FREQUENTLY ASKED QUESTIONS (FAQ)
TAKAFUL QUESTIONS
While the end goals of insurance and takaful are similar (to provide financial cover against risk such as accidents), there are subtle but important differences between the two concepts. While conventional insurance is governed purely for commercial considerations, the takaful system is based on mutual co-operation and shared responsibility. It must adhere to Islamic principles – most importantly of which it must be free from elements of gharar (uncertainty) in respect of contribution and coverage, maisir (gambling) and riba (interest).
Certificate holders cooperate among themselves for the common good. Every certificate holder pays their subscription to help those who need assistance. Losses are divided and liabilities spread according to the community pooling system. Uncertainty is eliminated in respect of subscription and compensation. Takaful does not derive advantage at the cost of others
Takaful is for everybody; it is open to all and sundry and since it is primarily based on the concept of cooperation, it is beneficial to all members of the society without any form of discrimination
CLAIM QUESTIONS
We encourage you to contact us as soon as possible any time you have a loss, especially if you’re looking to get something repaired. Technically, you’re required to report a claim even if it’s not your fault. We’re here to protect your interests and help when you’re involved in an auto accident, no matter who was at fault. Reporting a claim is particularly important when people are injured or there’s damage to another person’s car or property. The best way for us to protect you is to open a claim. When you report a claim, we’ll gather some basic information, then assign a claims rep to you. They’ll provide more details on the claims process and answer any questions
Generally, a vehicle is a total loss when the cost to repair it and return it to its pre-loss condition is greater than the value of the vehicle. In some states, a vehicle may be a total loss if the repair costs would exceed a percentage (e.g., 80%) of the vehicle’s value. A vehicle may also be a total loss if it cannot be returned to its pre-loss condition.
It depends on how complex the claim is, how serious the damages or injuries are, and how willing other involved parties are to cooperate. Our claims representatives always work toward prompt resolution of every claim. If a claim requires follow-up work, we’ll be there with you every step of the way – no matter how long it takes. And, if your claim has been concluded and additional damage or injuries are identified, we’ll reopen the claim and determine if your policy provides coverage for the additional expense.
Your claims rep will determine who is at fault (who is liable) based on the laws in your state and the circumstances of the accident. Depending on the facts of the loss, there may be shared responsibility between the drivers involved.
