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Sum Insured

Invoice Value or Market Value of Vehicle.

Premium

Premium amount may vary depending on usage, value, engine cubic capacity of the vehicle and the insured period of the vehicle.

Premium amount will be around 0.8% to 2% of total sum insured and must be paid by lump sum payment yearly.

If a customer insures above 10 vehicles, there will be fleet discount of 10% on the basic premium.

No Claim Bonus

No-Claim Bonus, a discount on the renewal premium will be rewarded to the insured for not having the claim during the policy year.

Percentage of No-Claim Bonus

If there is no claim within the first-year policy period, the insured can enjoy No Claim Bonus (NCB) as follows for renewal:

Period Private Vehicle Commercial Vehicle
Second Year 25% 15%
Third Year 30% 20%
Fourth Year and above 40% 25%

Policy Term

The term of the policy will be from 3 months to 1 year and can be renewed on a yearly basic.