The Insurance act of Ghana has made provision to protect the interest and increase the profit of Insurance companies, without looking at what the insurers stand to gain.
It is becoming increasingly clear that people in Ghana, only insure their cars because the law states so, and because they do not want to have any brush with the police.
How many people in Ghana, file for claims, when their cars are involved in accidents, especially so, when it is a third party insurance.
A lot of people use their cars for years, some spanning between 20 to 30 years, and every year they insure the car or cars, some are so careful and lucky that they do not get accidents and yet after all these years, not a dime of the monies they have paid by way of insurance is paid back to them.
We at The Herald thinks that Parliament, must take a second look at the law, it needs to be amended, so that at the end of every year, a fraction or a certain reasonable percentage of what one pays as insurance for the year, must be refunded to these persons.
Apart from the taxes Insurance companies pay to the government and which every institution does, what other benefit is accrued to the insurer. They are in the business of offering service, and with every service, the clients must benefit.
It is no longer news, the hustle owners of vehicles go through at the hands of Insurance companies anytime they file for claims. When you are buying insurance, it is the easiest thing to do, but when you are filing for claims, you are frustrated with paper work that sometimes, you just abandon the idea altogether.
The motivation for people to insure their cars, should not be because you will be stopped by a Police officer, or that the law says, every car should be insured, it should rather be that it is also another form of investment, where at the end of every year, either you are paid back something, or what is to be given to you, will be calculated, so that you pay less than you paid last year, taking into consideration, the periodic increment.