If your car is stolen or damaged beyond repair, insurers will only pay the market value at the time of loss. If you insure less than this amount you will receive the figure you insured.

All property insurances require you to be responsible for the first part of all claims for hurricane, earthquake and related flooding. Your responsibility is 2% of the value insured. This is called an “excess” or “deductible”.

In some Caribbean territories the excess or deductible has been increased to 3 or 5%.

Without excesses or deductibles, that eliminate small claims, insurance premiums would be higher.

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