Motor Insurance

8 September, 2018

There are various Motor Vehicles insurances for all categories of vehicles - Cars, Trucks, Tankers, Pick Ups and Forklifts.
The insurance can be taken under the following headings.
(a) COMPREHENSIVE COVER
(b) THIRD PARTY FIRE AND THEFT COVER

(A) COMPREHENSIVE

The vehicles insured under comprehensive benefits will cover:

i. Loss, damage or destruction of the vehicles themselves from accidental collision, overturning fire and theft.
a. Liability to Third Parties:
ii. Involving death or bodily injury to any person caused by the insured vehicles.

iii. For damage to third party property caused by the use of the vehicles. The statutory limit for damage to third parties’ properties is GH¢2,000.00. However, we recommend that an increase limit be applicable, for a marginal increase in premium, to ensure adequate protection.

(B) THIRD PARTY FIRE AND THEFT COVER

The material damage cover is restricted to only fire and theft cover. In addition, third party liabilities are also covered. (C) THIRD PARTY ONLY

The insurance here is restricted to third party risks only, as explained under (A) above.

PREMIUM

Premiums are computed basing the calculation on the values of the vehicles and the Third Party Property Damage limits chosen. The basic market rate for a comprehensive motor insurance cover is between 5 – 7 percent of the value of the vehicle.

NOTE

A decision as to the most suitable cover to choose will be made in consultation with the insured. We would need a list of all vehicles and their respective values to enable us obtain quotations.

To enable us seek quotations for your consideration, we would appreciate receiving the following information:

Additionally, any documentation indicating discounts earned from current insurers would be very much appreciated.

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