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Enterprise Road
S.K Business Park. Ent. Road
FAQS
? What is Insurance
Insurance is a financial agreement between an individual or entity (the insured) and an insurance company (the insurer). It provides protection against potential risks or losses in exchange for regular premium payments. In the event of an insured incident, the insurer compensates the insured according to the terms of the policy.
? What types of insurance are there
There are various types of insurance available, including auto insurance, which protects against accidents or theft involving vehicles; homeowners or renters insurance, which covers damages or losses to property or belongings; health insurance, which helps cover medical expenses; life insurance, which provides a death benefit to beneficiaries; disability insurance, which replaces lost income due to disability; travel insurance, which offers coverage for unexpected events while traveling, and business insurance, which protects businesses against risks such as property damage, liability claims, or interruptions.
? How does Insurance Policies work
When you purchase an insurance policy, you agree to pay regular premiums to the insurer. In return, the insurer agrees to provide coverage for specified risks outlined in the policy. If you experience a covered loss, you can file a claim with the insurance company. The insurer will then evaluate the claim and, if approved, provide compensation or benefits as per the policy terms.
? What factors determine insurance premiums?
Insurance premiums are determined by factors such as the type of coverage and policy limits, age, gender, health status (for life and health insurance), driving record, vehicle type, and usage (for auto insurance), location, property value, and security features (for homeowners/renters insurance), and business type, industry risks, and revenue (for business insurance).
? What is a Deductible
A deductible is the amount you must pay out of pocket before your insurance coverage kicks in. For example, if you have a KES 500,000 deductible on your auto insurance policy and incur KES2,000,000 in damages from an accident, you would pay the first KES 500,000 and your insurance company would cover the remaining KES 1,500,000. Generally, higher deductibles result in lower premium costs, while lower deductibles lead to higher premiums.
? How can I save money on insurance?
To save money on insurance, you can shop around and compare quotes from different insurance companies, bundle multiple policies (such as auto and home insurance) with the same insurer for potential discounts, maintain a good credit score, increase deductibles (if financially feasible) to lower premium costs, and take advantage of available discounts such as safe driver discounts or home security systems.
