Over 1,700 people died in over 16,000 traffic accidents in Ghana from January to October 2016, according to the Business & Financial Times. More than 9,000 people were injured. And one can only imagine the monetary cost of such unfortunate incidents with regards to damaged vehicles and hospital bills. With such frightening accident statistics, it is clear that Ghana’s roads are very dangerous.

It certainly makes sense to take the most caution possible, which will involve having an insurance company cover for the liabilities of yourself, vehicle, passengers, and third parties. This concern is from the perspective of those who insure their vehicles because they want some financial cover in the event that the unforeseen happens on the road. Some do not share the same opinion on having an indemnity cover; some simply insure their vehicles because the law requires them to.

How much to pay for an insurance on your vehicle is dependent on many factors. The cost of your vehicle is a key determinant. Insurance companies will mostly require proof of purchase to verify the cost. It is believed that insurance companies charge more premiums on cars which will be driven by a young person, because young people are more likely to have road accidents due to inexperience and reckless lifestyles. However, for private car owners, the least form of insurance cover, as required by law – third party insurance – is expected to cost GH₵ 471/annum. Taxis and Trotros are expected to pay GH₵ 576 and GH₵ 586 respectively for the same period. These amounts show significant increases compared to what was being paid before 2015. Insurance companies however explained the increases as a measure to cater for third party accident victims.

Considering how high third party insurance is, a comprehensive one will be far more expensive, as comprehensive insurance also caters for third party liabilities. The National Insurance Commission and the Ghana Insurers Association also agreed to have flexible subscription periods for premiums for vehicle owners not willing to insure their vehicles for the entire year. Now, you can even purchase daily insurance packages. Check with your insurer for more details.

A car insurance, as elaborated earlier, covers for the damages caused to your vehicle, passengers, pedestrians, other drivers and other vehicles. A comprehensive insurance can also cover your vehicle against theft and fire. According to the Insurance Act, Act 724, all motorists must be insured, at least, to cover their liability to third parties. It is therefore illegal to drive a vehicle or motor cycle without insurance. You can be arrested or fined at the spot by the police if your vehicle is not insured.
With an indemnity cover in mind, one can certainly feel a bit of comfort driving on our dangerous roads. But to make sure you don’t pay ” too” much visit the GhanaCompares car insurance page to get the best car insurance offer. Most reasonable people also want to live their lives without being at the wrong side of the law. The peace of mind that comes with it is worth more than the premiums paid to have insurance.

GhanaCompares.com Blog Team