Comprehensive insurance covers compensation for the death, bodily injury and/or damage you cause to another person’s property as well as compensation for damage(s) to your own property. Third party, on the other hand, only provides cover for damage and /or injury caused to other people i.e. third party(ies).
Liability policy limits must be fixed by you. The limits depend on the nature of your work vis-a-vis the amount of risk the people around you (including your staff and customers/clients) are likely to be exposed to, as a result of your activities. In terms of Workmen’s Compensation, your exposure is based on the annual earnings of your staff multiplied by 3, 5. This is mandatory by law.
Your driving record will affect your insurance in the sense that it will provide a basis for assessing your risk. If your driving record shows adverse features such as multiple convictions for driving offences, bad claims experience, etc., it is left for the insurer to take a decision regarding whether or not to accept your proposal for insurance. In the case that they do accept,your records will influence the rate of premium charges and the terms and conditions to impose.
Yes, but only a third party insurance cover is guaranteed immediately after receipt of payment. The additional cover(s) will ONLY take effect after the inspection of your vehicle within 72 hours after receipt of payment. Failure to facilitate the inspection of your vehicle within this timeframe may lead to a cancellation of the policy.