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New Car Premiums. Will They Lead To Reduced Revenue For Insurers?
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quicksand
#1 Posted : Tuesday, January 25, 2011 3:43:38 PM
Rank: Veteran

Joined: 7/5/2010
Posts: 2,061
Location: Nairobi
My renewal notice arrived in the mail a few days ago. A whopping 70K, up from 41K. I happened to talk to a few guys I know, one has already obtained 3rd party cover only, another 2 are seriously considering to go down that route. Any actuaries in the house, or any other detailed insights? What do you guys think? Are these premiums too high, forcing reasonable people to go with the 3rd party option, how will it affect insurer revenues?
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bwenyenye
#2 Posted : Tuesday, January 25, 2011 4:07:52 PM
Rank: Elder

Joined: 5/24/2007
Posts: 1,805
Just get a car that 'njoroge' can only steal to block the road!! So that he gets the one he wants. And you will be at peace with 3rd party. For exapmle get an old Pajero or LandRover 109. YOu will be good to go.
I Think Therefore I Am
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K22
#3 Posted : Tuesday, January 25, 2011 4:35:53 PM
Rank: Member

Joined: 9/12/2008
Posts: 436
Location: illobi
@Quicksand, i a got similar quote and i was ready to go 3rd party route but on talking to my broker he said he can get me a comprehensive cover at 4.05% i think from GA.... however this offer doesn't include courtesy car - which if required i top up 3K. Heard also AON Minet are giving same rate.... maybe someone can confirm

A successful man is one who makes more money than his wife can spend. A successful woman is one who can find such a man
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Eddy
#4 Posted : Tuesday, January 25, 2011 7:56:33 PM
Rank: Member

Joined: 7/20/2006
Posts: 277
That would be interesting since insurance companies were allowed by the government to form a cartel and there is a case pending in court against this increase, however as it stands now, for comprehensive cover it should be uniform across the board at the high rate.
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Tommy
#5 Posted : Tuesday, January 25, 2011 9:47:52 PM
Rank: Veteran

Joined: 12/9/2010
Posts: 894
Location: Nairobi
premium of comprehensive insurance is charged at 7.5, However one qualifies for a discount based on past record. for 1 year good record you get 10%, 2yrs 20% n so on up to 60% discount.. That is how you can lower your premiums, by being a gud driver.
Don't wait for the Last Judgment. It happens every day. ~Albert Camus, The Fall, 1956
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For Sport
#6 Posted : Tuesday, January 25, 2011 10:23:43 PM
Rank: Veteran

Joined: 12/23/2010
Posts: 1,229
Tommy wrote:
premium of comprehensive insurance is charged at 7.5, However one qualifies for a discount based on past record. for 1 year good record you get 10%, 2yrs 20% n so on up to 60% discount.. That is how you can lower your premiums, by being a gud driver.


Or by not claiming if you have an accident.
Anyone who knows ow this works? What happens if you hve an accident / make a claim in year 3? Do you go back to paying 100% the next year (7.5%)?
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