Three insurance companies have jointly launched a boda boda cover targeting the motorcycle riders.
Pioneer Assurance, Minet and Monarch insurance companies said RaidaSure, to be overseen by Minet Kenya, will see riders pay Sh3,560 for third party public service vehicle (PSV) cover that caters for injuries or damage to third party property and passenger liabilities arising from an accident involving the PSV boda boda.
“This innovative bundled product accessible via a premium mobile text service USSD *202# was developed in close collaboration with the boda boda riders’ representatives,” said Minet Kenya Associate general manager in charge of business development Latif Wekesa.
RaidaSure also has a hybrid third party product where riders pay the mandatory cover and a personal accident cover for rider with an annual premium price of Sh4,560.
The Treasury intends to make third party cover mandatory for boda boda, prompting a court case by politicians.
Boda-boda Safety Association National chairman Kevin Mubadi lauded Minet’s RaidaSure cover, saying it had been rightly priced.
Mr Wekesa said they were in talks with microfinance institutions to provide upfront financing in premium payments.