Before being driven on a public road in Kenya, your car must be covered by a motor insurance policy. Kenyan law mandates that you show your car insurance certificate on the windscreen of your vehicle, where a police officer can view it.
The significance of having an automobile insurance policy is that it provides financial protection in the event of an accident. This implies that if you have an accident, the insurance will ensure that you do not incur any unexpected charges.
The cost of car insurance varies depending on the type of insurance and the insurance company. The majority of insurance firms in Kenya offer three categories of motor insurance coverage: comprehensive, third-party, and third-party fire and theft.
While third-party insurance is less expensive and solely covers third-party damages, the cost of comprehensive automobile insurance varies widely according to the large range of benefits available. Third-party, fire, and theft insurance covers third-party liabilities such as injury, death, or property damage; fire damage in the event of a fire; and reimbursement in the event of a vehicle theft.
In the unfortunate case of an accident, third-party insurance provides the most basic protection. This is a legal need because it covers damages, injuries, or death to a third party. (He isn’t a party to the insurance agreement)
If you have third-party insurance on your automobile, it implies that if you have an accident, the insurance company will only pay for damages to property such as buildings, the other car, or harm to the other person, not for you or your vehicle. A CIC third-party insurance policy protects you from the following risks:
A private third-party only car insurance policy costs between KShs 5,000 and KShs 10,000 per year, with the average market price ranging from KShs 5,000 to 7,500 per year.
While the previously mentioned third-party coverage solely protects the third party involved, third-party fire and theft coverage provides extra benefits. This policy protects you against car loss due to fire or theft, as well as property damage.
Although comprehensive car insurance is not required, it is the most popular among Kenyans. In the event of an accident, both parties are fully protected under this policy. A comprehensive insurance policy provides financial protection in the event of a car theft, damage caused by fire, riots, or natural catastrophes such as floods. Third-party benefits include damage to other people’s property, such as vehicles or buildings, as well as injuries and death.
Additional coverages are offered by various insurance firms in conjunction with their comprehensive insurance plans. These policies cover items like windscreens, glass damage, entertainment units, and excess waivers, among other things.
The cost of comprehensive insurance is determined by the worth of your vehicle once it has been appraised. The cost of a CIC comprehensive insurance policy ranges from 6% to 3.5 percent of the car’s worth.
When purchasing a car, insurance is critical because it protects both the individual and their asset. Before looking for a car insurance policy, one should educate themselves on the many forms of insurance available so that they may get the one that best meets their needs.
What is a Car Insurance coverage calculator?
The Car Insurance Coverage Calculator is a learning tool that will assist you in understanding insurance coverage and the many aspects to consider when determining your limits and deductibles. The calculator can help you calculate the optimum coverage for your car based on your personal and car details, as well as your driving habits.
In addition to your driving record, a number of additional factors are taken into account when determining vehicle insurance coverage and quotes. Continue reading to learn more about the elements that have a direct impact on vehicle insurance coverage calculations.
What is a Car Insurance Estimate?
What we commonly refer to as a “auto insurance quote” is referred to as a “car insurance estimate.” Obtaining a car insurance quote or estimate in Kenya is the first step in acquiring a new insurance policy for your vehicle. The procedure include presenting the Car Insurance firm with thorough information about oneself and the vehicle. The company will compute the vehicle insurance or rates based on the information provided, particular criteria, and the amount of car insurance coverage selected.
These specific parameters (used to compute insurance rates) fluctuate between insurance firms in Kenya, which explains why premiums vary when comparing automobile insurance quotes from different insurers.
Calculate how much you would pay and save if you switched to InsureAfrika before obtaining or renewing your Kenyan car insurance.
How is cost of car insurance calculated in Kenya?
The worth of the car, the age of the car, and the additional features included in the policy determine the cost of car insurance in Kenya. Your risk profile will also impact your premiums when purchasing Next auto insurance. When calculating the cost of your automobile insurance, a number of criteria are taken into account. These factors include your age, driving experience (measured in years), and claims history.
The Age of the Car
Consider two cars that are nearly identical yet were built three years apart. If the vehicles in question are two Toyota Axios, one from 2007 and valued at Ksh 800,000, and the other from 2010 and priced at Ksh 1,000,000. The premium for the 2007 Axio will be Kshs 28,000, while the premium for the 2010 Axio will be Kshs 35,000.
The Value of the Car
The car’s worth is a major factor in determining the premiums that must be paid. Two cars built in the same year but with different current values will command different premiums. Consider the following two Subaru Legacies, both of which were produced in 2012. The first is worth 1.5 million shillings, while the second is worth 1.2 million shillings. The premiums that arise will be as follows. Purchasing auto insurance for the 1.5 million Subaru Legacy will cost between Kshs 56,250 and Kshs 67,000, depending on the company, while purchasing insurance for the 1.2 million Subaru Legacy would cost between Kshs 45,000 and Kshs 60,000.
Extra Benefits Chosen
Extra perks will increase the premium value, but only by a little amount. If we add extra benefits to the two Subaru Legacies policies, such as Political Violence & Terrorism Risks benefit, Excess Protector, Riot, Strike & Civil Commotion, Radio cassette/CD player, and Windscreen cover, the policies’ values rise to between Kshs 63,750 and 82,500 for the 1.5 million car and between Kshs 60,000 and 82,500 for the 1.2 million car, depending on the company.
Benefits Of Using An Online Car Insurance Calculator
Are you buying an insurance coverage without first comparing quotes? This could end up costing you a lot more than you realize. You could be paying more for the same benefits that could be had for less money. You may be overpaying if you are trying to get a new vehicle insurance policy in Kenya or merely renewing your current policy without considering other possibilities.
Before choosing an appropriate and affordable auto insurance policy, you should constantly research the market and compare different coverage plans and their costs. While looking for accessible insurance quotes offline can be laborious and time-consuming, using a vehicle insurance calculator might save you time.
When evaluating your insurance alternatives, these are some of the advantages of using a Car Insurance Coverage Calculator:
- It’s quick, simple, and time-saving. You only need to set up a few minutes to complete the essential information.
- It ensures that every time your insurance policy is renewed, you obtain the best pricing.
How much do you pay for comprehensive car insurance?
In 2017, comprehensive insurance coverage cost an average of $160 per year. This is less expensive than most other methods of protection. Though this amount is likely to include group coverage, which are often less expensive than individual policies. The cost of your policy is determined by the vehicle’s “actual cash value” (ACV). This is the cost of replacing the car when depreciation is taken into account. As a result, higher-value vehicles are more expensive to insure, although the cost of your policy is highly dependent on your deductible.
What does comprehensive insurance cover in Kenya?
When a person buys a new car, the first step is to ensure that the vehicle is protected from various threats while driving on the road.
A car insurance kenya policy is a godsend for a vehicle. But how does one go about selecting the best car cover?
Remember that the correct coverage will protect your car against unforeseeable damages, unintentional loss, and a variety of other scenarios.
Purchase of a third-party liability policy is required by Kenyan law, but is this the only protection your automobile requires?
Why Comprehensive Cover?
A Comprehensive Car Insurance policy in Kenya protects you and your assets from damage in the event of an accident.
This sort of insurance will cover you in the event of a financial or collision loss caused by an accident.
If you choose mandatory only coverage, you will pay lower insurance premiums but will only be covered for third-party losses.
While choosing overall protection, i.e. a fully-fledged comprehensive insurance, will result in higher premiums, it will also give you with add-ons that will safeguard you and others against a variety of hazards.
What is Comprehensive Coverage?
A comprehensive auto insurance policy provides you with the additional coverage you need to cover both your own vehicle and third-party liability.
When compared to third-party insurance, a comprehensive coverage policy may be more expensive.
In Kenya, comprehensive car insurance normally covers you against loss or damage caused by fire, theft, vandalism, accidental loss, natural disasters, animal attacks, and falling items (like a tree or hail).
Comprehensive Coverage Deductibles and Limits
When you buy fully comprehensive coverage, you’ll choose a deductible amount that you’ll pay out of pocket in the event of a covered claim. Let’s imagine you choose to pay a KSh 500 deductible, and your automobile is later flooded.
If your claim costs KSh 1,500 to fix, you will only have to pay KSh 500 as a deductible, and your insurance company will cover the balance of the cost, i.e. KSh 1,000.
Car insurance that is all-inclusive The maximum amount paid by your company policy for a covered claim is known as the limit. The genuine cash worth of your car is usually the limit on comprehensive coverage.
If your automobile is stolen, for example, your fully comprehensive car insurance coverage will reimburse you for the decreased value of your vehicle. You will almost certainly have to pay some of your own money to replace your stolen vehicle with a newer make and model.
How Is Comprehensive Cover Better?
A comprehensive policy ensures that you are covered for third-party liabilities as well as damage to your own vehicle while driving.
We’ve explained why comprehensive insurance is a better option than third-party insurance in this section:
A comprehensive policy is always believed to cost more than third-party coverage. Is that correct? Not at all! This sort of insurance protects your vehicle against a variety of dangers.
Damages to another party’s car as a result of an accident are covered by third-party liability insurance.
A policy like this will not cover you. A comprehensive insurance package, on the other hand, protects your car as well.
You can choose add-ons to a comprehensive auto insurance policy to increase the coverage. This could include things like 24-hour roadside assistance, towing, and windscreen coverage, among other things.
Where To Buy?
You can get a completely comprehensive insurance policy in any of the following ways: offline or online. A broker or agent, a direct quote from an insurance firm, or a referral from a friend or relative are all examples of offline methods.
You can look up the best insurance service companies in Kenya on the internet. Some companies allow you to compare insurance quotes from several insurance companies and assist you in selecting the best one.
Once you’ve chosen the right company, you can seek guidance from the company’s representatives. Which policy is best for your vehicle’s make and model?
Consider the insurance premiums you will be required to pay for your insurance coverage.
Read your policy thoroughly to ensure that you are receiving all of the advantages stated in it.
For property insured in NSW, QLD, ACT or TAS
You can pay monthly, but paying annually will save you money. In addition to being a pricing consideration, you may pay extra if you choose to pay your insurance monthly due to administrative fees.
For property insured in SA, WA and the NT
You have the option of paying biweekly, monthly, or quarterly. The overall cost of your coverage is the same regardless of the option you choose.
How much is a third party insurance in Kenya?
Private vehicle insurance is the most frequent type of Motor Third Party insurance in Kenya, which is understandable given that most cars in Kenya are used for personal and social purposes. This is the most prevalent type of coverage, and it is available from all Kenyan general business insurance firms.
Costs
A private third-party only car insurance policy can cost anywhere from KSh 5,000 to KSh 10,000 per year. The cover sells for between KSh 5,000 and KSh 7,500 on the open market. Check here to compare the costs of vehicle third-party only insurance.
How does comprehensive car insurance work?
Consider whether you can live without your automobile if it is written off or stolen when selecting which sort of insurance is right for you. Consider whether you can afford to pay for damage to someone else’s car in the event of an accident.
Third party versus comprehensive insurance
- CTP (compulsory third party) insurance is included in the cost of your vehicle registration (except in New South Wales, where you buy it separately). Green slip insurance is another name for it. If you damage or kill someone in an automobile accident, it covers the costs of compensation claims.
- When you’re at fault in an accident, third-party property insurance covers damage to other people’s property, including cars.
- Property damage and theft are covered by third-party property, fire, and theft insurance, which also protects your car if it is stolen or damaged by fire.
- Comprehensive insurance covers both your automobile and other cars in the event of an accident, even if you are at fault. It also protects you if your car is stolen or destroyed due to fire, water, or vandalism.
How your car is valued
You can determine how your car is valued with comprehensive insurance. The worth of your car is the amount you’ll collect if it’s totaled or stolen:
- The amount your car would have sold for if it hadn’t been involved in the accident.
You won’t know how much you’ll get if you claim if you use the market value, and you won’t be able to adjust the amount. You’ll pay a greater premium if you employ an agreed-upon value.
What is covered under comprehensive insurance?
When you get comprehensive coverage, it helps cover the cost of damages to your vehicle that aren’t caused by a collision. Theft, vandalism, hail, and hitting an animal are all covered with comprehensive coverage. For example, if you are driving and struck a deer, comprehensive coverage would cover the damage. Comprehensive coverage does not apply if you swerve to avoid hitting a deer and hit a tree because this is considered a collision with an item.
You can add comprehensive coverage to your policy to help protect your vehicle. Unlike some other coverages, comprehensive does not have a limit. The maximum amount it will pay is determined on the vehicle’s real cash worth. Your chosen deductible will be your responsibility to pay.
Is comprehensive insurance the same as full coverage?
Comprehensive insurance is a sort of coverage that protects your car against things like falling objects, theft, and vandalism, and it differs from collision insurance. As part of so-called “full coverage,” collision and comprehensive insurance are frequently combined to protect a vehicle against most types of damage.
How much is car insurance a month for a 30 year old?
The average cost of auto insurance for a 30-year-old for a liability-only policy is $937 per year, or roughly $78 per month. For 30-year-old drivers, the average cost of auto insurance for a full-coverage policy which includes greater liability limits as well as comprehensive and collision coverage is $2,390 per year.
Is comprehensive car insurance compulsory?
CTP insurance is required for all approved vehicles, whereas comprehensive auto insurance is optional. CTP insurance only protects you against personal injury liability that may arise if you cause an accident and damage someone else.