Motor Insurance
This is an insurance policy that covers the policyholder (owner of vehicle or a person who has insurable interest) in case of financial loss resulting from an accident or damage caused to the insured’s vehicle.
It covers loss or damage to the vehicle in the event of an accident, theft, fire, riots & strikes and covers financial liability incurred due to loss or damage to third party or third-party property.
Types of motor insurance covers include:
Comprehensive Insurance
This is a policy that covers damages to third party and third-party property along with the policy holder’s vehicle. This include loss or damage by accident, fire, lighting, theft, riots & strike.
Third Party Only (TPO) Insurance
This is a policy that covers damages to third party liability, that is bodily injury or death caused to a third party and damage to third party property while using the vehicle. Third party cover does NOT cover for repair or damage to your vehicle.
Extra benefits that come at an additional premium under motor insurance include:
Excess protector: In all classes of insurance there is a cost known as EXCESS (first part of the claim). This is the amount that insured contributes towards settling their claim. With excess protector the insured does not contribute towards the excess.
Road rescue services: Usually assist motorist in the event of a car breakdown, mechanical failure or an accident. It can include fuel delivery, battery jump starting, puncture repair, tyre change and road accident rescue and towing.
Personal accident: This an insurance cover that provides cash benefit in the event of body injury or death caused by an accident. It can pay out for things like hospitalization & medical costs, loss of income up to a certain limit.
Courtesy car: This is a car that the insurer provides during the period your car is undergoing repairs as a result of an accident.
Political Violence and Terrorism (PVT) is an insurance that covers an individual or a company against physical loss and damage, as well as business interruption costs, as a result of terrorist or political violence act or acts such as civil commotion, sabotage, malicious damage, and consequential looting.
