CIC is one of the largest financial services provider in the East African region with headquarters in Nairobi, Kenya. It also has operations in more than 5 other countries in the region including South Sudan, Uganda, Rwanda and more. Listed on the Nairobi Securities Exchange (NSE), CIC has a capital base of 2.1 billions and over 1.3 million clients. It has its roots in the cooperatives movement but has now grown into the mainstream market. In 2012 the CIC Group won The Annual Insurance Claims Settlement Award for consistently paying claims on time and has also been recognised as a pioneer in the innovation in the insurance market with the launch of the revolutionary M-BIMA mobile insurance product.
When it comes to insurance, CIC offers all types of general, medical and life insurance products in the market. In addition, it also offers asset and wealth management services not to mention pensions and annuities. For general, all covers ranging from motor, domestic, travel, fire burglary, marine, agriculture and all other customised products are offered.
For motor insurance, CIC offers the full range of motor insurance covers for all motor classes except the Matatu PSV and also the chauffeur driven and self drive vehicles unless taken in a fleet. Among those offered are the comprehensive, Third party Only (TPO), Third Party Fire and Theft (TP F&T) for private, commercial, engineering and special purpose vehicles. CIC is the biggest car insurance company in the Kenyan market boasting of total premiums of KSh 4.9 Billions well ahead of the rest of the market.
The CIC Lady Auto is a special motor insurance product for the lady drivers in Kenya. It combines a large set of additional benefits and add-ons at a very friendly price.
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Some of these benefits include
- Lady Wellness check-up
- Handbag contents insurance
- Forced ATM withdrawal reimbursements
- Personal Accident cover
- Lost car keys replacement
CIC has taken up the new trend by car insurance companies in the market of opening up in house assessment centres. This means that in case of an accident, the accident vehicle is towed first any one of these assessment centres where the damage is quantified and then later on a garage is appointed to commence the repairs. While this procedure might take some time and slow down the motor insurance claims process, it helps to reduce the overall costs of the insurance claims. This is because of the prevalence of fraud in the industry and the practice of service providers and garages colluding to inflate repair costs.
Below is a table showing the CIC Third Party Only car insurance cover benefits and limits of liability
|Third Party Property Damage||30,000,000|
|Third Party bodily injury||Unlimited|
|Emergency medical expenses||50,000|
|Passenger Liability – per person||5,000,000|
|Passenger Liability – per year||20,000,000|
CIC Car Insurance Rates
CIC is a leader in the industry yet it remains relatively affordable and competitive in the market when it comes to insurance rates for cars. For the Third Party Only (TPO) cost, it is charged at the standard rate of KSh 7,574 for customers going directly to CIC offices. However, check out PESABAZAAR.com where you can buy this TPO cover at an exclusive price of KSh 5,525.
For the comprehensive car insurance, get this all inclusive cover at varying rates depending on the age and value of your vehicle starting from as low as 3.5% of the value of your car.
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