Is it actually important to review an car insurance policy in Kenya? Well, this article will clear all your doubts. Most of the time, drivers become incautious the minute they purchase their car insurance coverage.
‘They don’t care until there is a huge change in policy which is resulting in a big loss. So, why not take some time out and review your car insurance. It is an important part of your financial well-being and ensures that you’ve got the right car insurance coverage for your needs.
Need For Regular Car Insurance Reviews
A car accident can be devastating on its own. Thus, taking on some responsibility and reviewing your policy can save you from such unexpected mishap.
Doing Car Insurance Review in Kenya is not only a good idea to save you money but also the right way to ensure you are covered properly at the time of an accident. Its also a good idea to review your car insurance policy on a regular basis, keep your policy and coverage current with your needs.
Reviewing Your Car Insurance Coverage
Who doesn’t want an affordable and best insurance policy? Our insurance coverage needs change year by year. Reviewing your coverage and your coverage options can help you maintain the right amount of insurance for the right price. Here is a step-by-step guide on How to Review & Improve Your Car Insurance Policy in Kenya.
Documents You May Need For Your Auto Insurance Review:
First of all, you must know what to review in your annual auto insurance policy. So, initially you have to gather all your insurance policy documents i.e find the Auto Insurance Declaration Page. It explains who or what is covered as well as coverage limits.
This page may also include information about the discounts you are receiving or could be eligible for, names of drivers if any new added or need to be added, driving licenses of any new members in your home.
In case, you are renting or buying a new vehicle, do not forget to bring lease or registration documents along with you.
And if you’re in doubt, call your insurer to discuss your insurance review documentation needs. They can better guide you what to bring along the way.
Drivers Covered Under Your Policy:
When you purchased the policy, you may be single or married. What if the current situation is totally different? So, it is important to talk to your insurance agent and talk about the following scenarios for the current situation:
-
- If you got married or divorced.
- If you have moved in with a roommate.
- Members included in your policy have exited
- If one of the members on your policy is dead
- Your child is now a teenager and car drive well
- If your children have purchase their individual policies.
- If reaching certain age milestones which might impact auto insurance premiums.
Make sure you discuss any major life change that has recently affected your insurance needs.
Vehicle Covered Under the policy:
You have to carry adequate insurance for your vehicle. So, if you buy a new vehicle, make sure to buy the right kind of insurance. Always thoroughly read the policy to ensure the vehicles are listed properly. If you find an error, make sure to notify your car insurance agent immediately. It is important to review your existing auto coverage against your current needs.
What insurance category do you think your car is worth? If it’s an older, low-value vehicle, a fully comprehensive and collision coverage may not be worth it anymore.
So, talk to your insurer if there is any change with your vehicle and how this may potentially increase or decrease your coverage.
What type of Coverage You purchase?
In Kenya, one must have the minimum liability cover to drive your car on the roads. Make sure you follow the state driving laws. Additionally, you have to ensure that the policy you buy is the best coverage your vehicle needs. However, if not, you still have the choice to add on extra coverage to your policy by paying extra. There are lots of unexpected ways these add on coverage may help you.
For example – if you are planning to buy a valuable car, you may prefer to buy comprehensive insurance. In addition to reviewing your existing policies for any needed changes, the review process might also touch on new types of insurance you might find useful.
The goal of annual car insurance review is not to increase your coverage; instead to adjust your coverage in order to meet your current needs.
Discount You May Be Eligible For:
Did you have a new baby this year? This will reduce your insurance premiums as you will be considered as a responsible citizen and less likely to be involved in an accident. There is a high possibility of getting parental discount.
In addition to this, your agent may help you get good discounts you may qualify. There are retirement age discounts, motor club discounts, student discounts and good grade discounts for young drivers.Some policies also list savings that apply to the safety features on your vehicle. These discounts may be mixed in with other information on your declarations page or detailed on a separate page.
NEXT Insurance is a tailor custom products that offers huge discounts based on your profile parameters like age, gender, marital status, driving experience etc. If you are looking to renew your car insurance, request a quote now!
If you aren’t receiving any special discounts, ask your agent agent about this immediately.
Claims Process
Even if you’ve never underwent a car accident, it is still crucial to understand the claim process of your car insurance provider in Kenya. To start with, sit down with your policy paperwork and read up on how your provider handles claims. Or, visit your provider’s website. Make sure you understand these things:
- how to file car insurance claims
- How to file claim online, if possible.
- The exact steps you need to take immediately following a car accident .
- Whether you’re supposed to file and obtain a copy of a police report.
- How long the car insurance claim procedure takes.
- When, and where, you should take your vehicle for repairs.
- How long you can expect to wait for reimbursement.
- How filing a claim will affect your car insurance rates.
If you want to discuss in detail, you can always contact your agent, too.
Income Changes
Mostly Kenyans prefer to buy an affordable car insurance for their vehicle. Legally the third party car insurance Kenya is the least protection you can insure your vehicle with. But with an increase in the income, you might want to purchase more coverage.
You can opt for the fully comprehensive car coverage or collision coverage as an add on cover to your existing auto insurance policy Therefore, simply make sure you keep enough coverage to meet your state’s requirements and protect your assets.
Other Coverage Needs
Have you purchased a home since you bought your auto insurance policy? What about buying a motorcycle or any other vehicle? Most car insurance companies in Kenya offer multiple policy discounts, which means you could save money if you insure your home and/or any other vehicle you recently purchased through the same company.
Make Improvements
Your insurance policies can provide important financial protection and peace of mind for you and your family. That’s why an annual insurance review is so important. So, now that you have all the information, you can select the areas where you want to improve. The first place to start with can be Insurance Type.
You can also get quotes from other popular companies. Look for the ways to save money. Therefore, change or reduce your coverage limits. You can also purchase optional coverage in addition to your existing coverage.
As part of this review process, your agent will cover all these changes within your overall financial picture so that it may not impact the affordability of your premiums.
Review Your Declarations Page Every Renewal
Most insurance companies renew their policies every six months. They possibly inform you by emailing the coverage documentation. Out of all the paperwork, your declarations page is the most important. It will have all of your information listed in so reading carefully this page is very important. Every time you get your car insurance renewal, take out time and read it wholly. Car insurance is mandatory and it becomes important to have it accurate both on the paperwork as well as in your mind.
