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
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;
  • 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.