insurance rates for cars , psv insurance rates ,Car Insurance Calculator Kenya 2018

6 min read
What is Motor Insurance?
 A motor insurance is purchased for cars, trucks, motorcycles and commercial road vehicles. Motor insurance is a mutual agreement between the insurer and insured wherein the insured pays a fixed annual premium to the insurance company. In return, the insurer agrees to provide a financial cover to the insured in case he/she suffers a car accident, theft, third –party bodily injury or death, third party property lose any natural calamity.
Why Is Motor Insurance Mandatory In Kenya?

Most of Kenyans are unaware of the importance of motor insurance and its need. Motor insurance means insuring the financial risk involved while operating the car. The car might meet with any damages, accident or may be lost or stolen.

In such a situation, this insurance helps to compensate the loss borne by the owner as a result of insurance agreement with the insurance company if the damage is covered under the motor insurance policy.

Under the provisions of Motor Vehicles Act Kenya, all the vehicles operating in public places should have car insurance cover and In Kenya, ‘third party car insurance cover is must’. It means that a car insurance policy must cover the third party in case of any accident.


Types Of Car Insurance Available In Kenya ?

There are majorly three types of motor insurance covers in Kenya which are described below:

Comprehensive Car Insurance

A cover protects the insurer against the third party’s death, bodily injury and/or property damage as well as loss/ damage to your vehicle due to accidental fire, theft or an accident.

Third Party Car Insurance

Under Motor Third Party Coverage, it protects the owner against third party losses including death, bodily injury and/or property damage. It is mandatory and even beneficial to own such an insurance where it covers up the owner’s damages along with the third parties in case of an accident or damage.

Third Party, Fire & Theft Car Insurance

This cover protects the owner against all third party risks mentioned above i.e any accident or damage. in addition to it, it also covers the loss and/or damage to your vehicle due to fire, theft or being stolen.

What Is Comprehensive Car Insurance?

Comprehensive Car Insurance Plan is the superior coverage for your vehicle wherein the insured is covered with all types of financial risks including third-party liability,  Third-Party Theft, and Fire (TPF&T) and also the owner’s losses in case of an accident or damage. It extends to cover any other accidental damage to the vehicles including collision, overturning, natural calamities like floods, earthquakes etc.

With comprehensive car insurance Kenya policy, the vehicle owner can claim from the insurer for accidents that are deemed to be his/her fault.  Such insurance is also applicable in cases when fault can’t be proven, eg if you find your car damaged or someone hit your vehicle and driven off, in this situation, you can claim for the complete coverage for repairing from the respective insurance company.

How To Get Car Insurance Quotes In Kenya?

Today, there are multiple options to apply for car insurance in Kenya. Additionally, many vendors are giving online motor insurance services.  Which company to choose and which product to buy is the most important thing under consideration while purchasing insurance for your vehicle in Kenya.

5 Tips To Follow Before Buying A Car Insurance

If you are looking for an insurance cover that incorporates all your required aspects, keep the following tips in mind to make an informed choice.

1. Make a list of all the insurance service providers in your area.
2. Determine your requirements.
3. Choose the coverage plan accordingly.
4. Shortlist the companies on basis of your coverage option.
5. Request for quote.

If you are not sure about the service providers, you can compare the price value of quotes by different companies and based on the results, contact the right company for your vehicle.

What is third party car insurance?

In order to deeply understand the concept of third party car insurance, firstly let’s understand, “What is the first and second party?”.

The first party in a motor insurance agreement is the vehicle owner and the second party is the insurer.

What is a third party?

A third party is a person who suffers bodily injury, any kind of physical harm or death, property damage as a result of an accident involving your motor vehicle. A third party person can be anyone including a property owner, a pedestrian, a driver or passengers in another vehicle.

Third Party car insurance offers financial coverage to a third party in the case when you are at fault. It covers any damage or injury caused by the insured, to another person or property. If you have a third party only insurance cover. you can not claim for any loss or damage of your own vehicle. Rather you may need to claim for the vehicle or damage to the third party from the insurer,

This type of car insurance covers the owner in case of any legal liability owing to death or injury to any individual or damage to any property caused by the insured vehicle.

How to Use Motor Insurance Calculator?

Car Insurance Calculators provides the customers with premium quotes and customized additional benefits based on your profile information which you provide. Every insurance company uses its own calculator. Most of the calculators come with two options:

  • Premium Calculator for Used Cars
  • Premium Calculator for New Cars

For Used Cars:

If you want to calculate premium rates for old cars, you will require providing every detail about it. For instance,

  • car type (make and model of car),
  • existing car insurance policy if any,
  • registration number,
  • owner details,
  • claims report if any reported in past etc.

For New Cars:

In case you have purchased a new car, you will be asked for information like

  • car make,
  • the model of car,
  • year of manufacture,
  • personal details.

It will provide you the best car insurance coverage plans based on the details provided by the customers.

When you enter all the necessary info required into a calculator, it provides you with car insurance premium quotes and in addition to this, it also gives information about additional benefits with individual plans. These add-ons offer extra coverage which is not written in the main policy.  You can choose the ones which you need and add to your policy

Why you should use a car insurance calculator?

Have you ever thought why car insurance rates in Kenya vary from person to person? This is because the cost of car insurance is determined on basis of specific parameters. These parameters include how likely you can file a claim, chances to involve in an accident, how expensive your car is, your driving experience etc.

Car Premium estimator or generally known as “car insurance calculator” has evolved as an iconic way to determine the car insurance premium to be paid by a person. Car Insurance Calculator collects information from car insurance seekers and then generate quotes from different companies for different car insurance plans. Customers are provided with these quotes to compare and choose the best insurance plan for themselves.


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