Jennifer Bebli, Head of Marketing & Business Development at Donewell Insurance Company Limited, has shared on YFM’s morning show Ryse n Shyne, every basic information that motor riders need to have in mind about motor insurance.
She first defined motor insurance as an insurance that covers a policyholder in case of a financial loss resulting from an accident. These insurances exist because, by law, each road user is required to have at least one insurance on their vehicle.
Jennifer talked about the third party insurance which is backed by the motor third party Act of 1958. This act requires that owners or users of motors should have at least a third party insurance in place and this is aimed at protecting the innocent third person involved in an accident.
She noted that every vehicle should have at least a third-party insurance in place and this insurance is the minimum that every road user is required to have to be able to drive a vehicle.
“With the third party insurance, it covers death or bodily injury as well as damage to third party property. Previously, we didn’t have limits because you can’t put a value on human life but since last year, we have a cap on injury and we have a way of calculating it as well as calculating damage to third party property”, she said.
The first party in this is usually the insured, that is, the person taking the insurance, the second party refers to the insurance company and the third party of course, is the other person involved in an accident with the insured. According to her, there are three main forms of insurances, therefore, aside from the third party insurance, there is also the third party fire and theft, and comprehensive insurance.
The Third Party Fire and Theft insurance covers the insured for any damage they cause to someone else’s property, as well as fire and theft damage to the insured’s own car. The comprehensive insurance, on the other hand, covers the third person in an accident as well as the insured himself, unlike the Third-Party Motor Insurance which does not cover the insured’s vehicle.
Jennifer recommended that motor riders, for the best insurance policies on their motor vehicles, should contact Donewell Insurance Company Limited on 0302 776 065/ 0302 776 171 or send an email to info@donewellinsurance.com for assistance on selecting a suitable insurance package for their vehicle.
By: Maureen Dedei Quaye