Motor Insurance
Motor Insurance (Vehicle)
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Comprehensive Motor Insurance
These include:
- Damage to your vehicle – Costs incurred in repairing or replacing your car and in the event of an accident.
- Fire damage to your vehicle – Costs incurred in repairing or replacing your car in the event of it being damaged in a fire.
- Theft of your vehicle – Costs incurred in repairing or replacing your car in the event it is damaged or can’t be recovered after it has been stolen.
- Damage to third party vehicles – Costs incurred in repairing or replacing third-party vehicles that have been damaged as a result of an accident where you are deemed to be at fault. It’s usually up to the limit agreed in your policy.
- Damage to third party objects, structures and property – Costs incurred in repairing and/or replacing objects, structures and property that has been damaged as a result of an accident where you are deemed to be at fault. It’s usually up to the limit agreed in your policy.
- Bodily injury to third party drivers and their passengers – Costs incurred in treating injuries incurred by third-parties as a result of an accident where you are deemed to be at fault.
- Bodily injury to you and your passengers – Costs incurred in treating injuries incurred by you (limited) or your passengers (unlimited) as a result of an accident where you are deemed to be at fault.
- Driving Other Cars (DOC) – Some comprehensive motor insurance policies come with a Driving Other Cars (DOC) clause. This enables you to drive another car on the basis of Third Party Only cover and it is up to the Third Party Property Damage limit. However, you may only do so if the vehicle in question is insured and you have the owner’s permission.
Third party, fire & theft Motor Insurance
These include;
- Fire damage to your vehicle – As with comprehensive cover, there is provision for the costs incurred in repairing or replacing your vehicle in the event of it being damaged in a fire.
- Theft of your vehicle – Costs incurred in repairing or replacing your vehicle in the event it is damaged or can’t be recovered after it has been stolen.
- Damage to third party vehicles – Costs incurred in fixing or replacing third party vehicles as a result of an accident where you are deemed to be at fault. It’s usually up to the limit agreed in your policy.
- Damage to third party objects, structures and property – Provision for the costs incurred in the repair and/or replacement of objects, structures and property that has suffered damage in an accident where you are deemed to be at fault. It’s usually up to the limit agreed in your policy.
- Bodily injury to third party drivers and their passengers – Costs incurred in the treatment of injuries suffered by third-parties in an accident where you are deemed to have been at fault.
- Bodily injury to you and your passengers – Costs incurred in treating injuries incurred by you (limited) or your passengers (unlimited) as a result of an accident where you are deemed to be at fault.
Third Party Only Motor Insurance
Our Motor Third Party cover includes this plus emergency treatment and personal accident for the insured or driver and occupants of the vehicle. Damage to third party property is also covered up to a predetermined limit.
- Damage to third party vehicles – Provision for costs incurred in repairing or replacing third party vehicles that have been damaged in an accident where you are deemed to have been at fault but covered up to a predetermined limit.
- Damage to third party objects, structures and property – Costs incurred in the repair and/or replacement of objects, structures and property that has suffered damage as a result of an accident where you were at fault but covered up to a predetermined limit.
- Bodily injury to third party drivers and their passengers – Cover for costs that are incurred in the treatment of injuries to third parties as a result of an accident where you were at fault.
- Bodily injury to you and your passengers – Costs incurred in treating injuries incurred by you (limited) or your passengers (unlimited) as a result of an accident where you are deemed to be at fault.
Executive Motor Insurance
Distinctive Benefits
- It covers the costs of renting a temporary replacement vehicle while your normal vehicle is being repaired
- It pays for the cost of towing your car if you break down or have an accident
- As the insured party, you bear no portion of the claim as a deductible, and you keep your no-claims discount even after you make a claimSo how is the executive motor insurance different from standard comprehensive car insurance?
Whether you’re an individual living in Ghana, or a corporate with fleets of vehicles used by key management personnel, the executive motor insurance is the ideal choice.
Other Benefits;
- Damage to your vehicle – Costs incurred in repairing or replacing your car and in the event of an accident.
- Fire damage to your vehicle – Costs incurred in repairing or replacing your car in the event of it being damaged in a fire.
- Theft of your vehicle – Costs incurred in repairing or replacing your car in the event it is damaged or can’t be recovered after it has been stolen.
- Damage to third party vehicles – Costs incurred in repairing or replacing third-party vehicles that have been damaged as a result of an accident where you are deemed to be at fault. It’s usually up to the limit agreed in your policy.
- Damage to third party objects, structures and property – Costs incurred in repairing and/or replacing objects, structures and property that has been damaged as a result of an accident where you are deemed to be at fault. It’s usually up to the limit agreed in your policy.
- Bodily injury to third party drivers and their passengers – Costs incurred in treating injuries incurred by third-parties as a result of an accident where you are deemed to be at fault.
- Bodily injury to you and your passengers – Costs incurred in treating injuries incurred by you (limited) or your passengers (unlimited) as a result of an accident where you are deemed to be at fault.
- Driving Other Cars (DOC) – Some comprehensive motor insurance policies come with a Driving Other Cars (DOC) clause. This enables you to drive another car on the basis of Third Party Only cover and it is up to the Third Party Property Damage limit. However, you may only do so if the vehicle in question is insured and you have the owner’s permission.
Frequently Asked Questions
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What are the types of insurance?
General Insurance – General Insurance provides financial security and protection for your movable & immovable assets and investments. It could be your house, vehicle, office assets, business operations, personal belongings, etc.
Types: Motor Insurance, Travel Insurance, Home Insurance, Personal Liability, Business Insurance, Property Insurance and more.
Life Insurance – Life Insurance plan(s) pays a certain amount of money (lump sum or part) to the insured person as per the plan term or to his or her beneficiary in the event of the death of the insured. Types: Term Plans, Income Replacement, Child Plans, Retirement Plans, Tax Saving Plans, Money-Back Plans, Monthly Income Plans, Funeral Plans, Short Term Guarantee Plans, Systematic Investment Plans and more.
Health Insurance – Health Insurance gives coverage for the insured’s medical or hospital expenses.
This assures that you and your family will have enough money to pay for expenses if ever you get ill and are hospitalized. Types: Individual Health Plans, Family Health Plans, Corporate or Group Health Plans, Critical Illness Plans, Preventive Health Plans and more.
Micro-insurance – Micro-insurance as the name suggests, encompasses of life, health and general insurance but offers coverage to low-income households or individuals who have little savings. It is tailored specifically for lower valued assets and compensation for illness, injury or death. Some of these risks include agricultural insurance, insurance for theft or fire, health insurance, term life insurance, death insurance, disability insurance and insurance for natural disasters and more.
How to choose an insurance company
Here are some of the things that you need to consider before choosing an insurance plan, hence a company:
• The reputation of the insurance company
• Compare the benefits and coverage of their policies.
• Is it the right type for your needs?
• What is the claims settlement ratio?
• Terms and Conditions of their policies.
• Policy serving and claims handling (are they prompt and efficient).
• If you are ready to explore your options, then let the experts assist you!
How to choose the best insurance plan
1. First, understand your requirements (future financial needs, your child’s education, marriage, or some other requirement).
2. Second, calculate how much premium you can pay every month or quarterly or half-yearly or annually.
3. See what benefits the Plan gives (each insurance company gives different benefits, so compare).
4. Decide on the tenure of the Plan.
5. See whether it is value for your hard earned money.
6. Decide the Sum Assured, the more the sum assured, the more the benefits.
7. Read the Terms and Conditions of the Plan.
8. Find out how prompt the insurance company is in settlement of claims for the plan.
What is insurance excess / deductible?
An example; If a motorist had a car insurance policy that has a policy excess of 10% and files in a claim for damage to his/her vehicle amounting to GH¢10,000, he/she would have to cover the first GH¢1,000 (ie.10% of the claim amount), with the insurer covering the remaining GH¢9,000.
It is possible to opt for zero excess or buy the excess off…however; the insurer has the prerogative in accepting or even increase it depending on the risk in question.
What is an insurance policy?
What is a quote?
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