Not many Kenyans have insurance covers, preferring to take only the mandatory and statutory ones like motor for those who have vehicles, and NHIF for those who are employed. Stats show that penetration of insurance products and services in Kenya is very low, at slightly above 3 percent. That leaves millions of people just living dangerously and hoping that nothing unfortunate happens to them or to their property. But hope is not enough. That’s not the way life works. Unfortunate things happen all the time and only then do people realize the importance of having insured themselves, their loved ones and their property. Having an insurance cover means you are protected from the unexpected, and you therefore have the peace of mind to concentrate on work, business and family.
The world is getting more and more fast paced by the day and there’s really nothing anyone can do about that except adapt. Technology is also easing and demystifying a lot of age-old methods of doing things and other than financial constraints and a few other factors, low insurance uptake can largely be attributed to cumbersome on-boarding which puts potential clients off.
But with an entrant like CoverApp into the Kenyan market for example, you will be able to get an insurance cover in under 5 minutes. Think about it. No paperwork, no brokers, no physical visits to any office, just your mobile phone, an app download and a paperless cover sent to you via email.
One major misconception that Kenyans have about insurance is that it is expensive. But have a look at some of the policies that CoverApp has and some indicative costs.
Motor Vehicle Cover:
This cover which is mandatory by law provides insurance protection against accidental loss and damage to vehicles as well as protection against legal liabilities to third parties. Legal requirements aside, this policy is very crucial because trying to sort out a damaged vehicle out of pocket can cost upwards of half the initial cost of the vehicle. For this policy, you can either get a comprehensive cover or a third party one for one month starting from Ksh.1,500/-
As a motorist and a girl for that matter, nothing gives me the shivers like a malfunctioning car. Car trouble can hit anywhere any time and one of the covers that have hit really close to home for me with CoverApp is the(AA), users can get up to 40Km tow on mechanical breakdown, unlimited roadside assistance, one free safari check per year at AA branches and discounts on consultancy services and parts. This safari check can actually help in preventing roadside trouble in the first place. The cost of this cover starts at Ksh.6,500/- per year for the first vehicle. The second vehicle comes at a discounted Ksh. 5,000/-.,
Sometimes traveling in itself is already a hustle. Packing, booking tickets, queueing at airports, dealing with delayed flights, and so many unforeseeable challenges that can crop up just when you’re flustered enough from the prospect of a long trip. A travel insurance policy which you can get from CoverApp will ease your mind in case of delayed flights, medical emergencies, loss of luggage, injuries and even death. You can get this cover for as little as Kes 3,000 per trip depending on the destination and length of stay abroad.
Home Contents Cover:
A home contents cover is one of the most important and yet the least underused out there. For a cover that takes care of items that people use on a daily, uptake should be much more than it is now. The policy covers household items including phones against theft which is most common, floods and water damage, accidental and malicious damage, and natural disasters. It also offers personal liabilities to third parties and compensation to domestic staff. You can get this cover for between Ksh.100 and Ksh.950 per month depending on the package one picks.
Modern day busy people want things done and they want them done right away. From the way CoverApp works, it plays right into that demand. The App is available for download on Google Playstore. Have a look at it and explore more.