Frequently Asked Questions
A comprehensive policy covers your vehicle from all aspects, i.e. accidental, fire, theft, earthquake, riot, and third party liability.
This is when you bear a percentage of the loss. Usually this is capped by an amount or percentage of the claim. For example if you have PKR 10,000 deductable this means you will be liable to pay PKR 10,000 for every claim you submit. This can also be expressed as a percentage.
The sum assured is the amount the vehicle is covered for. Vehicles are usually protected till the market value of the vehicle.
Being over insured means that you have insured your vehicle over the market value. In the event of a claim the market value will be considered.
This means that your insurance coverage is less than the market value of the car. In such an occurrence, if there is a claim you will be partially compensated. The remainder of the claim will need to be borne by yourself.
Average clause is applied when your under insured vehicle suffers damages, and the amount of coverage is reduced proportionately by the uninsured portion. For example if you have insured your vehicle up to 70% of the market value, the insurance company will only compensate you till 70% of the repair cost.
Depreciation is the amount you have to pay in case damaged parts are replaced with new ones.
Third party liability covers you from accident claims made by third parties for loss or damage to their vehicle or property.
No claim bonus is the discount allowed in the event you don't make a claim in a given policy year. No claim bonuses are applicable upon renewal's.
To be protected from such an incident you need to get a policy that offers third party bodily injury, passenger coverage, family accident benefit, and salaried driver accident benefit.
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