In a first for Zimbabwe, the CBZ Financial Holdings group has introduced an insurance product for women. The concept of vehicle insurance targeted at women has been reality globally for decades but Zimbabwe has generally had similar vehicle insurance for all type of customers offer by all the players in the market.
CBZ Insurance product is called Milady.
Said CBZ in the announcement:
Milady is a very unique motor insurance product meant not only to celebrate women’s successes but to preserve their hard earned assets too. This product indeed is for all our fashionable ladies out there.
MiLady, is the first ever insurance cover weaved 100% for women in Zimbabwe. It offers the most affordable premium rates and all-encompassing benefits.
There are two great comprehensive/full cover motor insurance packages here, MiLady Motor Premium and MiLady Motor Standard which both come with a whole lot of unique benefits like handbag cover, car seat cover, legal cost cover and medical cost cover.
These benefits are over and above the traditional cover offered under comprehensive motor insurance in the local market.
Under Milady Motor Premium the minimum premium payable per annum is RTGS$300 and the premium rate is 5.5% of vehicle value/sum insured. So for example, if one has a vehicle currently valued at RTGS $15 000, applying a premium rate of 5.5%, the approximate premium payable for a whole year would be RTGS$800 only.
On the other hand, while the minimum premium is the same under Milady Motor Standard, the premium rate is just 5% of the vehicle value/sum insured. This means for the same vehicle as above with a value of RTGS$15 000 for example, the premium under MiLady Motor Standard would be approximately RTGS$700 per annum.