06/03/2025
We always wish everyone to be safe and secure. Today we just want to remind you that whenever you buy insurance think of buying comprehensive policy which covers risks of your vehicle.
On top of that you should always opt for Increased Third Party Limits (ITPL). Recently we had an experience with one of our clients whose truck was having comprehensive policy with ITPL of say K200,000.
But unfortunately just after few days of taking cover the truck hit to say 10 vehicles. Out of this 10 vehicles, 3-4 were high end cars like BMW and Mercedes. And out of those 10 vehicles 3 are almost total loss. Now in this case, insurance company will just settle the losses incurred to the insured vehicle upto sum insured opted plus the third parties upto K200,000 less 10% excess. We are in the process of assisting our client in sorting out with the third party claimants and of course that amount will be required to be borne by our client because the opted limit of K200,000 is not enough to settle all the 10 vehicles.
With such circumstances we always suggest each vehicle owner to get ITPL of minimum K500,000. Hope this article with help each one of our friends to perceive the risks involved on the roads.
