Motor Insurance

While driving a car, accidents can happen at any moment. This insurance offers security for any loss owing to unforeseen occurrences and guarantees driving without worries.

Salient Points

• Cars for private use (family vehicles, passenger vehicles)
• Navy cars (cars, taxis, passenger busses)

Tractors, agricultural cars, fire engines, ambulances

Insurance period

During insurance periods, everything renewable ranges from 3 months to 12 months.

Additional covers

We are also selling the following covers to provide the insured with wider security.

• Natural disasters (Flood ,all types of storms, earthquake)
• War Risks
• Theft

Benefits

• Accidents
• Capsizing
• Fire and fire due to thunder strike
• Malicious damage
• Hit by falling objects

Compensation amounts for third party claims

• Loss of life (Maximum K 1 million for a person)
• Injury (Maximum K 1 million for a person)
• Propery damage (Cost of the damaged propery or value of the loss of the propery owned by the third party

Claim Procedure

• If there is a claim, please contact the GGI headquarters, branch or officer GGI staff will inspect the scene.

Penal workshops that have contact with GGI or pay repair costs to the insured will repair the damaged vehicles.

No Claims Bonus

No claim bonus can be enjoyed as follows if there is no claim during the first year insurance period:

Rise in car insurance

According to representatives of the local insurance sector, there has been a surge in sales of extensive private vehicle insurance over the previous year.

Managing Director of state-owned Myanma Insurance U Aye Min Thein informed The Myanmar Times that over the previous 12 months, the amount of extensive car insurance clients has increased from 27,000 to 60,000.

“But[ this] is still[ small] compared with the number of cars,” U Aye Min Thein said–citing that there are some 600,000 cars on the road around the country.

AYA Myanmar Insurance also reported a significant increase over this time period.

“Comprehensive insurance for vehicles increased about 60 percent,” said general manager of AYA Myanmar Insurance Ko Soe Hein.

There was also a substantial rise in AYA Myanmar Insurance over this era.

“Around 60 percent increase in vehicle comprehensive insurance,” said AYA Myanmar Insurance Manager Ko Soe Hein.

Ko Soe Hein credited this to the general public’s enhanced knowledge of the insurance sector: “Owners[ formerly] believed that insurance companies were not prepared to provide complete compensation.”

He said owners typically pay K100,000 for a vehicle worth K10 million to insurance firms. As required by the Road Transport Administration Department (RTAD), every licensed car in Myanmar has third-party insurance.

However, Myanmar law does not involve extensive car insurance, which means that many people do not look beyond fundamental insurance.

Financial services are among Myanmar’s fastest increasing industries

The financial industry grew the most among 15 government-managed industries in the first six months of the 2017-18 fiscal year, increasing 22 percent as a consequence of the introduction of fresh financial services at Thursday’s Pyidaungsu Hluttaw conference, U Set Aung, Deputy Minister of Planning and Finance. “

In Myanmar, Sompo Japan provides auto insurance

In a first for a foreign business, Sompo Japan Nipponkoa Insurance has joined the auto insurance industry in Myanmar. Recently, the Japanese nonlife insurer started selling car insurance to the southeast of Yangon in the special economic zone of Thilawa. It will mainly market vehicle insurance, as well as bodily injury and property damage liability coverage, to customers[ …] FILED UNDER: LATEST NEWS TAGGED WITH: BUSINESS LICENSE, CAR INSURANCE, FIRE INSURANCE, FOREIGN COMPANY, FOREIGN INSURER, FOREIGN INSURERS, INSURANCE MARKET, MYANMA INSURANCE, SOMPO JAPAN NIPPONKOA INSURANCE, THILAWA SPECIAL ECONOMIC ZONE, THILAWA ZONE, VEHICLE INSURANCE

Provide protection from unforeseen accident-related car losses. Comprehensive motor insurance policy includes losses resulting from own damages and third-party liability. With the increasing number of vehicle in the road, it is vital that you have your vehicle insured to safeguard against loss resulting from unforeseen incidents and accidents. Comprehensive Motor Insurance package provides you with all the necessary coverage for you and your vehicle.

Classes of Vehicles

• Private
• Taxi
• Commercial
• Passenger
• Mobile Plant
• Trucks

Insured Period

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

Footnotes

• 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

Reference from : ami-insurance.com , ggipinsurance.com, consult-myanmar.com, www.mmtimes.com