Let us Help you to Understand Jubilee Car Insurance Policy

Let us Help you to Understand Jubilee Car Insurance Policy

In today’s fast pace world, occurrence of risk probability has skyrocketed. Risks which lead to accidents and proves fatal not only for the asset damage but also for the life as well. In this realm, Car Insurance Policy provides cover to not only to the vehicle but also to the person. This article aims at helping you to understand the key features of Jubilee Car Insurance policy and the related provisions.

Ever since, Motor Vehicle Act Pakistan made it mandatory for individuals to have at least 3rd party Car Insurance to minimize the risk attached with them, insurance companies have found a tremendous opportunity to play its role in grabbing market and establishing business. Among them, Jubilee General Insurance company is providing Car Insurance Policy for its valued customers. Let’s have a look at the Jubilee Car Insurance Policy:

Jubilee Car Insurance Policy Types: There are two types of Car Insurance Policies provided by the Jubilee Insurance Company.

A. General/Conventional Car Insurance 1. Private Car Comprehensive and Old Car Comprehensive Insurance 2. 3T-Old Car Insurance B. Motor Takaful 1. Private Car Comprehensive (Takaful) & Old Car Comprehensive Takaful 2. 3T-Old Car Takaful

The following sections will provide you closer look into these products and Jubilee Car Insurance Policy in detail.

A. General / Conventional Car Insurance Policy: Jubile Car Insurance Policy is available for all and sundry. It is classified into two main heads as discussed below.

1. Private Car Comprehensive & Old Car Comprehensive Insurance Policy: Private car comprehensive plans offers fully end to end cover for your new cars (up to 3 years old) and old cars. Therefore two seperate plans are offered called Private Car Comprehensive (covering new cars) and Old Car Comprehensive (a similar comprehensive plan for old cars).

Old car comprehensive insurance policy is for those customers who owns old car and want to get their car insured. For them a complete set of insurance will be provided at the rate of minimum 2.5% net of insured estimated value. Under this domain your loved ones and the asset is fully covered from all damages. a- Key Features of Old Car Comprehensive Insurance Policy: 

Accidental damages

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Fire, explosion, lightning or frost

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Theft and burglary house-breaking

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Pernicious Activities

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Riots and strikes

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Safety against calamitic catastrophes which include flood, earthquake, hurricane, cyclone, tornado or typhoon

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Even though in transit by air road rail inland waterway lift and elevator. b- Coverage of Old Car Comprehensive Insurance Policy: The Old Car Comprehensive Insurance Policy provides cover against all possible risk that can happen to a person. It can be natural and accidental as well. Apart from the above-mentioned situations, comprehensive car insurance policy also provide cover against third party liability. c- Exceptions of Old Car Comprehensive Insurance Policy: The following exceptions state that under which conditions company will not be liable to provide cover against damages concerned, these are as follows:

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The company will not provide cover against any damage which occur outside the Geographical area

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Any claim arises out of the contractual liability

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A damage occuring to the vehicle after the variation in or termination of the insured interests

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All damages caused due to a war

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d- Key Points: Life of a Car: 7 years and above

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Value: Less than Rs. 1 Million.

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e- Information Required: Pre-inspection of the car

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Car documentation verification Additional Reading: Why You Should Buy a Comprehensive Car Insurance?

2. 3T-Old Car Insurance Policy: Old cars come up with a history, which are well known to the driver only. It is no surprise that used cars needs special care in terms of maintenance and insurance. Considering all these things in mind, Jubilee General Insurance has framed an insurance policy specially to cater such cases. Its 3T-Old Car Insurance Policy with the lowest possible rates of insured estimated value, is specially designed to serve for such purpose. a- 3T-Coverage and its symbolic Explanation: 3T basically caters three things: 

Theft coverage

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Third party

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Total loss 3T-Old Car Insurance Policy provides coverage against these three things.

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b- Key Points: Life of a Car: 7 years and above

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Value: Less than Rs. 1 Million

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c – Information Required: Pre-inspection of the car

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Car documentation verification Additional Reading: How Car Insurance Can Help You In avoiding difficult Time

B. Motor Takaful: Motor takaful is targetted for those customer who are interested in Islamic Insurance products rather than conventional products. The products are pretty much similar for customers however the plans are offered with branding of islamic insurance (Takaful) and funds are also utilized as per Islamic insurance rules and regulations. Such plans are wuite popular in large corporations having fleet of vehicles, leasing companies as well as banks who offere auto loans schemes for the individuals.

Available Coverage:

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In Motor Takaful Car Insurance Policy, coverage is available against the following types similar to conventional car insurance plans however in Islamic plans, these are called Takaful products: Private Car Comprehensive (Takaful policy for new cars)

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Old Car Comprehensive (Takaful policy for old cars)

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3T Old Car (Takaful)

1. Comprehensive Motor Takaful: There are two types of comprehensive motor takaful plans currnetly offered:

i) Private car comprehensive (new cars) ii) Old car comprehensive Private car comprehensive and old car comprehensive Takaful plans offers fully end to end cover for your new cars (up to 3 years old) and old cars (remaining model years).

In comprehensive motor takaful coverage, the company provides insurance against all possible damages concerned. To name a few among the whole lot: fire, explosion, house break-into, theft, strike, natural calamities and so on. It provides coverage of vehicles at an appropriate rate. To avail this, following documents are mandatory: 

Detail of a vehicle

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Documentation related to a vehicle

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Participant detail

2. 3T Old Car Takaful (Theft, Third Party and Total Loss): In 3T old car takaful, the company indemnifies the individual against all sums which the participant shall become legally liable to pay in the following situations: 

Death/bodily injury of the person irrespective of the participant

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Damages of the asset or property except those owned by the participant

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Total loss of the vehicle (old)

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Accident/ bodily injury to any person

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Accident and damage to the property and to the person in the service of the participant.

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Any amounts ruled by the court a- Key Benefits:

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Compensation for the death or any body injury including the passengers

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Coverage for the third party’s loss from material damage

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Coverage of the expenses incurred towards the court rulings b– Information Required: The following information need to be given to the company:

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Surrounding property

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Details regarding proposer (owner, tenant or agent)

Conclusion: At Mawazna.com you can have an insight on all the available car insurance deals given to the customers by different leading companies. Doing comparison before buying one insurance plan, will help you in making more informed decision.

“Mawazna Karein Apne Liye, Apno key Liye”