Benefit of Insurance
3 types of benefits can be insured under this insurance :
In case of replacement of parts under Comprehensive Motor Vehicle Insurance, the amount of depreciation wil be paid on replacement of parts, as per Surveyor' report of loss assessment. Claim will be paid for the parts, which are considered necessary.
2.New Vehicle Replacement
In case of total loss of insured vehicle, amount difference between the Sum Insured of the Insured Vehicle and the current showroom price of new vehicle of same make, model, features and specification.
3.Daily Rental / Transportation Cost
In case of loss or damage of insured vehicle under Comprehensive Motor Vehicle Insurance, daily rental / transportation cost, as mentioned in the policy, will be paid in following way:
a) Maximum of 30 days in case of Total Loss Claim
b) Maximum of 14 days in case of Partial Loss Claim
Daily rental / transportaiton cost for 4 wheeler and 2 wheeler will be difference. Further, this cost varies as per the Sum Insured of the vehicle.
- This insurance is available for private 4 wheeler (Car, Jeep) and 2 wheeler (Motorcycle, Scooter) only.
- This insurance is available for vehicles up to 10 years age. Age counts from date of manufacture of date of registration in Nepal.
- This insurance is given only to the vehicle, which is insured under Motor Vehicle Insurance with Comprehensive cover.
- Any one or more additional benefits can be insured, for which separate premium will be required for each benefit.
- Premium for these additional benefits insurance is additional premium on Comprehensive Motor Vehicle Insurance.
- This insurance will not pay the amount reduced for Deductible Excess and Salvage under Comprehensive Motor Vehicle Insurance Claim.
- There will be additional amount on premium on account of Stamp duty and VAT (Value Added Tax) as applicable.
Shikhar Insurance Company Ltd. started this policy from 15th December, 2020