How to get Motor Vehicle Insurance in Kenya

What is Motor Vehicle Insurance

Motor vehicle insurance is the cover given to a vehicle owner by an insurance company. The owner is paid a stated amount of money in case of loss of or damage to the vehicle insured. It also compensates for legal liability to the insured and third parties (if any) arising out of the use of motor vehicles owned and/or operated by the insured. It is a legal requirement by the law and rates are regulated by the government. Rates for private vehicles stand at 4% whereas commercial vehicles are set at 5%.

There are 3 classes of insurance:-

  • Motor Private that covers losses incurred by vehicles for private use.
  • Motor Commercial that covers losses incurred by vehicles for commercial activities.
  • Third-Party that covers losses incurred to third parties only.
    The current valuation of the vehicle is necessary for the policy to be in effect. We at BTB offer our clients the opportunity to ensure vehicles of any model/make and specification.

Extras

A motor vehicle insurance cover can include extras such as Other free features include:-

  • AAR Rescue
  • Windscreen
  • Towing charges
  • Forced ATM withdraws
  • Courtesy car

How to get Motor vehicle Insurance

Insurance Company

The most common way to get a vehicle insured is to visit an Insurance company that has motor vehicle insurance among its products. The downside of going directly to an insurance company is that the company will sell to you their product without giving you a chance to compare it with other products.

In case of a claim also, you will be following up with the insurance on your own.

Insurance Agency

You can get motor vehicle insurance by going through and an Insurance agent. The insurance agent may have a wide choice than going to the insurance company directly because agents do not always work for one company. Again due to the size of the agency, usually small, the agency may give you closer and personalised attention.

Insurance Broker

The other option is to go through an insurance broker. The advantage of going through an insurance broker is that the broker does not work for only one insurance company. the broker is, therefore, able to get a better deal for you since they know best what is in the market.

The broker will help you follow up in case a claim arises including following up with the garage during repairs.

WHAT IS THE DIFFERENCE BETWEEN AN INSURANCE AGENT AND AN INSURANCE BROKER

Conclusion

For insurance needs, you can either go to an insurance company directly or through an agent or through a broker.

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