The Eastern Regional Boss for Unique Insurance, Mr. Nickson Kumah in an interview has stated that motor and vehicle insurance is an initiative set up by the government for vehicle and motorcycle owners.
According to him, as long as an individual has a vehicle or motorcycle that is likely to cause harm in an accident, it is mandated to be registered with an insurance company. He continued that, situations where insurance companies get involved is when a registered car involved in an accident whereby a life is lost, hurt or a property is destroyed.
He advised that, all injured persons should be taken to the hospital first in the case of an accident. And then reported to the police station and later to the insurance company to enable them do their work well.
In his statement, the insurance companies only deal or work with drivers who are registered under an insurance company .The insurance company do not work with or check either road worthy or income tax registration ,therefore drivers who are not registered for these things have to face the government and not insurance companies. +
The cost to pay for an insurance on your vehicle is dependent on many factors. The cost of your vehicle is a key determinant. Insurance companies will mostly require proof of purchase to verify the cost. It is believed that insurance companies charge more premiums on cars which will be driven by a young person, because young people are more likely to have road accidents due to inexperience and reckless lifestyles.
However, for private car owners, the least form of insurance cover, as required by law – third party insurance – is expected to cost GH₵ 471/annum. Taxis and Trotros are expected to pay GH₵ 576 and GH₵ 586 respectively for the same period. These amounts show significant increases compared to what was being paid before 2015. Insurance companies however explained the increases as a measure to cater for third party accident victims.
Considering how high third party insurance is, a comprehensive one will be far more expensive, as comprehensive insurance also caters for third party liabilities. The National Insurance Commission and the Ghana Insurers Association also agreed to have flexible subscription periods for premiums for vehicle owners not willing to insure their vehicles for the entire year. Now, you can even purchase daily insurance packages. Check with your insurer for more details.
A car insurance, as elaborated earlier, covers for the damages caused to your vehicle, passengers, pedestrians, other drivers and other vehicles. A comprehensive insurance can also cover your vehicle against theft and fire.
According to the Insurance Act, Act 724, all motorists must be insured, at least, to cover their liability to third parties. It is therefore illegal to drive a vehicle or motor cycle without insurance. You can be arrested or fined at the spot by the police if your vehicle is not insured.
Christina Ntiamoah/christinantiamoah73@gmail.com/ritefmonline.org
