Motor Vehicle Insurance
It is a type of insurance that provides protection against accidents and damages that may occur while driving and parking the vehicle, as well as protection for the driver and passengers. Therefore, having vehicle insurance, you can drive to your destination with peace of mind.
the owner of the vehicle or the person in charge of the vehicle
Personal vehicles (household, passenger), Commercial vehicles (trucks, taxis, passenger cars, etc.) (Bus Car) agricultural vehicles, machine, Excavator earth moving machine fire truck Ambulance
Market Value of the vehicle to be insured
the value of the vehicle to be insured; how to use The charge is based on the type of engine.
minimum (3) months to maximum (1) year
(a) insured motor vehicle damage
- Vehicle collision
- Car accident
- Damage caused by fire; Lightning strikes and burns.
- Unwanted destruction by others
- While transporting the vehicle from one place to another (including loading) on roads, railways, land, Transport by sea (crossing rivers/canals) by escalator or lift
- Damage to the vehicle caused by any item falling onto the vehicle.
- Damage to vehicles due to strikes, riots, unrest
- Windshield damage
(b) Liability to compensate others
- Death of another due to the insured vehicle; Injuries and property belonging to others. Compensation for damages (up to a maximum of 500 lakhs)
(c) Bodily injury and medical expenses
- A maximum of Kyats 30,000 for the death of a person
- A maximum of Kyats 30,000,000 for injury to one person
| Protection | vehicle / rental vehicle | |
| Insured Vehicle Damage (or) loss | towing fee | Maximum 300,000 kyat |
| Third Party Liability | legal costs | 500,000 kyats |
| personal injury | A maximum of 3,000,000 kyats | |
| Medical treatment cost | 25,000 kyats x 52 weeks | |
| death and permanent disability | 3,000,000 kyats | |
| Bodily injury and medical treatment cost | Medical treatment cost | 25,000 kyats x 52 weeks |
| death and permanent disability | 3,000,000 kyats | |
| No. | mandatory protections | Premium rate |
| 1 | Windscreen | 6.5% of windscreen value |
| 2 | SRCC | 0.065% of sum insured amount |
| 3 | Additional Cover | Premium rate |
| 4 | Car Theft | 15% of basic premium |
| 5 | Act of God | 0.065% of sum insured amount |
| 6 | War Risks | 0.065% of sum insured amount |
| 7 | Nil Excess (Private / Commercial) | 25000 kyats |
| 8 | Betterment | 30% of basic premium |
Optional protections
Excess
The standard excess amount that the insured will first pay in compensation is 100,000 kyats.
As the deductible increases, you are entitled to a reduction in the insurance premium.
Excess amount and Additional/Reduction Premium Table
| Deduction type | Deduction Amount (kyats) | Premium (kyats) | |
| Additional Deduction | Reduction Amount (kyats) | ||
| No deductions | - | 25000 | - |
| Standard deductions | 100000 | 0 | 0 |
| Additional Deduction | 200000 | 0 | 25000 |
| 300000 | 0 | 35000 | |
| 500000 | 0 | 60000 | |
Additional deduction will be applied starting from the minimum insured amount of (20,000,000 Kyats).
(If you don't ask for compensation up to 200,000, 300,000, 500,000, you can enjoy up to 25,000, 35,000, 60,000 as a discount.)
Betterment for better protection
Table to contribute a proportionate share of the cost of the vehicle being improved from the condition it was in before the original damage due to the use of new materials in repairing the vehicle with replacement materials.
| Age of vehicle (years) | Betterment Rate |
| 3 | 5% |
| 4 | 10% |
| 5 | 15% |
| 6 | 20% |
| 7 | 25% |
| 8 | 30% |
| 9 | 35% |
| 10 years and above | 40% |
No Claim Bonus No claim bonus can be enjoyed if the insured vehicle has no claim in the first year.
| No. | Warranty period | Private Vehicle | Commercial Vehicle |
| 1 | First Year | - | - |
| 2 | Second Year | 25% | 15% |
| 3 | Third Year | 30% | 20% |
| 4 | Fourth year and above | 40% | 25% |
If insured 10 and above vehicles from one owner at the same time, 10% will be reduced as Fleet Discount.
Copy of Owner Book (must be valid). If you don't have Owner Book yet, copy of Import License, copy of wheel tax which stamped the car number (must be within the term) and vehicle purchase contract.
Invalid damage
- Damage caused by driving under the influence of drugs and alcohol.
- Damage caused by driving by persons who are not on the list of authorized drivers
- Damage caused by driving by people who do not have a valid driver's license
- Damage caused by driving without following traffic rules
- Driving testing or participating in various car races; driving at high speed
- Losses in areas beyond the Myanmar state threshold.
- Cases that break down spontaneously with use.
- Damages due to labor or overloading of goods.
- At the same time, the vehicle was not damaged, but the tire was damaged.
- Loss or damage caused by someone else's fraud.
- Damages caused by someone's innocent breach of trust.
- Consequences of a loss; old decay, mechanical or electrical failure; damage Fractures.
- Damages caused by installing radioactive materials or using nuclear weapons and communicating by any means.
- Failure to prevent
- In case of collision, only Knock for Knock Agreement will be used.
Contact
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No 13, Room (B-1), Ground Floor Lakeken Street, Pazundaung Township Yangon, Myanmar, PO-11171
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+95-9-253-388-188
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info@karkwalpar.com enquiry@karkwalpar.com
