In this article, we took our time to breakdown the sic car insurance Ghana packages, prices, contacts and more about the company. We hope you enjoy reading this.
One of Ghana’s earliest non-life insurance firms is SIC Insurance Company Limited. Its origins may be traced back to 1955, when the Gold Coast Insurance Company was founded.
When Ghana gained independence in 1957, it was renamed Ghana Insurance Company. Ghana Insurance Company, which was largely a life assurance company at the time, established a subsidiary, Ghana General Insurance Company (Ghana General), in 1960 to underwrite fire and vehicle insurance. One of Ghana’s earliest non-life insurance firms is SIC Insurance Company Limited.
Its origins may be traced back to 1955, when the Gold Coast Insurance Company was founded. When Ghana gained independence in 1957, it was renamed Ghana Insurance Company. Ghana Insurance Firm, which was largely a life insurance company at the time, was founded in 1960.
In February 1962, the Ghanaian government took over the Ghana Cooperative Insurance Company and renamed it the State Insurance Corporation while waiting for takeover negotiations with Ghana Insurance Company and its subsidiary Ghana General to be completed. Following a successful acquisition of the two private firms, Ghana Insurance and Ghana General, the new State Insurance Corporation began operations in November 1962.
As part of the Ghanaian government’s divestiture policy, State Insurance Corporation was turned into a public limited liability company in 1995. With the Government of Ghana as the sole stakeholder, the company was renamed State Insurance Company of Ghana Limited. The State Insurance Company of Ghana Ltd. takes over the State Insurance Corporation of Ghana’s assets and liabilities. The name of the company was changed to SIC Insurance Company Limited by a special resolution passed on October 22, 2007.
With the creation of SIC Life Limited, SIC has duly segregated its general business from the life business in compliance with the provisions of the current insurance laws, the Insurance Act, 2006. The life business and assets were transferred to SIC Life Limited by special resolution, and the GoG received 80,000,000 ordinary shares in exchange.
SIC’s business is national in scope with a visible presence in all ten regions of Ghana. The Company has consistently, over the span of its business life, maintained steady market leadership.
SIC’s motor insurance policy provides you with covers for legitimate liabilities that may arise in the use of your vehicle. SIC’s motor insurance covers includes Third Party Only Cover, Comprehensive Cover and Third Party, Fire & Theft Cover.
Third Party Covers
This is our minimum motor insurance cover and indemnifies you or any other person driving with your consent against:
a) Death or bodily injury to any third parties, and/or Damage to property belonging to third parties. Damage to your vehicle is however not covered under this cover.
b) The minimum limit for third party property damage at present is GH¢2,000, However this can be increased at your request. Bodily injury is unlimited.
Third Party Fire & Theft Cover
This is an extension of the Third Party Cover, and provides indemnity for loss of or damage to your vehicle occasioned by Fire or Theft. It however does not cover other accidental damage to your vehicle caused by collision, overturning, etc.
The comprehensive motor cover cushions you against all of the risks described above, in addition to accidental damage to your vehicle arising from:
a) Accidental collision or over-turning
b) Fire, external explosion, self-ignition or lightening
c) Theft, burglary, housebreaking
d) Malicious act
e) Flood, Storm, Hurricane, Volcanic Eruption or Earthquake
Additional Benefits for motor insurance
Emergency Treatment and medical expenses: We pay for the first aid cost as well as the first treatment necessary to ensure the life of the accident victims.
Compensation for Bodily Injury or death: We pay compensation for bodily injury or death sustained by any member of your household or any other occupants, other than the policy holder or the driver.
Personal Accident Benefit to Policyholder/Driver: The policyholder and/or the person driving is entitled to our generous personal accident benefits.
Towing and Storage: In the event of an accident we pay for the reasonable cost of protection and removal of your vehicle to the nearest repairer or place of safety.
Tyre Replacement: They pay for the replacement cost of any tyre which is damaged and is rendered unusable as a direct result of an accident provided that the damaged tyre was not worn out, rethreaded or recapped prior to the accident.
Windscreen Damage: They pay the replacement cost of your windscreen if accidentally damaged, broken or shattered.
Private Car Pooling/Sharing: You are allowed to use your vehicle for social, domestic and other similar purposes as part of a car pooling/sharing arrangement.
Driving other Vehicles: We will pay your legal third party liability whilst driving a motor vehicle similar to yours but not belonging to you or hired to you under a hire-purchase agreement.
Use outside Ghana: For your travels within the sub-region, we will issue you with an international motor Insurance Certificate known as ECOWAS BROWN CARD. This policy cover liabilities as specified in the ECOWAS Brown Card Scheme whilst visiting other countries in the West African Sub-region.
Cost of SIC Car Insurance
SIC Insurance’s third party insurance for saloon cars cost GHC 371 a year. To get a quote for a comprehensive policy, the car has to be presented to the insurance provider for assessment. Factors such as the year model and the purpose of the car is taken into consideration.
SIC Head Office Building (Nyemitei House)
28/29 Ring Road East, Osu, Accra
P. O. Box 2363, Accra
+233 302 780600/9
+233 302 780601
+233 302 780615
Toll Free: 0800-100-499; 0800-100-055
Email: [email protected]