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Heritage policy holders to pay less motor premiums

BUSINESS
By Standard Correspondent | May 18th 2020
Heritage Insurance Managing Director Godfrey Kioi (L) and Taj Thanawalla, Managing Director of Thanawalla Insurance Brokers.

Motorists who have insured their vehicles with Heritage Insurance will benefit from a reduction in premiums, on the basis of reduced driving due to restrictions imposed by the Covid-19 pandemic.

Data collected by the company through the telematics devices fitted in vehicles on its Auto Correct motor insurance policy shows that 46 per cent of insured motorists drove less in the month of April compared to their monthly driving range over the previous six months.

This was attributed to reduced movement and most people working from home.

Given the reduced exposure, Heritage will offer a cashback to all Auto Correct policy holders based on each individual’s level of reduced driving in April compared to their normal driving range.

“This Covid-19 phase has raised a lot of questions for conventional insurance products. Kenyans are concerned that while their cars are stationary, insurers are still collecting premiums from them at normal rates,” said Heritage Insurance Kenya Managing Director Godfrey Kioi.

“Usage and miles-based insurance provides a solution that allows us to peg pricing on vehicle use and driver behaviour.”

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