\u201cWe have found that we could implement the new prices proposed in the study in two phases; we will start by raising premiums by 60% in this year and add the 40% next year,\u201d the ASSAR’s representative, Kanamugire Gaudens told the press on Sunday.<\/p>\n
This means that if the insurance of a vehicle was RWF30, 000, its new price will be Rwf50,000 but on a yearly basis, it will be Rwf42,000 based on the revision. <\/p>\n
For a taxi that had to pay Rwf44,000 per year will now pay Rwf38, 000; according to the revision. <\/p>\n
Kanamugire said those who had already paid their premiums according to the new prices, will either be refunded or receive a credit note based on the revised prices.<\/p>\n
It is a decision that the association claims it has taken after receiving complaints of the vehicles\u2019 owners.<\/p>\n
The revision follows a premiums hike a fortnight ago that saw motor vehicle insurance premiums and the comprehensive packages increase from 40% to 73%, which attracted complaints among the public.<\/p>\n
Kanamugire said that increasing the premiums was necessary because those set in 2008 were outdated and not benefiting insurers.<\/p>\n
The Central Bank also asserted that the previous prices were wrecking insurers into losses and were not updated to meet the variable costs of vehicles and spare parts. In 2013, a study showed that the prices were too low and needed to be raised. <\/p>\n","protected":false},"excerpt":{"rendered":"
Rwanda Insurers Association (ASSAR) has revised the implementation of new insurance premiums for motor vehicles, following the public outcry.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[75],"byline":[170],"hashtag":[],"class_list":["post-36846","post","type-post","status-publish","format-standard","hentry","category-news","tag-homenews","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/36846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=36846"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/36846\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=36846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=36846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=36846"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=36846"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=36846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}