YAFO demands exemption of vehicle insurance funds from Ghana’s DDEP

  • March 5, 2023

He said despite the agreement with the Ghana Insurers Association, caution needs to be taken since the entities that watched on for the Government to excessively borrow into this current crisis are the same entities to supervise risk mitigations.

Mr Dwamena, in an interview with the Ghana News Agency (GNA), was of the view that the country could a not fford to risk vehicle insurance that would be needed during an eventuality.

He contended that exempting vehicle insurance would not significantly impact the government’s DDEP because the government needs to first demonstrate its commitment to ensuring financial stability rather than falling on individuals’ funds safeguarded for unforeseen circumstances.

He indicated that insurance penetration was low in Ghana due to a widespread notion of unwillingness to pay claims to subscribers.

“According to our Driver MO 2022 report, the benefit of vehicle insurance is yet to be realized because most subscribers have reported that they subscribe to third-party to avoid police harassment and also to fulfil statutory obligations, making most Ghanaians reluctant to report for insurance claims,” he stated.

Mr Dwamena explained that the National Road Safety Authority (NRSA) reported that a total of 17,272 vehicles were involved in accidents of which about 1,900 lives perished in 2022 and therefore, there was the need for the readiness of funds to compensate victims during any eventuality.

He said the DDEP was an invitation involving GH¢137 billion exchanges for domestic notes and bonds and promises to deploy all regulatory and supervisory tools to mitigate risks to financial stability.

He noted that the current situation with debt to GDP hovering around 97%, was not a sudden event but an accumulation of reckless borrowing and spending.

Mr Dwamena cautioned that it was time to put a ceiling on government borrowings and provide a transparent and

Read the rest

What To Expect if You Experience Auto Collision Damage This Winter

  • March 2, 2023

NORTHAMPTON, MA / ACCESSWIRE / February 8, 2023 / 3M

Originally published on 3M News Center

Whether it’s snow and ice across the northern U.S., or thunderstorms and severe weather throughout the south, road conditions have been challenging at times across the country this winter. Experts from 3M’s Automotive Aftermarket Division, who provide collision repair professionals around the world with innovative technologies and solutions, and support the industry through training and education, offer the following tips and guidance on what to expect if your vehicle is involved in an accident:

  1. The repair process — from the time the accident occurs until your vehicle’s repairs are completed — may take a few months or several months. Like many industries, auto repair shops have been facing significant supply chain disruptions and shipping delays that affect parts availability, which in turn affects scheduling. Try to be patient with repair shop staff as they do their best to help.
  2. Technicians with the skills, expertise and training required to work on the increasingly complex features, functionalities, materials, and comfort and convenience offerings found on today’s vehicles are also in short supply. The vast majority of automobile body shops across the country have at least one key position to fill. So if you know someone who is considering their career plan options, there are many excellent opportunities available in skilled trades.
  3. Given the two factors mentioned above, repair appointments might be triaged, especially during heavy demand periods, to give scheduling priority to undriveable vehicles. If your vehicle only has cosmetic damage, then you might have to wait longer than if the vehicle is undrivable and requires towing from the accident scene.
  4. Your vehicle repairs might be scheduled over a series of appointments as the required parts become available, rather than in one session.
  5. Check your insurance
Read the rest

Edmunds: Car shopping trends and tips for 2023

  • February 27, 2023

Shopping for a new or used car over the last few years has become a frustrating and expensive undertaking. Car shoppers have had to deal with vehicle shortages, high prices, dwindling incentives and rising interest rates. Will 2023 bring any relief? Yes and no.

“Many buyers exited the market due to inventory issues or pricing that was not what they were expecting,” said Ivan Drury, Edmunds’ senior manager of insights. “While some of those issues will subside for 2023, current buyers will face a new set of challenges. The cost of financing continues to climb, which can offset some of the discounts from the manufacturer’s suggested retail price.”

The experts at Edmunds have gathered five important issues you need to know about the current car-buying climate, plus tips on how to make the best of them.


According to Edmunds data, the average annual percentage rate, or APR, on new financed vehicles climbed to 6.5% in the fourth quarter of 2022, up from 4.1% in Q4 2021. For used cars, the average APR climbed to 10% in the same timeframe, up from 7.4% in 2021. Experts are predicting that the Federal Reserve might have a couple more rate hikes in store for this year, so this situation isn’t likely to improve in the coming months.

Tip: Get preapproved for an auto loan with your local bank or credit union. A preapproval allows you to compare rates offered by a dealership. Lower APRs can be found through the automaker’s finance arms, though the loan may have a shorter term than expected. And while it might be tempting to take a longer loan term to drop the monthly payment, keep in mind that you’ll be paying more for the car over time due to the

Read the rest

No debate: Taking out vehicle insurance is a must

  • February 24, 2023

While not something most South Africans wish to talk about given the current state of the economy and escalating energy crisis, the simple truth is that having vehicle insurance is a must regardless of whether you buy a new or used car.

Of course, the biggest factor preventing owners from taking out insurance is the final amount that will either receive approval, or a description in not so polite terms when presented with it.

With current affairs in the country unlikely to improve anytime soon, the answer to avoid being ripped off when it comes to vehicle insurance, is to do proper research and not to exceed the limits of your wallet.

Don’t go overboard

This is according to Old Mutual’s Lizo Mnguni, who remarked that buyers should pay what they can afford and not go overboard on buying a vehicle that would ultimately cost more to insure than what they had expected.

“Once you have a shortlist of cars, call your insurer or broker to ask which car is more expensive to insure. Your broker will be able to tell you which car will help you save on your insurance,” he said.

He added that interested buyers should continue to monitor the media and track the opinions of journalists, as well as the number of vehicle awards in order to get a better understanding of which vehicles is the best.

ALSO READ: What to know about vehicle insurance policies

“The esteemed journalists have already done the legwork for consumers, and have considered things like value for money, total sales, and all-round worthy winners,” Mnguni continued.

How to save

When looking for ways to save on insurance costs, Mnguni says that two methods present the best possible option.

“If you have savings, you could consider using more of your rainy-day

Read the rest

Consumers increasing concerned with EV insurance

  • August 25, 2022

Canadians are becoming increasing interested in getting an electric vehicle (EV) for their next purchase on one hand, but consumers also seem concerned about the cost of insuring electric vehicles, according to data from rate comparison site My Choice.

Seventy-seven per cent of respondents in British Columbia and 74% in Ontario would consider buying an EV the next time they’re in the market for a vehicle, according to survey results from KPMG. Further to that, over three-quarters of millennials are looking at EVs for their next purchase (77% between 25-34 years old and 76% aged 35-44 years).

But cost, driving range and charging are often cited concerns that consumers have when it comes to EV uptake—and drivers are particularly concerned with the cost of insuring their green vehicle.

Drivers looking for EV insurance increased by 240% year over year and 89% in the last three months, according to a recent study by My Choice.

Consumers should also heed that insurance premiums depend on the model of the car, rather than the vehicle’s fuel source. The cost of Replacing a vehicle is largely what determines the insurance cost.

Reasons that EVs may cost more to insure than gas cars include: replacement parts, electric vehicle batteries and specialized repair shops.

The basic insurance requirements for EVs are the same as any car, and include the mandated third-party liability insurance, accident benefits insurance, uninsured auto insurance, and direct compensation for property damage.

Add-ons may include collision insurance and comprehensive insurance that protects parked cars from flood or fire events.

However, certain policies may provide relief for EVs. “Some insurance providers provide green vehicle discounts for EVs so it’s important to ask,” said Aren Mirzaian, CEO of My Choice in a press release.

A comparison by My Choice shows the annual auto premiums

Read the rest

Did your car flood in southwest IL? Here’s how to file an insurance claim

  • August 7, 2022

As residents of southwest Illinois and the greater St. Louis area try to navigate flood lossessome may look to file insurance claims for automobile damage.

Comprehensive coverage isn’t always required, but if you have that type of plan, it may cover repairs or replacement of your vehicle after your deductible has been met.

Limits may apply to how much insurance companies will give you for repairs or replacement.

Water damage may be covered if your car is stuck in floodwater or if driving through water causes damage to your vehicle. Other types of storm damage may also be coveredsuch as damage from fallen tree limbs or hail, according to Progressive’s website.

Insurance plans typically do not cover after-market electronics, including GPS devices, stereos or anything else the owner installed.

You should review your policy or contact your insurer for the specifics of your coverage.

How can you file an insurance claim for flood-related car damage?

The first thing to do is to take pictures and video of your car submerged in water and try to show the water level. The water level can make a difference in whether an insurance company determines your car is totaledaccording to car media site Motortrend.

Once you’ve documented the damage if possible, you can begin the claim process. Most large insurance companies offer online claim systems along with apps, where you can report damage or place your claim over the phone.

It’s best to submit your claim as early as possible and take detailed notes throughout the process, Motortrend says. While mechanics examine your car and your insurance company investigates the claim, check for any damage that may not have been immediately visible.

The claim process will vary by insurance company, but here’s what the process looks like according to

Read the rest