Posts Tagged ‘Property Damage’

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
hit.

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

250,000                          880                               930

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.

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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

100,000                          180                                 230

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!

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