Comprehensive Motor Insurance

Your vehicle is one of your most prized possessions. With IKBZ’s Motor Insurance, your vehicle is protected against any unforeseen circumstances. Now, you can be rest assured of hassle-free service and street-wise support, backed by authorized workshops and end to end automated process which ensures fast track claim settlement.

It helps protect you, your staff, third party properties and your business motor assets (trucks, plants, and other vehicles). It can also help to protect you in the event of a motor related lawsuit. No fleet is too big or small for our professional staff to handle. With us, your vehicle’s insurance is always in safe hands.

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Product Features
Product Features

Vehicles that are covered:

The Policy covers the following vehicles based on (a) the agreed value or (b) the market value

A. Motor Vehicles

  1. Private Car
  2. Vehicle owned by Embassy, UN and its organizations
  3. Commercial Vehicles
  4. Hired Vehicles, Touring Vehicles
  5. Goods Transport Vehicles
  6. Bus, Coache or Taxi
  7. Ambulance, Fire engine, Hearse and Vehicle owned by Religious organizations
  8. Any other vehicles registered at Road Transport Authority

B. Mobile Plants (Crane, Fork -lift, Excavator, Dump Truck, etc...)


Types of Coverage:

Basic Covers
Loss or Damage to your vehicle, third party’s property and liability to third parties, in circumstances:

  • Collision and overturning
  • Fire, Explosion or Lightning
  • Malicious Act
  • When In Transit (including loading and unloading) by road, rail or inland waterway
  • Falling Objects unless caused by flood, storm, or natural disaster


Add on Covers

Vehicle owners can also buy additional covers for other perils by payment of extra premiums:

Compulsory covers

  • Strike, Riot and Civil Commotion (3 days only)
  • Wind Screen

Optional Covers

  • Acts of god (Flood, Wind storm, Earthquake, etc…)
  • War risk
  • Theft, etc...


Major Exclusions under this Policy
We would like you to be familiar with some of the major exclusions under this Policy. This will ensure you are not put to any kind of inconvenience while making your claim. At IKBZ, we endeavor to make our Policy as transparent as possible.

Any loss/damage to the vehicle and/or its accessories will not be covered if caused by the following:

  • Normal wear, tear and general ageing of the vehicle
  • Any consequential loss
  • Mechanical or electrical breakdown, failure
  • Vehicle being used otherwise than in accordance with limitations as to use
  • Damage to / by a person driving the vehicle without a valid license
  • Damage to / by a person driving the vehicle under the influence of drugs or liquor
  • Damage to tyres and tubes, unless damaged during an accident
  • Loss/damage outside Myanmar



Compensation for the own damage:

For the total loss of the insured vehicle; the claim payable is up to the amount of sum insured of the insured vehicle.

For the partial loss of the insured vehicle; the claim payable is up to the total repair cost of the insured vehicle borne by the insured.


Compensation for the third party liability:

(a) Death benefit
For loss of one life of third party, the maximum claim payable amount is Ks 1 million.

(b) Injury benefit
Compensation is payable according to the schedules prescribed by the Insurance Business Supervisory Board.

(c) Losses or Damage of property owned by third property
The claim payable is up to a reasonable cost of repair of the damaged property or value of the loss the property borne by insured.

(d) Towing Charges
For motor vehicles - up to Ks 100,000.
For motor cycles - up to Ks 10,000.

(e) Legal Expenses
Up to Ks 200,000 for each case.


Maximum amount of Third Party Liability:
Maximum amount of Third Party Liability for one event is limited as “Combined Single Limit” as follow:-
- For motor vehicles - limited to maximum amount of Ks 50 million for one event.
- For motor cycles - limited to maximum amount of Ks 25 million for one event.

How to Claim?
How to Claim?

If a misfortune befalls, leave the worry to us but please :

  • ntimate such loss / damage to us immediately so that a competent surveyor may be deputed to minimize the loss. The IKBZ staff will guide you the steps to be done for claims.
  • In a claim for the accident due to your vehicle (including a third party claim and an own damage claim) and in a theft claim, report to the police.
  • In a claim for the accident due to other vehicles (in a third party liability), must obtain the insurance details of that vehicle and then report it to the insurer of that vehicle.
  • Cooperate with surveyors by providing all necessary documents for assessment of loss and establishing liability.
  • Inform the particulars of all other insurances existing on the property at the time of loss.

IKBZ ensures providing assistance for fast track claim settlement.

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