Globally speaking, 2022 was a difficult year for both individuals and corporations.
In Ghana, the Cedi was weak and prices were skyrocketing.
Multiple price adjustments were made by traders, and banks drastically increased loan rates.
The Ghanaian insurance market shown good faith by refraining from raising the price of insurance cover.
The National Insurance Commission (NIC), which oversees the insurance industry, has set new Motor Insurance rates (tariff) that all insurers are required to follow beginning January 1, 2023.
Here are the main points and instructions for finding out how much you will have to pay when your contract is renewed.
The pricing adjustment aims to protect the financial stability of auto insurance providers among other things so they can continue providing value to clients.
Let's try to understand how vehicle insurance firms fared under the 2022 recessionary economic conditions before we discuss how the new price works out. The terms "price" and "premium" will be used interchangeably in this article to refer to the cost of your car insurance, and "car" will be used to refer to any type of vehicle.
How the economic turmoil of 2022 affected vehicle insurance
Parts, supplies, and labour replacement are all covered under insurance claims. Throughout the year, the price of imported components and materials increased significantly. Due to the country's growing cost of living, repair labour expenses have also increased.
Insurers had to deal with huge losses in the value of investments in addition to rising expenses. Usually, the returns on investments made by insurance companies increase the premiums that have been collected for the payment of claims. When it comes to playing the crucial duty of assisting clients in swiftly recovering from financial loss in the event of accidents, losses on investments place insurers in a challenging situation.
There is a significant difference in the new vehicle insurance rate.
According to the revised price, automobiles are divided into two groups according to the year of registration:
Vehicles registered before 2020 go into Group A, whereas those registered after 2020 fall into Group B.
Your cost will vary depending on which category your automobile belongs to. For instance, if your Toyota Corolla saloon is registered before 2020 and you just use it for social and private transportation, third-party insurance would cost you Ghs423. In 2020, if you enrolled, you would pay Ghs468. Prior to the new tariff going into effect on January 1st, Ghs327 was the cost for all private automobiles utilised for social and personal commuting.
How the increased pricing will affect your wallet
Compared to 2022, the cost of third-party auto insurance would increase by up to 43%. You will also notice a rise in the cost of your comprehensive insurance because the third party pricing is taken into account when calculating rates for comprehensive insurance.
Paying little and often will help your finances.
happy news Instead of paying a yearly advance, you can agree to an instalment payment plan with Brolly and pay little by little.
You may get full coverage insurance for the entire year and pay in up to 12 month payments. Third-party insurance was also available for up to three months of instalment payments.
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