Hollard Insurance Botswana introduced Excess Buyback Cover in Francistown recently.
An excess is the amount that clients have to contribute towards each and every claim under their motor policy.
Speaking at the launch Hollard Operations Executive Paul Beka said the policy gives vehicle owners complete peace of mind. He said it removes headaches associated with sourcing excess money to pay repairers.
“Excess Buyback policy makes it easier for a client in the event of a claim as he will not be required to contribute anything to the cost of the claim.
The policy covers any person who has a vehicle insurance which is covered Comprehensively or for Fire and Theft with Hollard or any insurance company.
It will help the insured manage their cash flow.” Said Beka
He said Buyback policy provides insured clients with cover for their motor vehicle compulsory excess.
He said insured will use best endeavor to get compensation under the underlying policy. Which is the policy that cover the vehicle.
Beka went on to say each vehicle is subjected to three excesses claims each year. He said amount payable is limited to the amount percentage of the market value or the sum insured as specified on the schedule of the policy.
Beka said there seem to be no binding law that forces people to have fire extinguishers in their private cars.
He said if there is no legislation clients will not be obliged to have extinguishers.
He was responding to Phillimon Mmeso who asked if it is not necessary to force clients to have fire extinguishers in their cars.
‘In my own observation when a car catches fire it is always a total loss, so having a fire extinguisher may prevent the spreading of the fire and save the vehicle from completely burning.
However insurance companies do not require motor vehicle owners to have fire extinguisher in order to provide insurance cover’. He said.