How To Calculate Comprehensive Car Insurance In Ghana?

Third-Party Liability (TPL) insurance covers any harm to a person or property caused by your insured vehicle, resulting in financial loss or death to the person.

TPL, on the other hand, does not cover expenses for repairs, so it’s always a good idea to have a coverage that also covers losses caused by damage to your own car.

The Insurance Regulatory Authority of India issues the TPL premium, which is based on the car’s capacity (IRDAI).

The OD cover is optional, although it is really useful. It reimburses your expenses if your car is damaged by natural disasters such as earthquakes, fires, or storms, or if it is involved in an accident. The arrangement is that as the Insurance Declared Value, or IDV, increases, so does the premium, and vice versa. As a result, as your car ages, the IDV falls.

The Indian Motor Tariff determines the premium for OD coverage as a proportion of IDV.


This portion of your automobile insurance premium protects you not only against accidents, but also from incidents that result in incapacity. Because the possibilities of handicap are higher than virtually any other consequence, this is an essential aspect of being thoroughly protected. Road accidents claimed the lives of approximately 3 lakh people in 2014. However, 5 lakh people were gravely hurt or incapacitated for the rest of their lives. You can also enhance the policy’s coverage to include nameless passengers.

Finally, there are riders. These riders, often known as auto insurance add-ons, offer a variety of protection and services for a small fee. Engine Secure, for example, protects against waterlogging damage, while Road Side Assistance provides assistance if your car breaks down in the middle of the road, and NCB Protection allows you to make two claims without losing your No Claim Bonus. Each rider adds to the strength of your auto insurance policy, ensuring that you are covered in any eventuality.

What is the average cost of 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 percentage is comprehensive insurance?

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 comprehensive plan in car insurance?

A comprehensive automobile insurance policy is a comprehensive motor insurance policy that protects the insured against both personal and third-party liability. A comprehensive car insurance policy covers you in the event of an accident, fire, theft, or natural disaster.

How is IDV calculated?

The maximum Sum Assured set by the insurer in the event of theft or total loss of the vehicle is known as the Insured Declared Value (IDV). IDV stands for the vehicle’s current market value. IDV is the reimbursement that the insurer will offer to the policyholder if the car is totaled.

IDV is the difference between the manufacturer’s stated selling price and depreciation. IDV does not include the costs of registration and insurance. If insurance is required, the IDV of non-factory installed equipment is computed individually at an additional expense.

What is minimum coverage car insurance?

According to California Insurance Code 11580.1b, the following are the minimum liability insurance requirements: $15,000 for a single person’s injuries or death. $30,000 if more than one person is injured or dies. Damage to property is worth $5,000.

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.

Is the driver covered in comprehensive insurance?

No, as the name implies, a Motor Vehicle Comprehensive policy only covers damage or loss to the vehicle as well as any third-party claims. As a result, the policy does not cover any loss or damage claims filed by the insured.