CAR INSURANCE
Whether you are cruising around the neighborhood or parking your wheels for the night, car insurance can provide financial peace of mind especially when it comes to accidents and emergencies’.
Purchasing the right car insurance can be a bit difficult if you lack relevant information.
Car insurance cover is an essential part of car buying process. Having the right cover prevents you from spending a lot of money repairing your car in case of an accident.
Car accidents are very common on the Kenyan roads. This can be attributed to poor road conditions and reckless driving. However when buying a car insurance cover you cannot settle on just any cover, you need to conduct an in-depth research.
Kenya, there are three major types of car insurance covers that you can choose from.
- Third party insurance
- Third party fire and theft insurance
- Comprehensive insurance
THIRD PARTY INSURANCE
Motor third party insurance or third party liability cover, which is also referred to as the “the act only “cover is a statutory minimum requirement under the motor vehicle act.
It is referred to as the third party cover since the beneficiary of the cover is someone other than the owner of the car and the insurance company, the policy does not provide any benefit to the car owner, however it covers the car owners legal liability for death/disability of the third party loss or damage to the third party property.
THIRD PARTY FIRE AND THEFT INSURANCE
This type of cover offers a better coverage for your car unlike the third party cover.
It protects your car from everyday risks such as theft and fire and legal liability for death/disability of the third party loss or damage to third party property.
COMPREHENSIVE CAR INSURANCE
This is the most recommended cover for a car.
Defined as an optional coverage that protects against damage to your vehicle caused by events that are out of your control.
This includes theft, vandalism, glass and windshield damage, fire, accidents, weather or other acts of nature.
Another benefit is that you do not have to pay for accidental damage to your car, additionally you can enhance your cover to include uncommon risks like political violence, excess protector and courtesy car.
TAKE AWAY
General wear-and-tear (like rust and worn-down tires), electrical and mechanical faults are not covered unless they happened during the accident.
The driver/owner of the car is not covered – usually advisable when purchasing car insurance whether third party or comprehensive to also purchase a personal accident cover for yourself to take care of your medical expense and disability. With as low as ksh 4,000 per annum you can afford a personal accident cover that offers you coverage as below.
| Benefit | Amount |
|---|---|
| Accidental death | 250,000 |
| Permanent total disablement | 250,000 |
| Temporary total disablement (payment per week) | 2,500 |
| Medical expense | 25,000 |
| Last expense | 25,000 |
| Artificial appliances | 15,000 |
| Wheel chair | 15,000 |
| Optical | 2,500 |
| Hearing aids | 2,500 |
| Dental | 2,500 |
| Local evacuation | 15,000 |
Nb - Personal accident cover is essential in our day to day life because we somehow ride, drive, driven or use public transport system that we never know when it can cause accidents. Risk mitigation is therefore important.
At Lukas Actuarial & Insurance solutions we keep our promise on;
- Giving competitive industry motor vehicle rates and personal accident covers.
- Taking the client through the journey of onboarding, cover issuance and claim process in case of an accident.
- Identify best garage to have the car inspected and repaired from.
- Give clients payment options i.e. installments, in case they are not able to pay the full premium once.
Compiled by
LUKAS ACTUARIAL & INSURANCE SOLUTIONS
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13TH FLOOR SUITE 6
Lets talk : 0710135824
Email Us : LETSBUYISURANCELIFE@GMAIL.COM
Our Official Website : https://lukasactuarialsolutions.co.ke/