Monday, February 3, 2014

Motor Insurance 101 - Know the exclusions!

 A standard motor insurance policy does not cover:
 
  
 
  • Your own death or bodily injury;
  • Your liability against claims from your passengers;
  • Theft of non-factory fitted vehicle accessories (car stereos, leather seats, sports rims etc) unless otherwise declared.
  • Consequential loss, depreciation, wear and tear, mechanical or technical breakdown failures or breakages; and
  • Loss/damage arising from an act of nature, e.g. flood, landslide, storm.

Luckily, for additional premium, some of these exclusions may be covered.

Example:-
  1. Windscreen (Endorsement 89)
  2. Legal Liability For Passengers
  3. Special Peril (Endorsement 57)
  4. Vehicle Accessories (Endorsement 97) 
Since your own bodily injury is not covered, don't forget to buy Personal Accident for yourself.