3T Old Car
Introduction
Older cars have history, and they come with little quirks that only you know about. So it’s no surprise that old cars can have unique insurance needs. With this in mind, Jubilee General Insurance has designed 3T Old Car Insurance with the lowest premium rate of 1.00% net of Insured Estimated Value (IEV).
Covers
Total Loss or Constructive Total Loss of Vehicle
- Accidental external means
- Fire, external explosion, self-ignition, lightning and frost
- Riot, strike, malicious act, civil commotion and terrorism
- Flood, hail, wind, hurricane, cyclone, tornado and typhoon damages
- Earthquake, volcanic eruption or other convulsion of nature
Constructive total loss is defined when the actual cost of repairs exceeds 60% of the market value or the Insured Estimated Value of the vehicle — whichever is lower.
Loss of Vehicle in Case of Theft, Burglary or Snatching Provided That:
- The vehicle is used only for private and domestic use
- The insured vehicle is older than 5 years at the time of coverage from the manufacturing year
- Basis of indemnity is the market value or the insured estimated value, whichever is less
Third Party Liability on the Insured in Case of:
- Death or bodily injury to a third party (except for the person employed by the insured)
- Damage to property of a third party (except for the property held in trust or custody by the insured of a third party)
- Indemnity to any person driving with insured’s order/permission, provided that person is not entitled to indemnity under any other insurance document
- Indemnity to the insured even while driving a vehicle not belonging to him and not hired under hire-purchase agreement
- In case of death of a third party, the company will indemnify the deceased’s personal representatives in the terms of and subject to the limitations of the insurance document
Conditions
- An immediate notice to insurance operator in case of a claim arising
- In case of theft of the insured vehicle, an immediate notice to the police is mandatory
- If the insured loses his original excise duty and taxation papers, he should immediately inform the company within 48 hours
- Cancellation of policy by the company on 7 days’ notice with return of premium on pro-rata basis
Key Terms
| Key Terms | Details |
|---|---|
| Net Premium | 1.00% of Insured Estimated Value (I.E.V.) |
| Vehicle Age | Older than 5 years |
| Maximum Sum Covered | 3.5 Million |
| Vehicle Type | Private |
Exclusions
- Consequential loss
- Depreciation and wear & tear
- Mechanical and electrical breakdowns/failures
- Loss arising from theft or criminal misappropriation or breach of trust by the insured’s driver or known person
- Theft of accessories
- Any accident or injury outside the geographical area
- Claims arising under contractual liability
- Any loss occurring while the vehicle is driven by a person not described in the schedule
- Any loss from radiation, nuclear fuel or weapons
- Any loss from driving under influence
- Any loss from war, civil unrest or terrorism
Product Benefit Table
| Add-Ons | Amount (PKR) |
|---|---|
| Personal Accident to Paid Driver | 500 /- |
| Personal Accident to Passengers (4 passengers excluding driver) | 900 /- |