YOGYAKARTA - Vehicle insurance is an insurance product that provides compensation for the risk of damage and loss to customers' vehicles. Various types of vehicles covered, ranging from four-wheeled vehicles, motorbikes, trucks, to buses. So what types of vehicle insurance?
The condition is that customers only need to pay their premium once and automatically receive protection for one year. You can also extend the insurance period if necessary.
The coverage of vehicle insurance coverage is usually divided into two, namely All Risk (Comprehensive) and Total Loss Only (TLO). All Risk protection will compensate the overall loss or some, while TLO only bears total losses.
Various vehicle insurance products are divided based on certain criteria, including:
Type of Insurance Based on Type of Vehicle
Car Insurance. Four-wheeled vehicle insurance provides protection and compensation guarantees for four-wheeled vehicles such as passenger cars from the risk of damage and loss.
Motor insurance. Motorcycle insurance provides protection and guarantees of compensation for two-wheeled vehicles ranging from motorcycles to motorcycles.
Types of Insurance Based on Types of Accountability
Insurance All Risk (Comprehensive). This insurance provides guarantees for all risks ranging from minor, severe damage to all vehicles. Because it should bear all the risks, the premium score tends to be high.
TLO Insurance. This insurance provides guarantees for the risk of loss or damage with the same point of correction or more than 75 percent of the price of vehicles at that time. When compared to all risk insurance, TLO has a lighter premium.
Vehicle Insurance coverage coverage
Accountability Based on the Indonesian Motor Vehicle Insurance Standard Policy (PSAKBI), coverage is given in case of risks such as:
Collisions, collisions, slips, slips, and burns Rusak due to malicious acts (begals) and thefts followed by violence or threats of third party legal responsibility, as a result of accidents that cause death, injury, and property damage.
Exception
Vehicle insurance coverage also has several exceptions. Here's the full list.
Accidents with underage drivers or do not have valid SIMs, or are under the influence of alcohol The damage that occurred as a result of providing driving lessons, participating in demonstrations, and being used as transportation for the Kendaraan crime was lost due to the theft of his own relatives The damage caused by carrying cargo that exceeded the capacity
Calculation of Vehicle Insurance Premium
In Indonesia, the premium for vehicle insurance relies on three elements, namely the current price range of vehicles, the area you live in, and the various vehicle insurances selected.
Referring to the circular letter of the Financial Services Authority (OJK) Number 6/SEOJK.05/2017 regarding the Determination of Premies or Contributions to the Insurance of Motor Vehicle Property and Asuransi Insurance' in 2017, the area for the calculation of vehicle insurance premiums is divided into three, namely:
Region I includes Sumatra and the surrounding islands covering Jakarta, Banten, and West Java Region III covering Central Java, East Java, Bali, Kalimantan, Sulawesi, Papua, and Nusa Tenggara.
When you get to know the area of residence, the price range of the vehicle, and the variety of insurance that is expected, let's know how much the premium for vehicle insurance is through the explanation below.
All Risk Vehicle Insurance (Comprehensive)
The calculation of all risk vehicle insurance premiums can be done following the following formula.
Premium percentage x Car prices at this time
For more details, let's look at the calculation simulation below.
If Wira has a car type vehicle at a price of Rp. 300 million (category 3) and is located in Padang, West Sumatra (region 1). Thus, the all risk vehicle insurance premium that must be paid is:
2.18% x IDR 300,000,000 = IDR 6,540,000 Thus, the premium that Wira has to pay to get all risk (comprehensive) vehicle insurance is IDR 6,540,000 per year.
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