Commercial Car Insurance in Bangladesh

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Motor Insurance

Details about online motor insurance policy from bimafy

The online motor insurance provided through bimafy is applicable for all vehicles which are acknowledged under private registration and used for private purposes and not used for hire or reward, that shall come under the scope of the Private Vehicles Motor Insurance. The vehicles are classed on the basis of the registration and the purposes of use but not on the basis of the design or type.

The core reason a motor insurance is required is because of your liability in the case of a mishap, i.e., responsibility, for any damage you cause. Although you may carry optional comprehensive, first party and collision coverage for your vehicle, the laws mandate every motor vehicle to carry an insurance coverage for bodily injury and property damage insurance of the third party. Thus two types of insurance policies can be attained through bima bd, for the Tariff Private Vehicle Motor Insurance in Bangladesh.

1. Act Liability, Third Party Accidental Coverage:

As per the Act / Third Party Liability Insurance Coverage: the insured will be ensured a payment:

  • Against any liability which may be incurred by him, that may be penalized with monetary compensation by law
  • Against the accidental death or bodily injury to any passenger, accidental death or bodily injury to any person or damaged property of a third party caused by or arising out of the use of the insured vehicle.
  • Against any damage arising out of the use of the vehicle in a public place.
  • Maximum payable for death of a third person BDT 20,000 (death) with separate provisions for grievous or minor injury in trust by or in the custody or control of the insured.
  • Maximum Payable for property damage BDT 50,000

As it is mandatory for a user to carry Automobile insurance in the streets in Bangladesh, users without insurance can be fined for up to BDT 2000 for not carrying the insurance with them by the Bangladesh Police and all sub departments including (Dhaka Metropolitan Police DMP, Chittagong Metropolitan Police CMP, Rajshahi Metropolitan Police RMP, Sylhet Metropolitan Police SMP, Barisal Metropolitan Police BMP, Highway Police of Bangladesh and much more).

2. Comprehensive/ First Party Accidental Coverage:

With the comprehensive first party coverage, in addition to all the insurance coverage for Third Party/ Act Liability. This policy also provides protection in the case of:

  • Own damages or loss of the Motor Vehicle and/or its accessories whilst thereon
  • Fire explosion, self-ignition or lighting
  • any damage caused by Typhoon, Hurricane, Flood, Storm, Tempest, Cyclone, Hailstorm, Frost or inundation, Earthquake (Fire & Shock damage)
  • Burglary, housebreaking or theft
  • Riot and Strike Including Malicious activities
  • Motor Engine damage through accidental external means.
  • Any damage to the vehicle in transit by road, rail, inland waterway, lift, elevator or air.

Also, in the case if there is no claim in a calendar year in Bangladesh, the vehicle will be entitled to “No Claim Bonus”.

The premium rate, terms and conditions provided through the calculator are as per Motor Tariff Bangladesh.

For online insurance policy purchasing, simply fill in the information at the premium calculator and click get price to see all the currently available options. You can check the break down of costs for individual company policies, also for purchasing click the purchasing button and fill in the required information for KYC profiling, check the terms of service for further information about the services. Once ordered you are expected to receive the Policy within the next 24 hours inside Dhaka and 72 hours outside Dhaka.

Claims: Currently you will have contact numbers at the policy papers where you can call as soon as there is an accident or mishap to know proceedings for your claims or call us for further information and we will assist your claims. The claims will be assessed by insurer or a surveyor and in accordance with the survey a proper compensation will be paid to the insured. According to the regulatory policy, the claim settlement has to come through the insurance company, but we assure you a satisfying experience as we collaborate with our partner companies. Stay with us for a seamless digital insurance experience.

* feel free to contact us for any further information about online insurance and our services, or any information that we can deliver for your convenience, we would love to hear from you.