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Thursday, 28 May 2015

Comprehensive Motor Insurance cover

Having Comprehensive cover for your motor vehicle is better as it offers the widest scope of covers, among all other types of motor insurance covers, while it leaves room for a number of rights and privileges. It is the most protective motor cover, giving drivers the peace of mind while going around their business endeavours.

It is minimum requirement by law in Nigeria to have at least third-party insurance. This means that you are insured against any claims made by drivers and other road users whose vehicles are damaged in an accident that was your fault. If you want to protect and make a claim for your vehicle in an accident, then Comprehensive cover is the insurance policy to choose.

Comprehensive vehicle insurance is not required by law, but it is a good idea to take one depending on the value of the car you are driving. Having Comprehensive cover allows the policyholder to claim from his insurer for accidents that occur as a result of his faults and also when fault cannot be established against him or another person including if you return to your parked car and find it has been damaged by an unknown vehicle.

  • Theft and vandalism - will protect you from the damage done to your car by someone else, when someone breaks in to your car to steal your things or the car itself.
  • Fire - caused by explosions, self-ignition and other natural and accidental causes.
  • Natural disasters, including hurricanes, lightning and storms - Natural calamities such as hailstorms, flood, hurricanes, lightning, and high wind can cause serious damage to your car. In such cases, the cost of material and labour required to fix the vehicle will be covered.
  • Falling objects - will protect you from the damages occurred in your car as a result of falling objects like a tree, or debris from a construction site.
  • Animals - Damages caused by striking an animal with your car, when an animal or bird flies in to your car and causes damage.
  • Miscellaneous - Other cases like, explosion, self-ignition, and towing charges incurred after an accident are also covered under comprehensive auto coverage.

Comprehensive car insurance is optional and most people decide not to purchase this in order to minimise premium cost. But a driver needs to consider all options and risks he is facing using the car before deciding whether to get a comprehensive cover or not.

Thursday, 21 May 2015

What is MTN Y’ello Life?

Y’ello Life is an affordable, airtime-based life insurance offered by MTN in collaboration with Mansard Insurance plc. The insurance product is a convenient way to access affordable life protection plan with your mobile phone and registered MTN number. Only registered MTN subscribers between ages 18 – 60 years are eligible to the service. There are three offers of the product:

1. Cover for medical expenses arising from accidents - the named beneficiary shall present the following original documents

  • Completed claim form
  • Pictures of the subscriber showing affected area
  • Completed physician certificate by the doctor
  • Police report if the disability is as a result of road traffic accident only

2. On the demise of the insured as a result of accident, illness or other causes - the named beneficiary may be required to present some or all of the following documents

  • Completed claim form
  • Originals of medical certificate of cause of death
  • Death registration certificate
  • Burial warrant
  • Clergy certificate
  • Police report (in case of road traffic accident)

3. Cover for permanent disability arising from accidents - the insured shall present the following original documents

  • Completed claim form
  • Pictures of the subscriber showing affected area
  • Completed physician certificate by the doctor (orthodox or unorthodox)who last attended to the subscriber
  • Police report if the disability is as a result of road traffic accident only

There are also a few things to remember if making a claim on your MTN Y’ello insurance:

  • Nil Surrender Value - This policy does not at any time qualify for surrender value. The insured shall not be entitled to any cash value if the policy is terminated by the insured any time after commencement.
  • Suicide and Act contrary To Public Policy - The insurance company shall not be liable to pay the sum assured under the policy if the demise of the insured occurred as a result of suicide or the execution of judicial sentence of death.
  • Currency and Law: All amounts payable in terms of this scheme, either to or by Mansard Insurance, are payable in the lawful currency of Nigeria. Any question of law arising under this scheme shall be decided according to the laws of Nigeria.

Wednesday, 13 May 2015

Choosing the right travel insurance

Travel insurance is an essential part of your holiday or short break but it can be complicated and confusing when choosing it. There are many different types of travel insurance policies available, so it’s important to know what type of policy you want, and what you want it to cover you for.

Who will be travelling with you, family or friends, the policies available are: 

Couple travel insurance – if you live at the same address as your partner
Family holiday insurance – for two adults plus up to four children travelling together – this will suit you if your children are 18 or younger and live full-time with you
Single-parent family cover
Couple and child cover – often cheaper than a family policy if you have only one child

You need to be aware that with the ’family’ policy it can be invalid if family members are travelling independently or if the children are travelling with someone not named on the policy and may not include children or step children who do not permanently live with the policy holder.

Where are you travelling to, as policies are often set by area:

   Worldwide excluding the US

You need to be aware with the ‘Europe’ travel insurance, as the term is different to what is technically Europe so you need to check that where you’re going counts as Europe for your travel insurance company. Check the day trips over national boundaries to make sure you are covered.

How often you travel and how long for, as there are policies for that too:

If you travel abroad more than twice a year, annual holiday insurance or multi-trip insurance is usually better value. You will also have the benefit of being able to take trips at short notice without having to arrange insurance
Most annual and single trip policies cover you for 90, 120 or even 180 days. If you’ll be away for longer, a long-stay policy provides up to 18 months of cover

For those special circumstances, there are policies for that too:

For specialist gap year insurance or backpacker insurance, add on cover for the kinds of activities you’ll be doing – whether its adventure sports, work or volunteering
For unplanned activities such as bungee jumping or pony trekking, you may need to contact your insurance company while you’re away to arrange cover
If you’re over 65 or have a medical condition, you’re likely to need a specialist policy

Saturday, 9 May 2015

Why Fire and Perils Insurance is a good idea

Having fire insurance can save your home and you from financial disaster. Normal day to day activities in a home could leave it exposed to the possibility of a fire that could threaten your home and belongings. You work hard to have the things that you and your family deserve and the last thing you want is to risk it all by not having enough insurance coverage.

It’s not the only cooking or staying warm by the fireplace that pose a risk but in fact there are other things that homeowners tend to forget about, like burning candles or incense.

Many homes have a smoke alarm but at times that may not be enough. A properly functioning smoke alarm can be a great early warning to alert you of a fire with enough time to get your family to safety and call the fire department. But what many forget to remember is fire can spread rapidly, and there is no guarantee that your home won't be seriously damaged or totally consumed by fire. 

Fire insurance coverage can come with the benefit of reimbursed additional living expenses. if your home is destroyed or damaged enough by a fire to the point that it's not safely habitable, a fire insurance policy will often pay for the reasonable increase in your living expenses, such as the additional cost of hotel stays, restaurant bills, etc.

A standard fire policy provides cover against:

  • Lightning unlimited cover - lightning damage from any source, whether accompanied by rain or not
  • Explosion limited cover - explosions arising from gas works used for domestic purposes, lighting or heating the building

There are additional cover policies that can be added to cover the following losses which may be incidental to fire although there must be actual fire before cover can be allowed:

  • Property damaged by water or other extinguishing agents used in extinguishing the fire
  • Property that may be destroyed or blown up to prevent fire spread
  • Damage done by fire brigade in an attempt to extinguish or contain the fire
  • Damage to property occasioned by falling walls or part of a building in which fire occurrence has taken place
  • Smoke damage if preceded by fire. No cover if there was no fire e.g. malfunctions of lantern or gas lamps