PART 1
You are comprehensively insured quite alright, but are you adequately covered should you hit into an expensive vehicle or property and you are held liable?
Accidents happen, even when you take all the right steps to prevent them — and accidents often result in lawsuits that can have serious financial consequences.
Lawsuits can be expensive, but liability coverage ensures you won’t get stuck paying out of your own pocket when the unexpected happens.
FOR EXAMPLE
Mr. James Mulenga Shamboko had insured his vehicle comprehensively at K70, 000. His third party liability limits were as Indicated below in his Motor Insurance Policy.
Third Party Liability limits;
Death or bodily harm (per person up to K30, 100.00)
Death or bodily harm (per event up to K60,100.00)
Damage to property (per event up to K30,000.00)
Unfortunately one day he lost control of his vehicle and hit into another vehicle. (A latest Germany Model) .His Insurance company compensated him on the damages to his car and also attended to the Third party as follows:
• The cost of repairs for the other vehicle came to K260, 000.
• His Third party property damage limit was K30, 000.
• The Insurance Company could only pay K27, 000. (K30, 000 Less 10% Excess.) towards the Third party Claim
This meant that he had to look for K233, 000.00 for the other car to be repaired.
I do not know about you but K233, 000 is a lot of money to me.
What about you? Have you read your Third Party Liability Limits Clause in your Motor Insurance policy?
If you are to hit into an expensive vehicle or property are you adequately covered?
SOLUTION
It is very important to ask your Insurance Company about the Third party Liability Limits when you are insuring your vehicle at the Underwriting stage. If you see that they are not adequate, you can Increase the Third Party Liability Limits (Combined Limits) at an extra Premium (Fee) of course. It is worth it should you find yourself in a situation like that of Mr. James Mulenga Shamboko.
If Mr. James Mulenga Shamboko had increased his Third party Combined limits to say K500, 000. The Insurance Company would have attended to his vehicle and also paid K260, 000 (Less 10% Excess) of the Third party Claim.
Lawsuits can be expensive, but liability coverage ensures you won’t get stuck paying out of your own pocket when the unexpected happens.
Until Next Time!
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