Motor Insurance
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Description
An Overview
Motor insurance is very popular and, in fact, the most popular insurance cover in most African countries except perhaps the Southern tip of Africa for obvious reasons:
Road accidents claim several lives every year and leave several others seriously injured. Every vehicle on the road is compulsorily required by law to have a valid insurance policy. Motor vehicle insurance is not just insuring against vehicle theft but against damage to vehicle and injury to third parties and occupants.
The motor class constitutes the basic product of the insurance industry. Its compulsory character makes it an unescapable step for almost every insurance buyer.
Motor insurance is very popular and, in fact, the most popular insurance cover in most African countries except perhaps the Southern tip of Africa for obvious reasons:
- The compulsory provision of the (Third Party Insurance) Act 1945
- The stage of the economic development and the low disposable income
- The high frequency of the claims makes the probability of loss threatening
Road accidents claim several lives every year and leave several others seriously injured. Every vehicle on the road is compulsorily required by law to have a valid insurance policy. Motor vehicle insurance is not just insuring against vehicle theft but against damage to vehicle and injury to third parties and occupants.
The motor class constitutes the basic product of the insurance industry. Its compulsory character makes it an unescapable step for almost every insurance buyer.
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Motor Insurance