EFU MOTOR INSURANCE PROCEDURE
Come to the Leader! We value every vehicle, we
value every loss.
Tips on buying right motor insurance policy
Driver should bear in mind that there are
number of details that should be taken into account when applying for motor
insurance policy.
Firstly as soon as car purchased the owner must buy an insurance cover. If a used car is purchased, the new owner needs to know that the cover of the previous owner is null and void.
The insured value or sum insured depends on the market value of the vehicle. Under insurance or over insurance occur when this value is not properly mentioned.
Over insurance occurs when sum insured is higher than the market value, maximum compensation is the market value of the vehicle.
Under insurance occurs if sum insured is less than the market values, you are as self-insuring the difference. In the event of a loss, you will only be partially compensated.
Average clause is applied when you suffer damage to your vehicle which is under insured. Your claim will be reduced proportionately by the uninsured portion, e.g. if you have insured your vehicle up to 70% of the market value, the insurance company will only pay 70% of total repair cost.
Firstly as soon as car purchased the owner must buy an insurance cover. If a used car is purchased, the new owner needs to know that the cover of the previous owner is null and void.
The insured value or sum insured depends on the market value of the vehicle. Under insurance or over insurance occur when this value is not properly mentioned.
Over insurance occurs when sum insured is higher than the market value, maximum compensation is the market value of the vehicle.
Under insurance occurs if sum insured is less than the market values, you are as self-insuring the difference. In the event of a loss, you will only be partially compensated.
Average clause is applied when you suffer damage to your vehicle which is under insured. Your claim will be reduced proportionately by the uninsured portion, e.g. if you have insured your vehicle up to 70% of the market value, the insurance company will only pay 70% of total repair cost.
These are the complete details of EFU insurance for motor / Vehicle.
List of Coverage for each type of Cover
·
Coverage
·
Act liability policy
·
Third party policy
·
Comprehensive policy
·
Third party personal injury and
death
·
Third party property damage
·
Theft/own damage, constructive
total Loss
|
Private and Commercial Vehicle Comprehensive
Insurance
Private and Commercial Vehicle Third Party
Motor Vehicle Insurance
Private and Commercial Vehicle Act only
Liability Insurance
Family Accidental Benefit Cover
Accidental Death Cover for Salaried Driver
Protection of Loan Amount for Financial
Institutions
Personal Accident Benefit Cover for Passengers
CLICK HERE TO LINK WITH EFU WEBSITE
Keep visiting this blog. Hope we shall upload complete details and procedure of insurance in Pakistan.
Keep visiting this blog. Hope we shall upload complete details and procedure of insurance in Pakistan.
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