According to Kenyan law, car insurance is mandatory for anyone to operate a vehicle on Kenyan roads. Third party car insurance is the minimum required cover for motor owners. A large percentage of motor vehicle owners use comprehensive motor insurance. The annual cost of this can vary from as low as KSh 18,000 all way to over KSh 500,000 depending on the market value of the vehicle. Below are 5 simple ways in which you can get a saving on your insurance costs whether buying a new car or renewing your existing car insurance policy!
With the advent of online shopping in Kenya with the likes of jumia.co.ke and kililmall.co.ke, you can also go online and shop for financial services like credit cards, bank accounts and last but not least insurance. Using websites like www.pesabazaar.com, online price comparison portals, you can check the cost of insurance, benefits, limits and more from many different insurance companies in the market all at your fingertips. In addition, you can also compare with insurance company websites like jubilee insurance, old mutual insurance which offer live prices on their respective websites. In addition, check out new products in the market like Heritage Auto Correct motor insurance policy. It is geared at savvy customers and use telematics to score and rate your With the advent of technology, the customer now truly has choices in the market, convenience, savings and transparency. So next time you are shopping for your new car insurance or renewal policy, start your journey online before you bother heading offline into company offices, agents and brokers.
Remove non-essential add-ons
When purchasing your car insurance, look closely at the quote to verify the add-ons section. These are normally the insurance options on top of the basic car insurance cover. The most common ones are the excess protector for own damage, excess protector for theft, political violence and terrorism cover, courtesy car, towing and rescue by AA Kenya and Infama and more. So if you want to get your insurance costs down, review these optional add-ons and decide whether it makes sense for your particular needs to get rid of them.
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Use Your NCD
The No Claims Discount (NCD) is a scheme that was introduced in the Kenyan insurance market to reward good drivers with clean claims record. This is a common concept in other developed markets overseas where a customer receives discounts on the cost of his insurance each they spend without claiming. In Kenya, the system has failed to take off because of lack of coordination between the different insurers in the market. However, with advance planning, a customer is able to get their NCD certificate and use it to shop around between different providers to get a good deal on their insurance cover. In addition, staying with a single insurer and proving a good claims record can give you the customer leeway in negotiating cheaper insurance rates.
Look out for offers
This is yet another way to get your motor insurance policy in Kenya at a cheaper price. Plan ahead before buying your car insurance or renewing you existing motor policy, many banks (bancassurance), brokers and online insurance platforms give out offers to attract new customers or retain existing ones. Discounts may apply to the motor insurance prices, offers for free fuel, shopping vouchers, credit card offers. These can help you pay less up front costs or receive rebates in the form of offers. However, it is important to calculate the total net savings on any offers and promotions because many times these offers may only be amounting to marketing gimmicks.
NEED A QUOTE?
If you are looking to save up to 30% on your car insurance premiums, compare benefits and liability limits from up to 10 top car insurance companies in Kenya, then check out live quotes on the link below or get chatting with one of expert sales agents online.