Motor Insurance

Motor vehicle insurance acts like a great friend at the time of accident occurred. It covers the losses of the insured after meet an accident and thus saves the insured from paying out a huge amount from his own pocket. To ensure a smooth & comfort all the way to drive, Sikder Insurance providing all protection with its Motor vehicle Insurance Policy.

Types of Motor Insurance Policy

1. Comprehensive Policy
2. Act Liability Policy

Types of Vehicles

1. Commercial Vehicles
2. Private Vehicles
3. Motorcycles

Comprehensive Insurance Policy

Section 1

Own damage of the vehicle

Comprehensive Insurance Policy covers own damage of the vehicle by the following perils:

• by fire, explosion, Self-ignition or Lightning
• by burglary, housebreaking or theft
• by riot and strike including malicious and terrorist activities
• by earthquake (Fire and Shock Damage)
• by Flood, Typhoon, Hurricane, Storm, Inundation, Cyclone, Hailstorm, Frost
• by accidental external means

No claim bonus (NCB) applicable to own damage premium only as follows:

Claim loading for Private, Commercial Vehicle & Motor Cycle

If the insured is not entitled to any NCB & made claim or claims during the preceding period of insurance, the basic premium at next renewal shall be loaded in accordance with the following scale:

The loading is applicable on basic premium.

Act Liability Coverage

1. Third Party bodily injury
2. Third Party Property damage

Benefits of Act Liabilities

1. Death: Tk. 20,000.00
2. Major Injury: Tk. 10,000.00
3. Minor Injury: Tk. 5,000.00
4. Property Damage: Tk. 5,000.00

Extra Benefits with an additional premium

1. Death: Tk. 20,000.00 to Tk. 80,000.00
2. Property Damage: Tk. 50,000.00 to Tk. 2,00,000.00

Section 2

Act Liabilities Policy

This policy is commonly known as Third Party insurance. This is the minimum insurance requirement for any vehicles to run on road in Bangladesh. This policy covered damages of any Third Party properties and victim for any consequences through insurance holding vehicle.

In General, the following documents or papers required if any claim arises:

·        Claim form duly filled, sealed and signed by the insured and concerned bank (If necessary)

·        Policy Copy (original) in case of total loss.

·        Claim intimation letter

·        Letter of subrogation

·        Letter of indemnity

·        Kha form (In case of death/injury of third party)

·        Proposal form

·        Motor registration certificate issued by BRTA

·        Tax token

·        Fitness certificate

·        Route permit for insurance certificate (in case of commercial vehicle)

·        Valid driving license

·        Driver’s statement (Attested by policy holder)

·        GD/FIR (court certificate)

·        Police final investigation report duly certified by the court in case of theft

·        Video tape record-VTR (If loss is more than Tk. 3,00,000 ) if necessary

·        Premium confirmation slip

·        Bank statement of premium confirmation

·        Cash memo in case of purchased equipment (Repair bill/quotation)

·        03 (three) repair estimates/invoice

·        Any other documents if needed