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Pay and ride motor insurance scheme.
Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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Pros and scones??? As in premium is based on mileage logged and not a flat rate as currently constituted.  Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 12/11/2008 Posts: 2,306
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Impunity wrote:Pros and scones??? As in premium is based on mileage logged and not a flat rate as currently constituted. Majamaa watanyonga the speedometer kibao  Great men are not always wise, neither do the aged understand judgement...
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Rank: Member Joined: 5/2/2010 Posts: 305
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Impunity wrote:Pros and scones??? As in premium is based on mileage logged and not a flat rate as currently constituted. No cons. Many Pros. You can save upto 40% on your motor insurance. Gateway Insurance has introduced the Pay As You Drive scheme (PAYD).Depending on the value of your car, the savings could be massive.
“Once the last tree is cut and the last river poisoned,you will find you cannot eat your money" Traditional saying.
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Rank: Member Joined: 5/2/2010 Posts: 305
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Robinhood wrote:Impunity wrote:Pros and scones??? As in premium is based on mileage logged and not a flat rate as currently constituted. Majamaa watanyonga the speedometer kibao @Robinhood...The distance traveled is not based on your odometer. A device is fitted in your car that calculates the distance traveled. The device doesn't interfere with your car in any way.
“Once the last tree is cut and the last river poisoned,you will find you cannot eat your money" Traditional saying.
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Rank: Member Joined: 11/6/2010 Posts: 222 Location: NAMANGA
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post some figures here. who is offering this product? It is humiliating to be associated with thieves and murderers.
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Rank: Elder Joined: 4/9/2008 Posts: 2,824
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hii hapana mbaya!! When I have money, I get rid of it quickly, lest it find a way into my heart.
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Rank: Elder Joined: 12/11/2008 Posts: 2,306
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hindi ni riu wrote:Robinhood wrote:Impunity wrote:Pros and scones??? As in premium is based on mileage logged and not a flat rate as currently constituted. Majamaa watanyonga the speedometer kibao @Robinhood...The distance traveled is not based on your odometer. A device is fitted in your car that calculates the distance traveled. The device doesn't interfere with your car in any way. @Hindi, thanks for the clarification. It may make sense then Great men are not always wise, neither do the aged understand judgement...
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Rank: Member Joined: 5/2/2010 Posts: 305
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alustaadh wrote:post some figures here. who is offering this product? @alustaadh If your car is worth say, 1.5M and you drive about 6000km per year, you get comprehensive insurance for as little as KES48000/- as opposed to paying KES112000/- (on 7.5%)representing some savings of KES64000/-!! ...and even more savings in the subsequent years! How about that!
“Once the last tree is cut and the last river poisoned,you will find you cannot eat your money" Traditional saying.
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Rank: Member Joined: 5/2/2007 Posts: 536
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hindi ni riu wrote:alustaadh wrote:post some figures here. who is offering this product? @alustaadh If your car is worth say, 1.5M and you drive about 6000km per year, you get comprehensive insurance for as little as KES48000/- as opposed to paying KES112000/- (on 7.5%)representing some savings of KES64000/-!! ...and even more savings in the subsequent years! How about that! 6000km a year - that's 500km monthly or 17km daily. If your commute is just 17km daily maybe it would work for you (and I dare say that 1.5m would be a waste of money...) Weekend driving ... can find you 200km away, already > 6% of your annual mileage... Of course 6000km might also mean having multiple cars.... Many people do much more than 6000km annually. At least double that actually. So 12000km annually (or 1000km) - 93,950/- - for the '13000km plan' Still reasonable if you are paying a 7.5% premium. Now some don't pay 7.5%, closer to 4% (e.g I have not done any claims for >4 years).... This would only make sense if your other alternative is 7.5%. But if you've been accident free a while.. the discounted percentages work better. It is still good that insurance companies are getting creative in their offerings. I would think now they need to start including other factors like age, gender in their calculation of insurance premiums. I'm sure their actuaries have some stats that would be useful.
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Rank: Member Joined: 5/2/2010 Posts: 305
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tuvok wrote:hindi ni riu wrote:alustaadh wrote:post some figures here. who is offering this product? @alustaadh If your car is worth say, 1.5M and you drive about 6000km per year, you get comprehensive insurance for as little as KES48000/- as opposed to paying KES112000/- (on 7.5%)representing some savings of KES64000/-!! ...and even more savings in the subsequent years! How about that! 6000km a year - that's 500km monthly or 17km daily. If your commute is just 17km daily maybe it would work for you (and I dare say that 1.5m would be a waste of money...) Weekend driving ... can find you 200km away, already > 6% of your annual mileage... Of course 6000km might also mean having multiple cars.... Many people do much more than 6000km annually. At least double that actually. So 12000km annually (or 1000km) - 93,950/- - for the '13000km plan' Still reasonable if you are paying a 7.5% premium. Now some don't pay 7.5%, closer to 4% (e.g I have not done any claims for >4 years).... This would only make sense if your other alternative is 7.5%. But if you've been accident free a while.. the discounted percentages work better. It is still good that insurance companies are getting creative in their offerings. I would think now they need to start including other factors like age, gender in their calculation of insurance premiums. I'm sure their actuaries have some stats that would be useful. @tuvok Certainly, the more you drive, the higher you will pay, but you will end up making savings in the short-term and in the long term as well. In your example, if you get it at 4%, you pay KES60000. If you do 12000KMs, under PAYD you would pay round about KES87000 for the first year, and much less in your second year. Remember, you don't need to have 60000/- at the expiry of your cover. You can buy a minimum bundle of 5000KM and top up (via MPESA, Airtel Money, Yu Cash or Orange Money) as you drive. That's also the huge convenience that this product offers. As you mentioned, the product is also extremely useful for people with more than one car and hence cover little distances on all or some of the cars. The savings here are major.
“Once the last tree is cut and the last river poisoned,you will find you cannot eat your money" Traditional saying.
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Rank: Member Joined: 9/21/2006 Posts: 422 Location: Nairobi
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Gateway.....mhhhhh I would be reluctant to insure my vehicle there!
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Rank: Member Joined: 5/2/2010 Posts: 305
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Layman wrote:Gateway.....mhhhhh I would be reluctant to insure my vehicle there! Why? Share your experience.
“Once the last tree is cut and the last river poisoned,you will find you cannot eat your money" Traditional saying.
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Rank: Elder Joined: 9/7/2010 Posts: 2,148 Location: elderville
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Impunity wrote:Pros and scones??? As in premium is based on mileage logged and not a flat rate as currently constituted. How do they factor in theft if the premium is mileage based? He who can express in words the ardour of his love, has but little love to express. - Petrach, Son. (That men by various ways arrive at the same end. - Montaigne, The Essays of.)
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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Elder wrote:Impunity wrote:Pros and scones??? As in premium is based on mileage logged and not a flat rate as currently constituted. How do they factor in theft if the premium is mileage based? Kuna tuswala tunyeti about this thing. Like where will you get the sticker from if say you buy some bundle mileage in a remote place like londokwe?How police tell that your toyee is insured? Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Member Joined: 5/2/2010 Posts: 305
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Impunity wrote:Elder wrote:Impunity wrote:Pros and scones??? As in premium is based on mileage logged and not a flat rate as currently constituted. How do they factor in theft if the premium is mileage based? Kuna tuswala tunyeti about this thing. Like where will you get the sticker from if say you buy some bundle mileage in a remote place like londokwe?How police tell that your toyee is insured? @Impunity....the sticker is issued at the beginning of the year. Works pretty well and is convenient for you. If you would be interested in finding out how it works and how much you would be saving, you can holla me at infomail (at) qualityservice (dot) com Some of the major highlights of the products are: -You pay for only the kilometers you drive (convenient for people who do not drive much, and people who own more than one car (hence low mileages covered) -You do not need to have a huge amount at the beginning of your insurance period to pay for comprehensive insurance. You can buy a bundle that is convenient for you and top up as you go. -Since you are a good driver, you will enjoy extra mileage in the next period, meaning you spend even less on your premiums -Institutions that have minimal mileage on their cars but are still required to pay huge amounts on insurance. -Other benefits that come along with the cover.
“Once the last tree is cut and the last river poisoned,you will find you cannot eat your money" Traditional saying.
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Rank: Veteran Joined: 2/2/2012 Posts: 1,134 Location: Nairobi
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Good product; poor marketing. The website www.payasyoudrive.co.ke is not working! And this morning, these guys sent me an email telling to to visit the site for more information! At this rate, they are going nowhere...just like Kencell/Celtell/Zain/Airtel
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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chiaroscuro wrote:Good product; poor marketing. The website www.payasyoudrive.co.ke is not working! And this morning, these guys sent me an email telling to to visit the site for more information! At this rate, they are going nowhere...just like Kencell/Celtell/Zain/Airtel/ Bharti  Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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I have just requested a quote for an sh800k car doing 8,000km per year. The premium came to sh39k plus sh10k for "Mileage Manager". Total is sh49k Now I insured the same car with Jubilee last month as a new customer - the car is new. They charged me sh32k and there is no limit on mileage! So the question remains: Is this pay-as-you-drive really worth it? Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Member Joined: 2/11/2011 Posts: 240 Location: jamuhuri ya kenya
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mukiha wrote:Now I insured the same car with Jubilee last month as a new customer - the car is new. They charged me sh32k and there is no limit on mileage! what value did you insure the car at jubilee?
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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jimmy1 wrote:mukiha wrote:Now I insured the same car with Jubilee last month as a new customer - the car is new. They charged me sh32k and there is no limit on mileage! what value did you insure the car at jubilee? Same - 800k They offer comprehensive cover at 4% Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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