FAQ
How can I get a quote for my vehicle insurance?
It’s easy. Follow the link in our web site to obtain a new car insurance or give us the details of your vehicle, the covers you want and the value, we’ll provide you the quote. You could also visit to any of our Branches and ask for a quote.
I only need the bare minimum amount of insurance?
You can have a 3rd party insurance, which is the minimum insurance requirement. If you want a wider cover then buy a comprehensive insurance.
What is the difference between a 3rd party insurance and a comprehensive insurance?
The 3rd party insurance covers only you’re liability towards people & property on the road. Comprehensive insurance covers the damages to your vehicle AND you’re liability towards 3rd parties.
If my vehicle is on lease contract, is it possible to obtain a 3rd party insurance?
No. If your vehicle is subject to the following, you cannot take 3rd party cover
a) Lease or Hire purchase contract.
b) A person or an institution having any financial interest on your vehicle.
What can you give for comprehensive insurance?
Your vehicle will be covered against any accidental damages, plus fire, theft, malicious damage, burglary and your 3rd party liabilities. Additional covers such as riots, strikes, civil commotion, terrorism, floods/natural perils, passengers etc could be obtained by paying an extra amount.
How do I determine the insurance value for my car?
The sum to be insured should be the market value of your car. Market value means the cost of purchasing a replacement car, of the same make, model and usage at the time of a loss. If you do not know the market value, obtain a valuation from a recognized valuer.
If I buy a vehicle for a sum of LKR.1.2 million but I want to insure it for LKR.600,000/-. What will the premium be?
The premium will be calculated according to your requirement. But the estimated value should always be the current market value, therefore if you insure it for 600,000/- and in the event of an accident you can claim only up to 50% of the cost of the claim, because you have insured only 50% of the value.
If the vehicle belongs to a friend and he is using it. Is it possible to take an insurance cover in my name?
You should be the legal owner or should have recognized ownership on this vehicle. If you do not have any of these, you cannot obtain and insurance policy in your name.
My friend is going to sell his car to me. He will give his insurance also. Can I use his insurance and make a claim?
When your friend sold his vehicle, his recognized ownership ceases. Therefore, this policy becomes invalid. To make a claim, the policy must be in your name.
How does the no claim bonus work in my favor?
This discount works in your favor for every year, you renew your motor policy, free of claims. It increases progressively for each preceding year of no claim, until it reaches a predetermined maximum.
I am getting a second car. Can I use my no claims discount twice?
No, the no claims bonus is limited to one car. However, if you are claim-free we can offer an introductory discount instead.