You must have heard it before, the world is now in your hands. But when it comes to damage, you can only wish the dilemma was not in your hands. The best of drivers out there cannot boast of being immune to the road unpredictable activities that can occur at any time. When such happens, there is a lifesaver that comes through to calm fears. It is the car insurance cover.
When it comes to car damage, calculations on how to repair one’s car is enough headache, let alone repairing that of another. For instance, buying a car with the value of Ksh. 1, 000, 000, the breakdown of some cost you will have to pay may be equal to the cost of purchase. Coupled with the floods and poor infrastructure, you might end up spending a large sum of money on one vehicle.
Now, let’s dive into the three types of car insurance one can get. Depending on the purpose and of course, your pocket, you can choose the right kind of insurance that will fit your needs.
Types of Car Insurance
As the name reads, comprehensive insurance provides cover against a wider range of risks than other types. They include car damages, accidental bodily injury on third parties, loss of items from the car, cost of accidental transfers by car hire/towed vehicle if the insured car incurs massive damage, and windscreen breakage.
Third party, Fire and Theft Insurance
Third party motor provides cover for loss of the vehicle through fire or theft and any loss as a result of attempted fire or theft. Damage to property is also covered.
Third party provides cover for basic motor predicaments. It is one of the most popular insurance packages as it is a mandatory cover required by law. It offers liability to third parties in the event of bodily injury and damage to third party vehicles or property. However, it does not provide insurance compensation to your damaged vehicle in case of an accident.
What You Need to Get Insurance
Getting an insurance policy is not a child’s play, it is the beginning of financial investment and also requires certain documents to bind the legal contract. Here are the documents you need to present to a car insurance company in order to get a policy.
1. National ID Card (or other official ID)
You will be asked to present a form of identification before they process your carr insurance policy application. A national ID because is the most popular form of identification available in Kenya but you can also use other government verified forms of identification such as your Kenyan passport. As a foreigner, you are required to have an alien ID issued by the Kenyan government or your passport.
2. Log Book
A logbook is also required to purchase a car policy. It is proof of ownership and will be required whenever you make a claim. It contains information such as the details of the car, such as make and model, engine capacity, age, carrying capacity, etc. These elements are used to calculate the value of premiums you will be required to pay.
3. Valuation Report
You will be required you to provide them with a valuation report. This will provide you with a list of affiliated valuers who will then carry out an independent assessment of the value of the car, and thereafter send the report to the insurance company. For ease, it may be advisable to get that list from your insurer rather than going to look for a valuer yourself, because you will be charged less as a client of the insurance company. Some insurance companies will require a new valuation periodically to adjust the value of the total sum assured, factoring in wear and tear, and depreciation.
4. The car insurance Proposal form
The insurance company will also expect you to fill out a motor insurance proposal form. This form is the one used to assess your risk levels. An underwriter will examine it and will calculate the premiums you need to pay for the risks you would like to be covered. Most companies have the insurance proposal form on their websites for easy download. It is, however, advisable to fill the form in the presence of an insurance agent to ensure you get full clarity on the matters it raises, and a full understanding of the consequences of each of your responses. Giving false information on your proposal form can void your insurance.
Wondering how to get car insurance? Speak to our insurance experts today.