What you didn’t know about vehicle insurance in Zimbabwe!
You must have been fortunate enough if you have ever never gone through the stresses from vehicle loss, repairs or buying another! That is after an accident with an uninsured vehicle. In Zimbabwe it doesn’t matter where you’re the best of the best drivers, someone from somewhere can bump right into you literary anytime.
If you are going to be driving in Zimbabwe then you will know that vehicle registration, driver’s license, insurance, number plates, vehicle road worthiness among others are requirements according to the Road Traffic Act of Zimbabwe. So today we will focus on car insurance. Car insurance is an important aspect of vehicle ownership and with a number of insurance providers and policies at hand it is crucial to understand the basics and choose the right cover for your vehicle. After all you have invested into your vehicle, imagine all going down the drain, we are here to equip you with information that is POWER!
Types of car insurance in Zimbabwe
3 types of insurance in Zimbabwe:
- Third Party Insurance
In Zimbabwe, this is the most basic insurance coverage required for vehicles, it protects against third-party claims. It covers damage to others' property, bodily injury, or death resulting from the policyholder's driving, as well as legal liabilities. However, it does not cover damage to the policyholder's own vehicle. This basic coverage can be upgraded to include additional protection by paying an extra premium.
- Third party fire and theft insurance
This insurance policy provides coverage for third-party liabilities, including property damage and bodily injury, as well as optional coverage for theft and fire damage to the policyholder's vehicle. This means that if the policyholder is at fault in an accident, the insurance will cover damages or injuries to others, but not damage to the policyholder's own vehicle, unless it's due to theft or fire. The policy can be extended to cover additional risks, but this requires an additional premium payment
iii. Fully Comprehensive
This is the most comprehensive form of motor insurance, which covers accidental damage to the policyholder's vehicle, in addition to third-party liabilities and theft/fire coverage. It provides extensive protection for the insured
vehicle, including coverage for accidental loss or damage up to the market value or insured sum, whichever is lower. This includes coverage for theft, attempted theft, flooding, storm damage, and collision. However, it excludes coverage for self-inflicted damage, mechanical and electrical failures, and wear and tear
Factors affecting Car Insurance Premiums
- Vehicle value and age
- Location and usage (personal or commercial)
- Annual mileage and driving history
- Security features and anti-theft devices
To get the best insurance deal, compare quotes from multiple companies, and regularly review your coverage to ensure it still meets your need. By making informed choices, you'll have the right protection and financial security on the road. Remember, insurance is an investment in your peace of mind, so drive safely and confidently in Zimbabwe! You cannot afford to learn from a mistake neither from experience, prevention is better than cure!