Motor Insurance

Motor Insurance

Whether it's your car, motorcycle, or commercial vehicle, Nitol Insurance offers reliable motor insurance policies that provide financial protection against accidents, theft, and damages.

Types of vehicles we consider:

• Private Car
• Commercial Vehicle
• Motorcycle

Comprehensive Policy (What it Covers):

• Fire, explosion, self-ignition, or lightning
• Burglary, house-breaking, or theft.
• Riot, strike, malicious activities, and terrorism.
• Earthquake (fire and shock damage).
• Flood, typhoon, hurricane, storm, inundation, cyclone, hailstorm, frost, tempest.
• Accidental external damage.
• Transit by road, rail, inland waterway, lift, elevator, or air.
• Act liability insurance risks.

Act Liability Policy Form (Third Party)

The policy form shall contain two sections:

• (i) SECTION 1, Own damage section. Under the Own damage section the loss or damage to the insured vehicle to be covered
• (ii) SECTION 2, Act liability section. Under the Act liability section the liability of the insured, as per motor vehicle Amendment Act, 1991 shall be covered.

Act Liability Policy (What it Covers):

• Death: Tk. 20,000
• Grievous Injury: Tk. 10,000
• Minor Injury: Tk. 5,000
• Property Damage: Tk. 50,000

Rating of Motor Insurance:

We have three types of tariffs in our country for rating of motor insurance. These are private car, commercial vehicle and motorcycle tariff.

1) Private Car:

• Horsepower or cubic capacity.

• Estimated vehicle value.

• Seating capacity.

2) Commercial Vehicle:

Passenger Carrying:

• Vehicle type.

• Estimated vehicle value.

• Seating capacity.

Goods Carrying Vehicle:

• Carrying capacity.

• Estimated vehicle value.

3) Motorcycle:

• Cubic capacity.

• Estimated vehicle value.

No Claim Bonus:

A rebate in accordance with the following scale may be allowed by way of deduction from the premium required for the next renewal. No Claim Bonus is applicable to own damage premium only.

On Comprehensive Policy (Private Vehicle)

• 1st. Year. No claim made during the preceding year of insurance 30%
• 2nd Year. No claim made during the preceding 2 consecutive years of insurance 40%
• 3rd. Year. No claim made during the preceding 3 consecutive years of insurance 50%

On Comprehensive Policy (Commercial Vehicle)

• 1st. Year. No claim made during the preceding year of insurance 30%
• 2nd Year. No claim made during the preceding 2 consecutive years of insurance 40%
• 3rd. Year. No claim made during the preceding 3 consecutive years of insurance 50%

On Comprehensive Policy (Motor Cycle)

• 1st. Year. No claim made during the preceding year of insurance 15%
• 2nd Year. No claim made during the preceding 2 consecutive years of insurance 20%
• 3rd. Year. No claim made during the preceding 3 consecutive years of insurance 25%

On Act Liability Policy (Private Vehicle)

• 1st. Year. No claim made during the preceding year of insurance 10%
• 2nd Year. No claim made during the preceding 2 consecutive years of insurance 20%
• 3rd. Year. No claim made during the preceding 3 consecutive years of insurance 25%

On Act Liability Policy (Commercial Vehicle)

• 1st. Year. No claim made during the preceding year of insurance 10%
• 2nd Year. No claim made during the preceding 2 consecutive years of insurance 20%
• 3rd. Year. No claim made during the preceding 3 consecutive years of insurance 25%

On Act Liability Policy (Motor Cycle)

• 1st. Year. No claim made during the preceding year of insurance 5%
• 2nd Year. No claim made during the preceding 2 consecutive years of insurance 10%
• 3rd. Year. No claim made during the preceding 3 consecutive years of insurance 15%

Claim Loading for Private Vehicle & Commercial Vehicle (Own Damage Section Only):

If the insured is not entitle to any NCB & made claim or claims during the preceding year of insurance, the basic premium at next renewal shall be loaded in accordance with the following scale:

Own Damage Section (for both private and commercial vehicle)

• One claim in preceding period of Insurance 30%
• Two claims in preceding period of Insurance 40%