So just what is going on with motor insurance in this day and age? With everything else going on in your life, it can be nearly impossible to keep track of the latest trends and information. Here in this article, you will find some of the most important information that you have been looking for.
When getting motor insurance is not a wise idea to only get the minimum cover stipulated by the Laws of Kenya i.e. Third party Covers. That cover require that you cover Third party claims only. If you get that type of insurance and your car is damaged you will not be paid for the damage to the car and any injury to you and your family. This means that the cover is not wide enough and only covers third party injury, death and property damages.
With motor insurance, the excesses are fixed according to the various classes of insurance and one should always refer to the IRA stipulated excesses to avoid any cases of paying a higher excess than required.
Make sure you understand what coverage you are buying. In Kenya today there are two major types of cover, they may come with different names according to the insurer but they are always either Third party Only (TPO) or Comprehensive covers. Despite the name comprehensive cover, there are still some aspects that are not covered, for example, terrorism, vehicle towing and riot, strike and civil commotion. Learning the differences between the types of coverage and the available extensions will make you much better prepared when reviewing quotes.
Do not try to claim your car is worth more than it really is. It’s tempting to think that in case of an accident you might end up with a check larger enough to go out and buy that luxury car you’ve always wanted. It doesn’t work though because insurance companies only pay the fair market worth of your car, not what you claimed it was worth. This is the main reason why they send their clients for valuation. These valuation reports advice the clients and the insurance companies the market value of the vehicle. This is beneficial to the owner because they will not pay more premium and will only pay a premium proportionate to the value of their vehicle, so it is extremely important that one gets his vehicle valued.
When choosing an Motor insurance policy, look into the quality of the company and also the claim payment history. The company that holds your policy should be able to back it up. It is good to know if the company that holds your policy will be around to take care of any claims you may have.
In conclusion, it is definitely difficult to stay on top of all of the latest tips and tricks coming out about motor insurance. To make matters worse, information is constantly changing, which can make it nearly impossible to be an expert, unless you make it a point to keep yourself up to date. This article only advises you the important aspects of the motor cover and specific benefit limits would only be given by the companies themselves. This means that you should have several quotations before making any purchase decisions to ensure that you get the best cover out there. Hopefully, you found this article interesting, informative, and were able to learn a couple of new things.
Article Written by: Joseph Ndung’u, B.com, AIIK