Do you own a motor vehicle? If so, do you have private motor vehicle insurance? If not, are you thinking of getting it soon? Many people drive around without private motor vehicle insurance. However, this is not a smart thing to do. Without private motor vehicle insurance, if your car gets damaged or is stolen, you will be left out of pocket and may even risk your credit rating. If you’re wondering why you should consider private motor vehicle insurance and what exactly does it cover? Keep reading to find out more about this essential type of car insurance and why you need it!
What is Private Motor Vehicle Insurance?
Private motor vehicle insurance is a type of car insurance that you buy as the owner of the car. A car nowadays has become a necessity and not a luxury! At Shimin Insurance Agency, we offer insurance solutions that protect your investment as well as fit your needs hence, have peace of mind.
Our Private motor vehicle insurance policy provides comprehensive protection against loss or damages to the motor vehicle as well as liability to third parties. At Shimin, we offer excellence through our customized products through engaging, several benefits that can be toiler-made according to our customers’ needs. These benefits include those that cover death, and permanent disability of insured drivers, family members, or employees.
Why you should consider getting private motor vehicle insurance
If you don’t have private motor vehicle insurance and your car is damaged or stolen, you could be left in a tough situation. Without private motor vehicle insurance, you will have to pay for your car repairs out of your pocket. If your car is stolen, you will have to pay for the full replacement value. If your car is damaged, you may have to pay for the repairs out of your pocket. This can be very expensive and can take a long time to come off your credit rating if you have no one to claim from.
If you have private motor vehicle insurance, then you don’t have to worry about any of these issues. You can claim from your insurance company and get the repairs or full replacement value of your car back. You can also choose to claim any stolen accessories such as your stereo, GPS, and even your rims.
What does Private Motor Vehicle Insurance Cover?
We offer various types of tailor-made motor private insurance covers that suit your requirements. Depending on your requirements you can purchase any of the following policies.
Comprehensive insurance is coverage that helps to replace or repair your vehicle in an incident that’s not a collision. It typically covers damage by fire, theft, vandalism, or falling objects like trees. This package is recommended for those who are financing or leasing their cars.
Third-party insurance allows coverage facing claims of damages and losses incurred by a driver who is not the insured, the principal, and is hence not covered under the insurance policy. This type of insurance is also known as automobile insurance. It is subdivided into two types.
- Bodily injury liability covers the damage following injuries from a person. These comprise expenses like hospital care, lost earnings, pain, and suffering due to the accident.
- Property liability covers costs following the damages to or loss of property.
Third-party theft and fire
Third-party, fire, and theft insurance is similar to third–party cover where it covers damage to another person or their property if you’re involved in an accident. This covers you in case your car is stolen, damaged, or destroyed in a fire.
When acquiring a third party, fire, and theft insurance, the repair costs of your vehicle should be a major factor to consider. If the expenses of repairing the car after an accident would possibly surpass the cost of replacing the car, but you still want protection from fire or theft, then this policy may be the best match for your needs.
5 reasons why you should get private motor vehicle insurance
1. It covers you from Total Loss
The first benefit of the comprehensive car insurance cover is that it protects you from the total loss of your car. The total loss of a car may arise from three circumstances.
First, the car may be stolen and is not recovered thereafter. This can happen if it is cannibalized for parts, or if it is driven to another country. The spare part market is very lucrative in Kenya, and it is possible to lose a car to thieves who plan to strip the car and sell spares.
Secondly, the car may be written off after an accident. In this case, the total cost of repairs would exceed at least 50% of the sum assured. Insurance companies prefer to write off such cars rather than repair them.
Thirdly, the car many are involved in a fire. If the fire completely burns the car, then the car is a total loss. In these cases, the insurance company will settle your claim and will enable you to get a new car.
2. You are covered from Theft of Car Parts
Car thieves can also target your car for theft of car parts. In this case, the car may still be intact but you may lose key components to the thieves. As already mentioned, the spare parts business for certain car models is lucrative in Kenya.
In this case, thieves may not fully strip the car but will remove certain parts like headlamps, tail lamps, wheels, car stereos, etc for resale on the black market. If you have a comprehensive policy, you can make a claim based on these risks and your insurance company will compensate you for the loss.
3. You don’t have to Pay for Accidental Damage
The third benefit of the comprehensive car cover is that you do not have to pay for accidental damage. In case your car is involved in an accident, your insurance company will pick up the tab and will repair the damages to your car. This benefit is especially important if the damage to your car is substantial.
4. You will have a Courtesy Car while your car is being Repaired
Many insurance companies will also give you a courtesy car during the period when your car is in a garage for repairs following an accident. The courtesy car ensures that you can still carry on with business as usual, as your car is repaired. The availability period of the courtesy car will vary depending on the details of your policy.
5. You can Enhance your Cover to Include Uncommon Risks
The comprehensive car insurance cover usually has the option of enhancing it to include uncommon risks such as terror, and political violence, among others. This ensures that you have a broader cover for a larger range of risks than what you can have with any other class of car insurance in Kenya.
How to get Private Motor Vehicle Insurance?
You should come to us at Shimin Insurance Agency to get the best private motor vehicle insurance. Our representative will ask for details about your car such as its make, model, and mileage. They will also ask for details about the driver such as age and driving record.
The price that you get will depend on your driving record and the details of your car.