Clients for UAP Old Mutual will going forward, be able to pay comprehensive car insurance monthly in a move the company says aims to ensure efficiency and convenience.
The move will see comprehensive car insurance payments made over 12 months which allows clients to spread the cost over the course of a year.
“The monthly payment plan is expected to create better customer experience and satisfaction. Historically, insurance has been perceived as a costly and intangible product, only beneficial in uncertain circumstances. However, with our innovative monthly installment plan, comprehensive insurance becomes more accessible and affordable,” said Nancy Ashaba, the Underwriting Manager at UAP Old Mutual Insurance Uganda .
“Customers can now enjoy better benefits and peace of mind, by paying for their comprehensive insurance in manageable monthly instalments, aligning with their budget and financial preferences. This plan is designed to break down the traditional lump sum payment barrier, making comprehensive insurance more attainable for a wider range of customers.”
According to Ashaba, it will now be cheaper for motorists to pay for motor comprehensive insurance.
“The monthly payment plan is designed to be flexible and affordable, with premiums payable in monthly instalments. For example, a customer can pay shs100,355 per month instead of shs1,204,262 at once for a vehicle valued at shs24.5 million,” Ashaba said.
“We believe that our innovative monthly payment plan will make motor comprehensive insurance more accessible and affordable, providing financial protection and peace of mind for a wider range of customers. We are committed to leveraging technology to improve efficiency and enhance customer experience, and this payment plan is just the beginning. With motor comprehensive insurance, one is shielded from financial loss in the event of theft, damage or destruction of the vehicle, its accessories or spare parts resulting from accidents, fire, riots and other unforeseen events. It also ensures that you are covered for third party liabilities, providing compensation to others in the unfortunate event of an incident or injury caused by the owner.”
