Star Assurance Ltd has launched an innovative product, ‘Star Motor Third Party Xtra,’ aiming to transform third-party motor insurance in Ghana.
This groundbreaking offering extends limited coverage to third-party policyholders for damage to their own vehicles, a notable departure from the traditional restrictions of third-party policies.
The conventional third-party motor insurance primarily covers liability for damage and injuries caused by the policyholder while driving, leaving the policyholder’s own vehicle vulnerable in case of accidents. Recognizing this limitation and aiming to address customer frustrations, Star Assurance has conducted thorough research and introduced a solution that bridges this gap—’Star Motor Third Party Xtra.’
Speaking at the launch, Boatemaa Barfour-Awuah, the CEO of Star Assurance, highlighted that this innovative product aligns seamlessly with the organization’s mission and vision of creating exceptional customer experiences.
“The introduction of the Motor Third Party Xtra aligns seamlessly with our organizational mission and vision, which is centered on creating exceptional experiences for our customers. This product underscores our commitment to attentively addressing the specific needs of our customers.
“This product is designed to cater to both existing and new customers who currently hold third-party policies with Star Assurance or other insurance providers. Whether their vehicles are for private or commercial use, the ‘Motor Third Party Xtra’ is a versatile option.”
The Head of Product Development and Innovations at Star Assurance, Michael Adomako, explains that by paying an additional premium, policyholders can now enjoy coverage worth up to GHS 5,000 for glass damage repairs.
“By paying an additional premium of GHS 100 on top of the standard private car premium of GHS 468, Star Assurance now provides policyholders with coverage worth up to GHS 5,000 to repair glass damage, encompassing windshields, side mirrors, window glasses, vent glasses, and inside rearview mirrors.
According to Mr. Adomako, customers can acquire this new product through Star Assurance’s 20 branch locations and through the company’s extensive network of agents and brokers nationwide. “The convenience of purchasing this product extends to digital platforms like Pokuaa, Star Assurances’ virtual assistant, and external providers such as Kowri and Total Ghana filling stations across the country,” he said.
Managing Director of Crown Insurance Brokers, Isaiah Addo Baidoo, applauded Star Assurance for this ground breaking introduction, acknowledging it as the first of its kind.
Motor insurance is the most widely sought-after type of insurance in Ghana, with a majority of policyholders opting for third-party coverage, as reported by the National Insurance Commission.
The introduction of ‘Star Motor Third Party Xtra’ represents a significant development within the motor insurance industry, which, for 66 years, has predominantly offered comprehensive, third-party policies, and third-party fire & theft policies.