According to Ashaba, motor comprehensive insurance provides financial protection against accidental damage to the insured vehicle, theft of vehicle and vehicle parts, and third-party liabilities, such as injuries or property damage. Vehicle owners in Uganda need to take up motor comprehensive insurance to avoid financial loss in the event of unexpected events.
The company aims to educate the public about the benefits of comprehensive insurance and offer affordable payment options to empower vehicle owners to make informed decisions about their insurance needs.
A 2020 study by the Insurance Regulatory Authority-IRA revealed a significant gap that exists in the uptake of comprehensive insurance policies, with only 15% of insured vehicles holding comprehensive policies compared to 85% with third-party policies.
The report highlights that this stems from the need for adequate sensitization on the benefits of comprehensive insurance, which is a significant challenge in the industry.
Ms Asaba stated that common misconceptions about motor comprehensive insurance include thinking it is too expensive or only necessary for new vehicles and the high-end class of car owners. By opting for Motor Comprehensive Insurance, you are securing your financial well-being and driving with confidence, knowing you are prepared for life’s unexpected twists and turns.
"Motor Comprehensive Insurance safeguards you from financial devastation, providing peace of mind and protection for your valuable investment. Without it, unexpected car repair costs or replacement expenses can destroy your hard-earned savings. This comprehensive coverage shields you from financial loss in the event of theft, damage, or destruction of your vehicle, its accessories, or spare parts, resulting from accidents, fire, riots, or other unforeseen events. It also ensures that you are covered for third-party liabilities, providing compensation to others in the unfortunate event of an incident or injury caused by you, "she added.
