A model regulator of a secure and developed insurance industry

WHAT CAN ONE DO IF INVOLVED IN A MOTOR ACCIDENT AND HAS MOTOR INSURANCE COVER?

If you are involved in a motor accident, the general rules that you need to observe are: Obtaining the following information related to the accident; – Names and addresses of all drivers and passengers involved in the accident. – Registration numbers, make and model of each vehicle involved in the accident. – Names and addresses… Continue reading WHAT CAN ONE DO IF INVOLVED IN A MOTOR ACCIDENT AND HAS MOTOR INSURANCE COVER?

WHAT IS MOTOR THIRD PARTY INSURANCE IN SIMPLE TERMS AND WHO BENEFITS FROM THIS MOTOR INSURANCE COVER?

Motor third party insurance was introduced by the Motor Vehicle Insurance (Third Party Risks) Act in 1989. The Act provides for compulsory insurance against third party bodily risks in respect of the use of vehicles. It is mandatory that any vehicle, van or motorcycle for private or commercial use should have Motor Third Party insurance… Continue reading WHAT IS MOTOR THIRD PARTY INSURANCE IN SIMPLE TERMS AND WHO BENEFITS FROM THIS MOTOR INSURANCE COVER?

WHAT ARE THE DIFFERENT TYPES OF MOTOR INSURANCE COVERS?

There are several types of covers under motor insurance namely; Motor Third party which protects you against third party losses including death and bodily injury of the other party. There is Accident Fire and Theft motor insurance which protects you against damage to your vehicle due to accident theft and fire. There is also Motor… Continue reading WHAT ARE THE DIFFERENT TYPES OF MOTOR INSURANCE COVERS?

WHAT IS MOTOR INSURANCE?

Motor Insurance covers you against loss or damage to your own vehicle due to accidental fire, theft, accident, third –party bodily injury or death, third party property loss or damage.

WHAT IF THE INSURANCE COMPANY DECLINES TO PAY MY CLAIM?

If your claim is declined or when dissatisfied with your insurance company, lodge a complaint with the IRA’s Complaints Bureau through this email: ira@ira.go.ug. You can, also, write a letter detailing your complaint to the CEO, IRA P.O.Box 22855, Kampala. Or call us on our toll free line, 0800,124124

HOW DO I MAKE AN INSURANCE CLAIM?

You must report any loss or damage to the insurance company immediately and submit all the necessary documents requested by the insurance company. You are required to cooperate with the company to facilitate the smooth handling of the claim.

WHAT HAPPENS TO MY POLICY IF AN INSURANCE COMPANY COLLAPSES?

If a company collapses or is de‐licensed, it operates on a run‐off basis. The company will continue to operate without taking on new business until its wound up or is again re‐ licensed. The policyholders are fully safeguarded by the IRA during that period of run‐off and the company will meet all its obligations with… Continue reading WHAT HAPPENS TO MY POLICY IF AN INSURANCE COMPANY COLLAPSES?

CAN I CANCEL MY POLICY IF I AM NOT SATISFIED WITH ITS TERMS AND CONDITIONS?

Yes, you can. In the general insurance contracts, cancellation of the policy leads to either a proportionate refund of the premiums or a refund of premiums on a short period basis. However, under a life assurance contract, some companies provide a 30‐day period (cooling off period), whereby if the policyholder decides to withdraw within the… Continue reading CAN I CANCEL MY POLICY IF I AM NOT SATISFIED WITH ITS TERMS AND CONDITIONS?

WHAT HAPPENS TO MY POLICY IF I FAIL TO PAY INSURANCE PREMIUMS?

Failure to pay insurance premiums as stipulated under the contract is a breach of policy terms and leads to termination of the contract by the insurance company. If it is a life policy, the policyholder can claim for surrender proceeds. The period or term before surrender varies from company to company. If one fails to… Continue reading WHAT HAPPENS TO MY POLICY IF I FAIL TO PAY INSURANCE PREMIUMS?

HOW MANY FORMS OF INSURANCE ARE THERE?

There are two forms of insurance life (long term) and non‐life/general (short term). Life assurance contracts run for more than one year whereas general insurance contracts run for one year or less. There are life products like Group life, offered for a year and taken out to cover several people on one policy. These are… Continue reading HOW MANY FORMS OF INSURANCE ARE THERE?