In a ground breaking move to enhance safety and security for Ugandans who rely on SafeBoda for their daily commute, a strategic partnership has been forged between SafeBoda, Liberty Insurance, and Stanbic Bank.
This collaboration introduces a revolutionary insurance product, known as “Plus Ride,” designed to provide financial protection to both SafeBoda riders and passengers in the event of accidents.
Effective September 5, 2023, SafeBoda users in Uganda can access insurance coverage like never before. For a nominal fee of UGX 6000 per month or UGX 72,000 annually, commuters can secure up to UGX 1,000,000 in insurance coverage through Liberty Insurance, a member of the Standard Bank Group operating in Uganda as Stanbic Bank.
This coverage extends to various scenarios, including accidents, damaged goods delivered by SafeBoda riders, permanent disability, or death resulting from an accident. The “Plus Ride” insurance product is meticulously designed to safeguard both passengers and SafeBoda riders.
While passengers benefit from comprehensive coverage in the event of accidents, riders also receive daily compensation of UGX 50,000 for up to 15 days if they are unable to work due to accident-related injuries. This holistic approach to protection ensures that everyone involved in the SafeBoda experience is well taken care of.
While speaking at the product launch held at the SafeBoda Academy in Kampala, Mr. Peter Makhanu, Managing Director of Liberty General Insurance Uganda Limited, expressed his enthusiasm about this new offering. He stated that;
“The Liberty Plus rides offer coverage to SafeBoda customers who have chosen this ride as well as the rider while traveling in the event of death, permanent total disability, medical bills, and for riders, it offers additional cover in the event they are unable to work after 48 hours.”
This commitment to comprehensive coverage reflects Liberty Insurance’s dedication to supporting the Ugandan community.
Innovative SafeCar Insurance
Additionally, Liberty Insurance is introducing “SafeCar Pay As You Go” comprehensive insurance, which redefines the way car owners access insurance. Unlike traditional annual policies, this product allows vehicle owners to secure comprehensive insurance on a monthly basis, providing coverage for their vehicle, passengers, and third-party liabilities. This innovative offering is still in the regulatory sandbox, with SafeCar as the first client to enjoy this new insurance experience.
Sam Mwogeza, the Executive Head of Personal and Private Banking at Stanbic Bank Uganda, highlighted the importance of investing in insurance, emphasizing how it allows clients to embark on a more assured personal finance journey. By alleviating the financial burden of unexpected expenses, such as medical bills, insurance enables Ugandans to save more and achieve their financial goals.
Catherine Tulina Tafumbe, Country Director of SafeBoda, expressed her enthusiasm for the collaboration, emphasizing that safety has always been at the heart of SafeBoda’s mission. She believes that these insurance policies will play a significant role in enhancing the well-being of both drivers and passengers, ultimately raising road safety standards across Uganda.
Addressing a Growing Concern
According to the 2022 Uganda Police annual crime report, road accidents increased by 16.9 percent, with reckless driving being a significant contributor. Shockingly, 22 people were killed out of every 100 crashes. With insurance penetration in Uganda below 1 percent of the total population, many Ugandans are forced to bear the financial burden of medical care following accidents. The partnership between Liberty Insurance, SafeBoda, and Stanbic Bank aims to change this narrative by showcasing the immense value of having insurance coverage.
This partnership is a significant step towards transforming road safety and financial security for Ugandans. With affordable insurance options now readily available, SafeBoda users can enjoy their daily commute with the peace of mind that they are financially protected in case of unexpected events. This collaboration represents a milestone in improving road safety standards and promoting responsible commuting practices in Uganda.
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