It offers financial protection against unintentional failure or harm to motor vehicles or components, fraud, and civil liability to third parties or property damage caused by the use of the insured vehicle.
Many car buyers do not weigh the cost of car insurance into their budget until they know they can’t drive or use their costly purchase unless they have insurance.
If you’re a first-time car buyer or a seasoned driver, the following are the reasons why you can’t afford to go without auto insurance,
- It’s a condition under the law.
If you fail to obtain an automobile insurance policy and then drive in public, you risk facing legal action that could cost you up to ten thousand Kenya Shillings (Kshs. 10,000) or more, depending on the charges brought against you.
- It safeguards the value of your vehicle.
Cars are not inexpensive in general, and they are always the most costly single thing you own, apart from a piece of land or a home. As a result, it is wise to safeguard the investment.
- It saves you from the costs of injuries occasioned by accidents
Depending on the motor vehicle insurance cover in Nairobi you take there us a myriad of benefits which include:
- Provides compensation for property loss.
Under no conditions can the chance of damage to your car during an accident be removed. The cost of maintenance can be very high, and it can either burn a hole in your pocket or drain your finances. Purchasing a car insurance policy avoids such out-of-pocket expenditures and we would be responsible for a large portion of the maintenance costs, depending on the amount of coverage selected.
- Lowers your exposure to danger.
For example, if you purchase third-party liability insurance, you can reduce your liability in the event that you cause an accident.
The insurance company is responsible for any damage to a third-property party’s or injury to a third-party. Furthermore, if a lawsuit for negligence and liability is brought against you, you are covered for the legal result.
- In the event of death, the family is compensated.
Accidents will result in the vehicle owner’s unfortunate and untimely death. In the event of the policyholder’s death, the family could face financial difficulties, particularly if he or she was the family’s primary breadwinner.
In the tragic event of death, motor vehicle insurance policies include a lump sum payout. The loved ones can use this money to meet their financial obligations.
- A motor vehicle insurance policy protects you from both natural and man-made disasters.
A car insurance policy also offers financial protection against natural disasters such as flooding, hailstorms, and hurricanes, to name a few. It also provides security against man-made events like terrorism, fire, robbery, and attacks.
- Your health care is augmented.
Car insurance will be able to assist you with paying for medical costs that are not covered by health insurance. A decent auto insurance policy may aid in covering costs such as dental work and medical treatments that may be needed as a result of a car accident.
- Provides peace of mind to the policyholder
Everyone makes mistakes now and then, but other drivers’ mistakes can often become your problem. If you have the right form of care insurance, you can rest assured that you will be safe if you are struck by an uninsured or underinsured driver.
- PSV Taxis, Uber, Other Digital Taxi Apps
- PSV Tour Firm
- Motor Cycle- Non PSV (Non Boda Boda)
- Motor Trade- KG plates
- Motor Private
- Motor Commercial
- Motor Asset
At Edenbridge Capital we offer the following types of motor vehicle insurance to cater for all your motor vehicle needs
- Third party Only (TPO)
Third-party only insurance provides the legal minimum level of car insurance coverage and is the most basic type of coverage available. This type of insurance protects other people, vehicles, and property in the event of an accident that is determined to be your fault.
For example, if you crash into the back of someone’s car, causing bumper damage and injuring the driver. Your third-party insurance would cover the cost of the other person’s car as well as their medical bills.
What a third-party only insurance policy in Kenya does not cover is damage to your own car or injuries sustained as a result of an accident. You will have to pay the price for this. Finally, third-party only coverage is the best way to ensure that if someone is involved in a car accident that is not their fault, their expenses are covered.
- Third-Party Fire and Theft (TPF&T)
Third-party responsibility, burn, and theft Third-party injury, fire, and theft are the three key items covered by car insurance. It does not protect your own car in the event that it is involved in an accident.
Third-party injury policy in Nairobi covers you in the event that you do damage to another person’s property or hurt a third party. This is most definitely another vehicle, but can also apply if you slammed into someone’s wall, or kicked their door or fence down.
In terms of fire, this form of insurance protects you if your vehicle is destroyed by fire. It may have occurred by chance or as a result of arson. In the case of arson, you must notify the authorities and obtain a police abstract.
If and when your vehicle is stolen, your third-party, fire, and theft insurance policy will protect you. In addition, you could be covered for damage to your vehicle as a result of a car theft attempt.
- Comprehensive Insurance Cover
A comprehensive motor vehicle insurance policy, also known as “other than collision,” protects you, your vehicle, and third parties from all risks. It covers a wide range of incidents that can cause harm to your car, including vandalism, explosions, rock slides, glass and windshield damage, and animal accidents, among others. It’s a cover that promises complete protection and is the widest available cover.