Motor vehicle insurance covers losses after an accident. SICL provides protection under its motor vehicle insurance policy for commercial vehicles, private vehicles and motorcycles.
Types of policy
Comprehensive policy covers own damage of the vehicle by fire, explosion, self-ignition or lightning; burglary, housebreaking or theft; riot and strike including malicious and terrorist activities; earthquake (fire and shock); flood, typhoon, hurricane, storm, inundation, cyclone, hailstorm, frost; and accidental external means.
Act liability policy is commonly known as third-party insurance — the minimum insurance required for any vehicle to run on the road in Bangladesh. It covers third-party bodily injury and third-party property damage.
No claim bonus (own damage premium only)
| Private / commercial | Motorcycle | |
|---|---|---|
| No claim in the preceding year | 30% | 15% |
| No claim in 2 consecutive years | 40% | 20% |
| No claim in 3 consecutive years | 50% | 25% |
Act liability benefits
Death Tk. 20,000 · Major injury Tk. 10,000 · Minor injury Tk. 5,000 · Property damage Tk. 5,000. Extra benefits are available with additional premium: death up to Tk. 80,000 and property damage Tk. 50,000 to Tk. 2,00,000.
Documents generally required for a claim
- Claim form duly filled, sealed and signed
- Policy copy (original in case of total loss)
- Claim intimation, letter of subrogation and indemnity
- Kha form (death/injury of third party)
- BRTA registration, tax token, fitness certificate
- Route permit for commercial vehicles
- Valid driving licence and driver’s statement
- GD/FIR and police final investigation report in theft cases
- Three repair estimates / invoices
- Premium confirmation and any other documents if needed