Kathmandu. Motor insurance is a type of vehicle insurance policy, which provides the necessary insurance protection for you and your four-wheeler. This is a contract between you and the insurance company. Where the insurer guarantees the safety of your four-wheeler in exchange for an annual insurance fee. Nepal’s Motor Vehicles and Transport Management Act has made third-party liability insurance mandatory for the use of vehicles.
Insurance for electric vehicles(EV):
With the rapid growth of EV cars in Nepal over the last three years, vehicle insurance for electric vehicles (EVs) is also becoming popular. The EV car insurance policy is specifically designed to provide financial security to electric four-wheelers by carrying additional risks for charging equipment, batteries, electric motors, etc. Although the motor insurance in the Nepali market has included provisions related to the depreciation and compensation of the battery used in EV, there is no special insurance for EV.
In general, motor insurance for EVs provides 100 percent battery coverage, unlike general auto insurance plans where only up to 50 percent of the risk is borne for battery compensation.
Types of motor insurance:
The main three types of car insurance are third-party, standalone own damage, and comprehensive motor insurance. You can choose any of these insurance plans, suitable for your risk-bearing needs and budget.
- third-party risk bearing of damage or damages
- Compensation for damage to your own vehicle
- Legal and financial expenses sister
- Battery-powered electric vehicles
- hybrid electric vehicles
- Plug-in hybrid electric vehicles
- fuel cell electric vehicles
Third-party motor insurance:
Third-party motor insurance or liability-only insurance is a mandatory insurance for all car owners. Third-party insurance protects you from financial losses and legal liabilities.
third-party insurance or intensive comprehensive motor insurance:
Third-party motor insurance: This insurance only protects you from third-party liabilities. Comprehensive insurance will provide complete protection for your car. Risk Borne Offered Third-Party Motorcar Insurance Comprehensive thickcar insurance bear covers damage to third-party individuals or their property. Third-party liabilities as well as damage to the ownership of four-wheelers. Although third-party property damage and physical injury/death risk are borne, the risk of vehicle owner’s own damage is not borne. Covers only the responsibilities to the third party. Accidents, thefts, fires, disasters, etc. do not carry their own losses.
Comprehensive Motor Insurance: Insurance is a type of comprehensive insurance that covers both third-party liability and the insured vehicle’s own damage. Choosing comprehensive insurance, you… You can be free and confident.
Own damages insurance:
A self-harm policy compensates for damage to your four-wheeler. due to accidents and other damages, including theft and fire.
Zero depreciation motor insurance:
Most insurers provide two types of comprehensive motor beam articles. One with a simple and the other with zero depreciation and additional facilities, often referred to as a zero depreciation policy.
Features of motor insurance:
Third-party Liabilities – Covers third-party liabilities including third-party death, disability and property damage. Accidents include road accidents, collisions, or damage caused by any external means.
Theft – Any partial or complete damage to a four-wheeler insured by theft or theft is covered up to its self-declared price (insured declared price).
Humanitarian actions – damage caused by riots, strikes, terrorist activities, etc.
Natural disasters – covers damage caused by earthquakes, cyclones, hurricanes, hurricanes and other natural disasters.
Fire – Comprehensive insurance plans cover damage or damage caused by fires, self-ignition, or explosions.
Animal Attacks – Insurance for four-wheelers also covers accidental damage caused by animal attacks.
Damage during transit – any damage to transit by an insured vehicle via road, water, rail or air.
Additional features in motor insurance:
There are additional risk siblings in motor insurance that you can include in your comprehensive or single insurance. You can add to increase its risk bear with your damage insurance. You can add these extra features by paying extra insurance premium.
Zero depreciation cut:
This facility guarantees that the insurance risk bear will pay the entire amount even if the price of the vehicle is reduced. This will help you achieve full protection for your insured vehicle by providing protection of completely new purchases and removing the costs of depreciation. It should be noted that tires, tubes and batteries are carried only 50 percent even under this policy.
Another important thing to know is that zero depreciation risk bearing applies only to certain claims for vehicles less than 10 years old. Mandatory and arbitrary deductible (if chosen) zero depreciation deduction also applies.
Exemption for not claiming (no claim discount):
No claim discount provides a discount for not making any claim during the previous insurance period. This will help you save up to 20% on motor insurance renewals.
Engine security risk sister:
A comprehensive motor insurance provides a wide range of risk bearings, but it is advisable to choose additional features in case the engine itself is damaged. The engine safety shoulder provides compensation for damage caused by oil leaks or water, which bears the cost of key components such as gearboxes, engine parts, and differentials.
Key security risk sister:
Losing a car key can be a painful experience. Which you can avoid with the help of carrying key and lock protect risk. With this additional feature, the insurer covers the costs of replacing and repairing keys under the key protection cover.
Daily allowance benefits:
The daily allowance feature covers your transportation expenses while your car is being repaired in the garage after the accident. Under this facility, the insurer will provide daily travel allowance if the damaged four-wheeler is in the garage for more than 3 days.
Personal accident risk:
The personal accident cover compensates the owner/driver in case of injury, permanent/partial disability or death. Additionally, extended personal accident covers are also available for co-passengers subject to pre-determined limits.
Roadside help cover
Purchase price return:
The invoice add-on cover will help you get the original invoice amount of your 4-wheeler in the event of theft or complete damage. These include ex-showroom prices, street taxes, and first-time registration fees.
To cover personal belongings:
With personal belongings facility, you will receive compensation if your personal belongings are damaged in an unfortunate event or if your four-wheeler is stolen while parked in the authorized parking lot.
