How Much Does Car Insurance Cost in Kenya?

How much Car Insurance Cost in Kenya

The term “Car Insurance” depicts the insurance cover for your most valuable asset against a number of risks from unforeseen incidents. Car Insurance Kenya comes in three different categories: third-party only, third-party theft & fire and fully comprehensive cover.

Among all these categories, the laws of Kenya have strictly declared third party only as the mandatory cover which every car owner must buy in order to drive freely on the roads of Kenya. Whereas other covers are optional for car owners. But did you know a third party only provides protection to the third party from any kind of loss or damage to their car as a result of an accident or mishap and does not cover you for any loss.

Purchasing a third party only is not enough these days. Invest your hard earned money in an insurance that also covers you and your motor along with third party. A comprehensive cover is an overall protection to your car along with a number of additional benefits. A car insurance policy costs different for different insurance companies in Kenya. To understand cost of car insurance in Kenya, let’s read in detail:

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Why Comprehensive insurance is important?

This type of insurance covers third party as well as you regardless of whether who is at fault. Different companies have different add on covers linked to their comprehensive plans. In general, this cover provides benefits like cover for glass and windscreen, car/dvd or radio equipment, hire or replacement car etc.

Additionally, if you reside in an area prone to theft, floods or any other natural calamity, comprehensive cover is the best option for you. Purchasing a fully comprehensive cover will act as a blanket that will protect your asset from a large number of risks resulting to damage of your vehicle in any ways.

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What is the Cost of Car Insurance in Kenya?

The cost of car insurance varies for different insurance types and insurance companies. The most common insurance in Kenya is third party only but this type of insurance is limited in regards to the risks covered under this policy. That’s why most of Kenyans prefer to purchase a comprehensive car cover.

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The comprehensive car insurance cover is not a compulsory insurance policy but the highest level of protection which you can get for your car. In addition to third party liabilities, a fully comprehensive cover comes with a wide range of protection covers including damages resulting from collisions, natural disasters, hitting animal, accidental damage, car replacement etc. Moreover, a fully comprehensive cover proves to be more beneficial and safe for people who lease or finance cars.

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What determines the cost of comprehensive insurance cover?

Factors Which Determine The Cost Of Comprehensive Cover

The cost calculation of car insurance in Kenya depends on a number of factors. Out of which, this motor Insurance type depends largely on the deductibles amount. Paying a higher deductible means you will be insured with more number of covers and this will lower down your overall premiums.

Secondly, it also depends upon the car you drive. If the car is embedded with advanced security features, it may get more discounts as compared to the car that may require high repairing cost as a result of an accident.

Thirdly, the cost of insurance premium also depends upon the market value of your car.  A higher market Value of car will attract a higher comprehensive insurance cover cost.

Comprehensive cover premiums also depends upon your driving history. How safe can you drive on the busy roads of Kenya? Kenya is a place of adventure loving people. The natives of Kenya travel a lot. Your driving experience speaks a lot about you. If you have a good driving history with no claims yet, you will get discount on your insurance premiums very easily.

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Lastly what matters is the credit records of a customers in determining the overall cost of comprehensive cover in Kenya. The credit history helps to predict the future claims by the customer. Maintaining a good credit record can help you to lower down the cost of comprehensive cover.

Besides these factors, comprehensive insurance covers vary based on your gender, marital status and age. You can get discounts on your overall cost based on these factors. Among these three factors, age is significant and the reason behind is teenagers and old people are considered to be more likely to meet accidents as per Kenyan Traffic Stats. So age and driving experience are revised to ensure the cost of insurance in their case.

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How to Calculate Cost Of Comprehensive Car Insurance?

Comprehensive Car Insurance Cover is not as expensive as assumed by the customers. Furthermore, this type of cover comes with special discounts based on different parameters. As discussed above, age, gender, marital status, driving experience are different parameters that may lower down your premiums. If you want to calculate cost of comprehensive car cover, you can use car insurance calculators available on different insurance websites. Generally every online insurance company provides calculators on their official portals to let customers view the quotes and thus calculate the cost of cover.

Price of comprehensive car cover varies from company to company, you can search for online car insurance calculators to compare the current prices, quotes and calculating full car insurance rates, including discounts on accident covers and other additional benefits. Using an insurance estimator before purchasing a car insurance plan can help you make a comparison of insurance premium rates offered by different insurance companies and choose the best plan.

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Get the best insurance cover

Knowing the benefits of comprehensive cover, if you plan to buy this cover or thinking about policy renewal, it is essential to look out for different insurers providing the cover and what are the benefits you will get under this cover. Compare the quotes, benefits, consult your family members or friends to help you in making an informed decision. When you find a right insurance company, talk to their agents freely if any doubt intervenes and read out the policy carefully.

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If still you are confused, you can opt to purchase Next Insurance, the first online-only comprehensive insurance cover that will provide you real time policy with a number of additional benefits. For details, you can also visit the website next insurance kenya and make huge savings.

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