Thread by @ira_kenya

Did you know that you are required by law to have motor vehicle insurance before you put your vehicle on the road? This coming week we will be posting about this type of cover. Keep it here!
#IRA #Motorvehicleinsurance #understandinginsurance #besafe #washyourhands #WearAMask

There are 4 levels of cover for motor vehicle insurance in the market. The first is “The Act Only”. This is the bare minimum motor insurance cover that you can purchase for your vehicle and it only covers liability for death and bodily injuries to third parties.

Before purchasing “The Act Only” cover, it’s important to note that it does not cover damage to third party property arising from an accident.

Should one purchase this cover, then one will be personally liable for the damage caused on third party property. Be Safe. Wash your hands. Wear your Mask.
#IRA #Motorvehicleinsurance #understandinginsurance

The 2nd cover is “Third Party Cover”. This cover is slightly wider than “The Act Only” in that in addition to covering third party death or bodily injury, it also covers liability for damage to third party property.
#IRA #BeSafe. #Washyourhands #WearyourMask

Under the “Third Party Cover”, the insured (vehicle owner) is covered against liabilities arising from accidental damages caused on other people’s property by his vehicle. He/she has transferred this risk to an insurance company!
Be Safe. Wash your hands. Wear your Mask.
#IRA

The 3rd cover is the “Third Party Fire and Theft”. As the name suggests, this cover takes care of third party deaths or bodily injuries, damage to third party property and loss or damage of vehicle occasioned by fire or theft.
Be Safe. Wash your hands. Wear your Mask.
#IRA

In a way, the “Third Party Fire and Theft” cover takes care of the insured (vehicle owner) in that in the event of a fire or theft, his loss will be compensated.
Be Safe. Wash your hands. Wear your Mask.
#IRA #Motorvehicleinsurance #understandinginsurance

The 4th cover is the Comprehensive cover. This type of insurance covers all perils not excluded! To then understand what it covers, one has to read through the policy document to identify that which is not covered!
Be Safe. Wash your hands. Wear your Mask.
#IRA

Comprehensive insurance provides cover for accidental damage to the insured’s vehicle by any peril not excluded. This makes it possible for the vehicle owner to have his vehicle repaired in the event of an accident or replaced in the case of a write off. Be Safe. Wash your hands.

It is important to note that the comprehensive cover has exclusions which for instance could include no cover for damages resulting from acts of terrorism, political riots floods or occurrence of an accident against a stipulated geographical area of cover. Be Safe. Wear your Mask