With my last topic on Bodily Injury with comprehensive Insurance, i made an example of you ramming to a Stop Light and injuring an MMDA officer. Now, what happens to the stop light? The government will surely wont let you go without paying for it. This is where PD or Property Damage comes in.
Property Damage Liability
This coverage pays for damage you (or someone driving the car with your
permission) may cause to someone else's property. Usually, this means
damage to someone else's car, but it also includes damage to lamp
posts, telephone poles, fences, buildings or other structures your car
There are 2 standard prices for Excess BI, one for Private Cars and another for Commercial Vehicles.
Coverage Private Cars Commercial Vehicles
100,000 730 780
150,000 780 830
200,000 830 880
300,000 930 990
400,000 1010 1050
500,000 1090 1120
750,000 1260 1400
1,000,000 1490 1690
These are Tariff Rates from the Insurance Commission. In a comprehensive insurance, you have the option of choosing the BIPD coverage,however, it should be a tandem in terms of coverage. It is not possible for you to choose 100,000 for EXBI and 200,000 for PD. Gets?
You might think that you are a good driver and felt that you don't need a comprehensive insurance just to save a few thousands. Ill have to disagree with you, car insurance is not a savings nor expenses, it is a premium that will really save you when the unexpected happens! It saves you from law suits, third
party damages and most of all it saves you money, lots of money, when that “unexpected” happens. Its better to be insured now than be sorry later.
If you have questions on car insurance, please comment here. Next Topic will be additional coverages on Car insurannce.