In this article, you will be able to find out everything you need to know about Stanbic Bank Motor Insurance.
This article discusses everything there is to know about Stanbic Bank Motor Insurance and will help you to make the right decision.
Motor insurance covers cars, trucks, motorcycles, and other types of road vehicles. It is also referred to as auto insurance, vehicle insurance, or car insurance.
Its main purpose is to offer financial security against property loss or personal injury brought on by auto accidents, as well as against liability that can emerge from related events.
Motor insurance may also provide financial security against vehicle theft, damage resulting from incidents other than traffic crashes, such as keying, bad weather, or natural catastrophes, and damage from collisions with immovable objects.
Is it necessary to have motor insurance?
According to Ugandan law and the Traffic and Road Safety Act, Cap. 361, you must obtain Third Party Only Motor Insurance to operate a vehicle on any public road in the country.
All of your private car insurance, including third party only, third party, fire, and theft, comprehensive, and enhanced comprehensive (also known as Executive motor insurance policy), may be purchased from Stanbic Bank.
Benefits of Stanbic Bank motor insurance
- You get cover for your vehicles whether third-party-only (T/P), third-party fire and theft (TPFT) comprehensive, or Executive.
- With Executive insurance, you receive larger coverage for personal injury and third-party property damage claims, you don’t lose your no-claim discounts, and you’re protected from loss of use while your insured vehicle is being repaired.
- The convenience of signing up at a branch close to you
- Enjoy competitive Rates and discounts for coverage other than third-party insurance.
- You have a choice between monthly and yearly premium payments.
- You only need to pick up a motor sticker at renewal, and we’ll handle the premium payments.
- Assistance with claims and document submission
Requirements for Stanbic Bank Motor Insurance
- You must have an account with Stanbic Bank.
- Visit any branch with details of your vehicle and complete an application.
Comprehensive Motor Insurance
With first-rate motor comprehensive insurance that includes third-party, theft, towing, and a whole lot more, you can drive your car or ride your motorcycle with confidence.
What Stanbic Bank’s Comprehensive Motor Insurance gives you
- When you need them, recovery services, towing and wreckage disposal, and protection for your motorcycle and car are all available. All day and night, a crew is on call for you twenty-four hours a day.
- Any damaged personal items, such as clothing, jewelry, watches, cell phones, and cosmetics, are replaced.
- Expenses for medical care up to UGX 2,000,000 if you are in an accident.
- They connect you to the top garages in your area.
- Free replacement of locks, keys, and audio/visual entertainment devices. Free replacement of windshields and glass.
- While they repair or replace your motor vehicle or motorcycle, take advantage of an alternative first-class car rental for up to 14 days at a cost of UGX 100,000 per day on Stanbic’s bill.
What does comprehensive Motor Insurance cover?
- Theft of vehicle or Motorcycle parts.
- Towing to nearest garage/safe place.
- Covers third parties. This insurance also covers passengers and other accident victims in addition to the driver or rider.
- Insurance against accidental harm to or done on a motor vehicle or motorcycle.
Requirements for comprehensive Motor Insurance
- Make of the vehicle
- Model of the vehicle
- Year of Manufacture
- Value
- Customer name and account number
- Choose whether vehicle, motorcycle, or other heavy machinery
Charges for comprehensive Motor Insurance
- The value and classification of your car or motorcycle will determine your annual premiums.
- Motorcycles – 10%
- Motor Private – 4%
- Motor Commercial- 6%
- Buses, Passenger Service Vehicles (PSVs) & Fuel Tankers – 7.5%
- PMO/Corporate & School buses – 5%
- Contractors Plant & Machinery – 3%
Please take note that these rates change from time to time depending on the Insurance Regulatory Authority rates.
Conclusion
With Stanbic Bank, Motor Insurance covers your vehicle is protected. Should there be an accident or injury, they are just a phone call away from helping you, depending on your Motor Insurance plan.
Take the stress of accidents and losses away from yourself by insuring your vehicle today with Stanbic Bank Motor Insurance.
