Motor Insurance
Motor insurance is insurance for Cars, Buses, Trucks, Motorcycles, and other vehicles. It provides financial protection against physical damage of the vehicle as well as Third Party Property Damages, Injuries/Death that could also arise from accident by the insured vehicle. Motor insurance also covers financial protection against theft of the vehicle, and natural disasters.
Types of Motor Insurance
- Car Insurance
- Two wheeler Insurance
- Commercial Vehicle Insurance
Term of Insurance Policy
01 (One) Year.
Why need Motor Insurance?
- To avoid financial loss due to accident
- To get peace of mind against Risk
- Covers Third Party Property Damages, Injuries/Death
- Legal Liability
- To avoid burden of loss
- To get financial security
Coverage of Comprehensive Motor Insurance
The Coverage for the Comprehensive Motor Insurance are-
Own Damage
- By Fire Explosion, Self-ignition or lighting.
- By Burglary housebreaking or Theft.
- BY Riot and Strike.
- By Earthquake (Fire and Shock Damage.)
- By Flood, Typhoon, Hurricane Storm, Tempest, Inundation, Cyclone, Hailstorm, Frost.
- By Accidental External means.
- Whilst in transit by road rail Inland waterway, lift, elevator or air.
Coverage of Act Liability Insurance
Subject to the Limit of liability, the Insurer will indemnify in the following cases. In respect of the death of or bodily injury to any person or damage to any property of third party caused by or arising out of the use of the Motor Vehicle in a public place.
Compensation Limits under the act liability policy are as follows:
| Death | Tk.20,000.00 |
| Sever Hurt | Tk.10,000.00 |
| Any other Hurt | Tk.5,000.00 |
| Property Damage | Tk.50,000.00 |
No Claim Bonus
No claim bonus (NCB) is discount in premium offered by insurance companies if a vehicle owner has not made a single claim during the term of the Motor Insurance policy.
NCB Process (Comprehensive)
| On Comprehensive Policy | Private Vehicle | Commercial Vehicle | Motor Cycle |
| 1st Year. No claim made during the preceding year of insurance | 30% | 30% | 15% |
| 2nd Year. No claim made during the preceding 2 consecutive year of insurance | 40% | 40% | 20% |
| 3rd Year. No claim made during the preceding 3 consecutive year of insurance | 50% | 50% | 25% |
General Exclusion for Motor Insurance
The Insurer Shall not be liable under this policy in respect of: -
- Any accident, loss/damage and/or liability incurred outside the Geographical area.
- Any claim arising out of any contractual liability.
- Any loss damage which arise out for violating of the limit to as use.
- Being driven by any person other than driver as stated in the policy schedule.
- Any damage or loss due to nuclear weapons, war, Invasion, the act of foreign enemy, hostilities, or warlike activities (weather declare or not), civil war, Mutiny, Rebellion, Military or usurp directly or indirectly.
- Any loss or damage arising from ionizing radiation or contamination.
- Terrorist activities (As per Circular)
Required Documents:
- Motor Insurance Proposal Form
- Sum Insured Value (Vehicle Purchase Invoice)
- Present Market Value of Vehicle (If Not Available Vehicle Purchase Invoice)
- Vehicle Registration Copy
- Vehicle Owner NID
Overseas Mediclaim Insurance
Overseas Mediclaim Insurance is available for Bangladeshi nationals visiting abroad, such as SCHENGEN and NON- SCHENGEN countries, for the purpose of business, holiday, tours, temporarily staying out side of Bangladesh for Studies or employment under Bangladeshi employer.
Overseas Mediclaim Policy:
- Schengen Countries (Plan-A)
(Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland) - Non Schengen Countries-(Plan-A)
World Wide Excluding USA/CANADA - Schengen Countries-(Plan-B)
Worldwide including USA/CANADA - Non Schengen Countries-(Plan-B)
Worldwide including USA/CANADA
Schengen Countries:
Basic Section of Cover: Medical Expenses related to- Sickness & Illness, Bodily Injury, Disease, Accidental Death and Repatriation.
Limit of Cover: (Non-Medical)
- Plan-A: Schengen Countries Excluding USA/CANADA, the limit is Maximum EURO: 30,000/- (or US$ equivalent)
- Plan-B: Schengen Countries World- wide including USA/CANADA, the Maximum limit is US$ - 100,000/- (Illness & Accident)
Cover must be arranged each time a trip is undertaken.
Medical Expense Cover:
Accident shall be subject to the limit of cover in the overseas Mediclaim Identification and Schedule.
Deductible:
No Deductible applies.
Non Schengen Countries:
Basic Section of Cover: Medical Expenses related to- Sickness & Illness, Bodily Injury, Disease, Accidental Death and Repatriation.
Limit of Cover: (Non-Medical)
- Plan-A: For Non Schengen Countries Excluding USA/CANADA, the limit is US$ 50,000/- (Illness & Accident)
- Plan-B: For Non Schengen Countries including USA/CANADA, the limit is US$ 100,000/- (Illness & Accident)
Cover must be arranged each time a trip is undertaken.
Medical Expense Cover:
Accident shall be subject to the limit of cover in the overseas Mediclaim Identification and Schedule.
Deductible:
No Deductible applies.
Overseas Mediclaim Policy (Travel Insurance)
Product Benefits & Limitations
| 01 | Medical Expenses & Hospitalization abroad | US$ 50,000 Excess USD 100 (Worldwide excluding USA/CANADA) |
| 02 | Medical Expenses & Hospitalization abroad | US$ 100,000 Excess USD 100 (Worldwide including USA/Canada) |
| 03 | Medical Expenses & Hospitalization abroad for Schengen Countries | Euro 30,000 with Nil deductible |
| 04 | Transport or Repatriation in case of illness of Accident | Actual Expenses |
| 05 | Emergency Dental Care | US$ 500, Excess US$ 50 |
| 06 | Repatriation of Family Medical Travelling with the insured | Actual Expenses |
| 07 | Repatriation of mortal remains | Actual Expenses |
| 08 | Travel of one immediate family member | US$ 100 per day, Maximum US$ 1,000 |
| 09 | Emergency return home following death of a close family member | Actual Expenses |
Required Documents:
- Proposal Form Duly Filled-in and signed by The Insured
- Passport Copy
