Motor Insurance
This policy gives protection against the losses or damages of the vehicles when an accident happens.
Comprehensive Coverage Benefits
- Car accidents
- Damages occurred due to external objects
- Damages due to Fire, lightning, internal and external combustion/explosion
- Theft
- Intentionally destroyed by third party
- Damages according to riot, strike and mutiny (must inform within 72 hours)
- Dragging the vehicle to the nearest car workshop
- Death or damaging the third party because of the insured vehicle.
Extra coverage
- riot, strike 0.05% of sum insured
- Natural disaster 0.05% of sum insured
- War risk 0.05% of sum insured
- Theft 15.00% of basic premium
- Windscreen 5.00% of the actual current value
Premium
Premium may vary depending on;
a) Use of the vehicle
b) Current value of the vehicle
c) Engine cubic capacity of the vehicle
b) Current value of the vehicle
c) Engine cubic capacity of the vehicle
Basic premium rate is minimum 0.67% to maximum 1.2% of the car’s value.
Insured Period
From 3 months to 12 months.
- 3 months 35% of 1 year premium
- 6 months 60% of 1 year premium
- 9 months 85% of 1 year premium
- Above 9 months 100%
Policy can be renewed.
No Claim Bonus
The insured shall have the no claim bonus for the following years if there was no accident within the first year.
- Private 25% to 40%
- Taxi 15% to 25%
- Motorcycle 15% to 25%
Fleet discount (10%) is payable to the people who insure more than 10 vehicle at the same time.
Benefits
Death: maximum claim payable amount is 1 million kyats for loss of one life of third party.
Losses and damages ofthird party owned property;
Losses and damages ofthird party owned property;
- Car Ks 50,000,000
- Motorcycle Ks 25,000,000
- Private Vehicle (medical expenses) Ks 50,000 Per Peron
- Dragging to a nearest workshop
- Car Ks 100,000
- Motorcycle Ks 10,000
Requirements
- Owner Book
- Vehicle License
- License (Car/Business)
- Photos of the car (Front, back and sides)
- If the vehicle is owned by an organization or an entity, the recommendation documentation from that entity is needed.