Excess Bi means Excess Bodily Injury.
The reason for the word Excess is because of the CTPL which i explained in my previous blog.
This coverage applies to injuries you, the designated driver or policyholder caused to someone else. It's very important to have enough liability insurance because if you are involved in a serious accident, you may be sued for a large sum of money. For example, you are driving a Honda Jazz and you rammed over a Traffic stoplight and hospitalizing an MMDA officer, without a comprehensive insurance, this will be the start of your worst nightmare! With a comprehensive insurance, you would'nt worry as much, because excess BI will cover the expenses that will be incurred for the Hospitalization of the injured MMDA officer after the 100,000 coverage of your CTPL. However you will be
charged for the expenses that will exceed your chosen coverage which later i will indicate here.
There are 2 standard prices for Excess BI, one for Private Cars and another for Commercial Vehicles.
Coverage Private Cars Commercial Vehicles
150,000 230 280
200,000 280 340
250,000 340 390
300,000 390 440
400,000 450 500
500,000 520 570
750,000 610 630
1,000,000 700 700
These are Tariff Rates from the Insurance Commission. For more info on this, please email or call me at 5153823.
Now, i ask what happens to the Stoplight that you rammed over? For sure the government won't let you go on that one! I'll explain it on my Next Blog!