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Comprehensive Motor Insurance

Protect your vehicles against losses resulting from accidents

Home > Personal Insurance > Comprehensive Motor Insurance

Comprehensive Motor Insurance

Protect your vehicles against losses resulting from accidents

Compensation for loss of or damage to the policy holder’s vehicle

• The claim payable is up to the total repair cost of the insured vehicle borne by the insured.

Death & Injury Benefit for the Passengers of the insured vehicle,

• Death benefit – Lump Sum payment of 1,000,000 kyats

• Injury benefit – Compensation is payable according to scale of injury prescribed by the Regulatory Body subjected to certified doctor’s assessment

Third Party Compensation

• Death benefit – For loss of one life of third party, the maximum claim payable amount is 1,000,000 kyats.

• Injury benefit – Compensation is payable according to scale of injury prescribed by the Regulatory Body subjected to certified doctor’s assessment

• Losses or Damages of property owned by 3rd Party – The claim payable is up to a reasonable cost of repair for the damaged property, or value of the lost property.

• 3rd Party liability is limited to maximum amount of 50,000,000 kyats for one event.

1) Windscreen (Compulsory)
2) SRCC (Strike, Riot and Civil Commotion) (Compulsory)
3) Acts of God (Flood, Windstorm, Earthquake and etc)
4) War Risks
5) Theft

Any vehicle registered in Road Transportation Authority is eligible to buy the coverage.

Classes of Vehicles

1) Private
2) Taxi
3) Commercial
4) Passenger
5) Mobile Plant
6) Trucks

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:

PeriodPrivate VehicleCommercial Vehicle
Second Year25%15%
Third Year30%20%
Fourth Year and above40%25%

Policy Term

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

• Total sum insured amount may vary depending on usage, value and engine cubic capacity of the vehicle

• Customer can also buy additional covers by paying additional premium

• Customer is not eligible to claim for the damages when unlicensed or unauthorized person is driving the vehicle and causing an accident

• Customer is not eligible to claim for the damages when driving under the influence of intoxicating liquor or drugs

1. What is Comprehensive Motor Insurance? How can it cover to insured?

Ans: Comprehensive Motor Insurance is a financial instrument that provides coverage for the loss caused by unexpected car accidents and third-party liability.

2. What does third party liability mean in comprehensive motor insurance?

Ans: The loss of life or property of another person is included in third party liability.

3. What documents are needed for Comprehensive Motor Insurance?

Ans: Owner Book, Wheel Tax, Driving License and if the motor is used for commercial, Fright License is also needed to buy comprehensive motor insurance.

4. How much does the premium rate in comprehensive motor insurance?

Ans: The premium rate can be from 1% to 2% based on sum insured amount, vehicle usage and cubic capacity.

5. How long is the policy term in comprehensive motor insurance?

Ans: The policy term can be selected as (3 months/6 months/ 9 months/ 1 year). Short term policy (3 months / 6 months / 9 months) will have to pay an additional 10% premium over the 1 year insurance policy.

6. Is there any benefits for those who don’t ask for a claim within the policy period?

Ans: The renewal premium amount can be reduced as a no claim bonus if the insured doesn’t ask for a claim. But no claim bonus cannot be eligible for the short-term policy.

7. What is the coverage for comprehensive motor insurance?

Ans: 1. own damage

2. third party liability

3. act of god

4. strike, riot and civil commotion

5. war risk

6. theft

8. What are the non-coverages for comprehensive motor insurance?

Ans: 1. Vehicle accidents that occur outside Myanmar

2. Loss due to overload

3. Loss due to non-simultaneous tire damage

4. Damage caused by someone's fraud or because of it

5. The usage of vehicle must be properly described in proposal and losses due to use of any other method except as stated in the proposal

6. If there have any other changes such as change of usage, Vehicle Design / Energy Modification and change of ownership, the insured must inform AYA SOMPO Insurance immediately. If the insured doesn’t inform to AYA SOMPO, losses caused due to above factor are not covered.

Compensation for loss of or damage to the policy holder’s vehicle

• The claim payable is up to the total repair cost of the insured vehicle borne by the insured.

Death & Injury Benefit for the Passengers of the insured vehicle,

• Death benefit – Lump Sum payment of 1,000,000 kyats

• Injury benefit – Compensation is payable according to scale of injury prescribed by the Regulatory Body subjected to certified doctor’s assessment

Third Party Compensation

• Death benefit – For loss of one life of third party, the maximum claim payable amount is 1,000,000 kyats.

• Injury benefit – Compensation is payable according to scale of injury prescribed by the Regulatory Body subjected to certified doctor’s assessment

• Losses or Damages of property owned by 3rd Party – The claim payable is up to a reasonable cost of repair for the damaged property, or value of the lost property.

• 3rd Party liability is limited to maximum amount of 50,000,000 kyats for one event.

Windscreen (Compulsory)

SRCC (Strike, Riot and Civil Commotion) (Compulsory)

Acts of God (Flood, Windstorm, Earthquake and etc)

War Risks

Theft

Any vehicle registered in Road Transportation Authority is eligible to buy the coverage.

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:

PeriodPrivate VehicleCommercial Vehicle
Second Year25%15%
Third Year30%20%
Fourth Year and above40%25%

Policy Term

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

• Total sum insured amount may vary depending on usage, value and engine cubic capacity of the vehicle

• Customer can also buy additional covers by paying additional premium

• Customer is not eligible to claim for the damages when unlicensed or unauthorized person is driving the vehicle and causing an accident

• Customer is not eligible to claim for the damages when driving under the influence of intoxicating liquor or drugs

1. What is Comprehensive Motor Insurance? How can it cover to insured?

Ans: Comprehensive Motor Insurance is a financial instrument that provides coverage for the loss caused by unexpected car accidents and third-party liability.

2. What does third party liability mean in comprehensive motor insurance?

Ans: The loss of life or property of another person is included in third party liability.

3. What documents are needed for Comprehensive Motor Insurance?

Ans: Owner Book, Wheel Tax, Driving License and if the motor is used for commercial, Fright License is also needed to buy comprehensive motor insurance.

4. How much does the premium rate in comprehensive motor insurance?

Ans: The premium rate can be from 1% to 2% based on sum insured amount, vehicle usage and cubic capacity.

5. How long is the policy term in comprehensive motor insurance?

Ans: The policy term can be selected as (3 months/6 months/ 9 months/ 1 year). Short term policy (3 months / 6 months / 9 months) will have to pay an additional 10% premium over the 1 year insurance policy.

6. Is there any benefits for those who don’t ask for a claim within the policy period?

Ans: The renewal premium amount can be reduced as a no claim bonus if the insured doesn’t ask for a claim. But no claim bonus cannot be eligible for the short-term policy.

7. What is the coverage for comprehensive motor insurance?

Ans: 1. own damage

2. third party liability

3. act of god

4. strike, riot and civil commotion

5. war risk

6. theft

8. What are the non-coverages for comprehensive motor insurance?

Ans: 1. Vehicle accidents that occur outside Myanmar

2. Loss due to overload

3. Loss due to non-simultaneous tire damage

4. Damage caused by someone’s fraud or because of it

5. The usage of vehicle must be properly described in proposal and losses due to use of any other method except as stated in the proposal

6. If there have any other changes such as change of usage, Vehicle Design / Energy Modification and change of ownership, the insured must inform AYA SOMPO Insurance immediately. If the insured doesn’t inform to AYA SOMPO, losses caused due to above factor are not covered.

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