is applicable to most losses under your home insurance except losses by fire, lightning, explosion and damage from falling aerials, fittings and masts.

Yes.  Typically, Homeowners Insurance covers you for accidental discharge of water from a plumbing system.

Yes, it is advisable to make a home inventory and keep it in a safe, accessible place in the event you need to file a claim.  A home inventory is a detailed list of everything in your home and should include:

  • Description of each item
  • Serial number
  • Purchase date
  • Purchase price or estimated value

To make the process easier:

  • Physically walk around the house and build your list
  • Take pictures and store them electronically
  • Save your receipts!
  • Have jewellery items appraised periodically. The value of precious metals and gemstones is constantly changing.

Once you have completed your inventory, make sure it is stored in a safe place, on a cloud storage service, with a friend, at the office, in a safety deposit box, or at your office.  Just ensure it will survive if there is ever a major damage to your home.  Ensure the inventory is kept current.


The need for insurance is very important, especially in protecting your loved ones from financial burdens. GTM group of insurance companies can help to provide financial security for you and your family in the most difficult times. Customize your coverage and protect those you love most with our comprehensive plans. Sign up and get a quote today!