free Insurance tips:
CHECK YOUR DRIVERS CLAUSE ON YOUR MOTOR VEHICLE INSURANCE!
PART 1
DID YOU KNOW? Age and driving experience are important factors which Insurance companies consider both at underwriting and at the time of claims.
In Zambia, most Insurance Companies (Not all) have the following as the drivers’ clause (at the time of writing this article.)
DRIVERS CLAUSE
“Unless otherwise agreed, driving is restricted to persons with a VALID driving license aged 22 years old and above who have held a valid license for at least 2 consecutive years.”
FOR EXAMPLE 1
Mr. Malambo Mwale bought a car for his 20 year old daughter as a graduation present. This was after the daughter got a Business Management degree (UK) with Distinction. The daughter had been driving for more than 3 years and but she got her driver’s License 2 years ago when she turned 18 years as per Zambian Law.
When she went to the Insurance Company, she was told she was under age and the Underwriter attending to her advised her to pay an extra small amount on top of her premium to “Buy off” the Underage clause on her Motor Vehicle Insurance. The insurance company then increased her excess clause because as an underage she was considered a high risk client.
This means should she be involved in an accident, the Insurance company will be able to compensate her (without any penalties) because she bought off the under age clause.
WHAT ABOUT YOU?
1. What does your driver’s clause say on your motor vehicle Insurance?
2. If a person who is less than 22 years is to drive your car and cause an accident, is the claim going to be payable by the Insurance Company? Is the Insurance Company going to penalize you?
3. As the owner of the vehicle, how old are you? Are you less than 22 years or you are above 22 years? What age is applicable with your Insurance Company?
WATCH OUT FOR PART 2
Until Next Time!
from anontopur.com https://ift.tt/2Tdhv29
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