Insurance firm blacklists Mazda, Toyota models over spare parts prices
An insurance company has advised its agents and brokers to cease giving cover to 25 motor vehicle models due to unavailability or high prices of spare parts.
The vehicle models mainly Honda, Suzuki, Mazda, Hyundai and some varieties of Toyota will no longer get comprehensive cover at Occidental Insurance.
Some of the models listed include Subaru Exiga, Renault all models, Toyota Gaia, Vios, Voltz, Honda Crossroad, Suzuki Escudo, Mazda Axella among others.
Occidental insurance company, in the notice to its agents, said it will not underwrite the vehicles since it owing to challenge in settling claims.
All blacklisted models covered on comprehensive basis shall be converted to Third Party Only upon renewal.
“We hereby wish to enlighten you that there exists some vehicles whose spare parts have become rare and/or obsolete and have therefore become a challenge when settling claims. We will therefore not underwrite these kind of vehicles to ensure smooth running of business and excellent client experience,” says Mr David Mankone the senior underwriting officer.
He added: “Futher please take note that all the vehicles covered on comprehensive basis shall be converted to Third Party only upon renewal. Also note that all comprehensive vehicles must be up to 15 years of age for private vehicles and 12 years for commercial vehicles.”
Below is the notice with the full list of vehicles banned.