Comprehensive motor insurance is a voluntary insurance. The insurance term is one year in maximum and the period can choose three month, six month or nine month either.
The benefits getting from insurance
For insured vehicle,
By accidental collision or overturning
By impact damage caused by falling objects
By fire, external explosion
By malicious act
Whilst in transit by road, rail, inland waterway
Strike, Riot and Civil Commotion
For the vehicle and property of Third Party
The maximum compensation amount for death or bodily injury caused to any other person in the event of an accident occasioned by arising out of the use of the insured vehicle is Kyats One Million ( Ks. 1,000,000.00 ) (The maximum compensation amount for any one occurance is Kyats 50 Million (Ks. 50,000,000.00)
The premium can be calculated depending on the vehicle’s sum insured, Cubic Capacity, Uploaded passengers, private or commercial vehicle. For example, if the sum insured for a vehicle is Kyats 10 Million ( Kyats 10,000,000.00), the premium rating for that vehicle may be about 1.1% for private and about 1.6% for commercial vehicle.
(Additional Cover – Acts of God, War risk, Theft, Nil Excess and including Windscreen value Kyats 100,000.00)