After finally purchasing your dream car, one thing that needs to be obtained is a car insurance. According to the third party insurance Act 195, it is mandatory that owners of cars used on public roads to acquire insurance to cover their liability to others. One thing worth noting is that, the benefit anyone enjoys is dependent on the type of insurance cover they have. Enterprise Group, Quality Insurance Company limited, Priority Insurance Company and SIC insurance company are some of the few institutions that offer great services and incentives.


Types of Car Insurance: 

I. Comprehensive policy: This policy covers accidental damage of insured car, theft, burglary, riot,  injury or death caused by a third party and natural occurrences such as flood and earthquakes. 

II. Third Party policy: It covers you or the person driving your car with your consent against claims by other persons in the event of property damage or injury caused while driving.

III. Third Party Fire and Theft Policy: This provides indemnity when the car is damaged by fire or theft.

Related: Top Insurance Companies In Ghana 

Cost of Insurance

The cost of insurance covers differ from various providers.  Priority Insurance’s third party insurance for saloon cars cost GHC 221 a year and GHC 371 a year at SIC Insurance. To get a quote for a comprehensive policy, the car has to be presented to the insurance provider for assessment. Factors such as the year model and the purpose of the car is taken into consideration.  

The Benefits of Car Insurance:

The benefits provided by insurance companies are very attractive, due to the competition in the industry. Do cross check with your prospective insurance company the benefits available. Below are some of the benefits offered or cost taken care of by SIC insurance company and Quality Insurance Company limited:

• An alternative means of transport is provided for you while your car is being repaired after an accident.
• A tracking system for your car to help you to locate your car when it is stolen. 
• When an accident happens, the cost of your first aid treatment  as well as the  first treatment obtained from the hospital is paid for. 
• The cost of security or moving your car to the nearest mechanic shop.
• There is also the benefit of tire and wind-shield replacement if its accidentally damaged.
• Insurance companies such as SIC offers a no claim discount on your next premium payment if you did not make any claim for a particular period of time.
• Provision of free towing for the insured car when it breaks down.
• A text or phone call reminder for roadworthy and driver’s license renewal.
• Insurance certificate that cover liabilities when in any of the Economic Communities of West African States (ECOWAS).

Facts about car Insurance 

1. Even though insurance companies provide appealing benefits, to enjoy them you have to be in their good books before you can access your claims. Below are some of the things to know:
2. Always make sure that you do not overload or carry more persons than the seats in the car.
3. Do not sell your car with the insurance. It’s not transferable. 
4. Regularly maintain your car.
5. If there is any issue concerning insurances claims, a dispute between you and your insurance company or a hit-and-run after damaging your car, you have to direct it to the National Insurance Commission.

RELATED ARTICLES >> CLICK AN ARTICLE BELOW TO READ