Motor Insurance Premium is very important for vehicle insurer. Insurance premium depends on multiple factors that we share in this post. let's see the factors of Motor Insurance premium calculation in Bangladesh.
Liability according to the Bangladesh Motor Vehicle Act:
- Bodily injury or death to third parties
- Liability to the traveler passenger
- Third party asset deterioration
- All other costs & expenditures suffered with Company´s authored approval.
In Bangladesh motor insurance premium calculation as per Motor Tariff and it depends on the following factors:
- Purchased or Declared motor vehicle value
- Calculation depends on CC or Cubic capacity
- Very Important Vehicle Type-Make/Model
- How many seats at Insured Motor vehicle Including Driver
- No Claim Bonus If you haven't any claim in the preceding year of insurance, you are fully eligible for a No Claim Bonus. you can eligible 30% no claim bonus for 1st years and this discount can go as high as 50%.
Most of the Bangladeshi Insurance company Policy excludes this type of loss or damage:
- Consequential loss
- Devaluation, wear and tear
- Physical and electric malfunction, failing or damage
- When insured motor vehicle is used outside the geographic area
- When used differing to restriction as to use
- Driven by a person other than the driver mentioned in driver´s terms