Do i need insurance of car in Pakistan after 5 years e.g civic 17 model?
Yes as per Law, insurance is mandatory whether you have 1967 Model or 2017 model.My 30 years old car is also comprehensive insured
It's upto you. It you think your car is unsafe at parking or you want to get peace of mind regarding any accident (God forbid) you can opt for insurance.
Any suggestion, what base price to be set for insurance of civic 2017 or 18.I mean at that time, car was about 25 lac, but now this price seems impractical while insuring the car.
You'll have some idea of current market value of your car. Call the insurance company, they'll suggest you the approximate current market value, then negotiate to some mutual value upon which the insurance sum will be calculated.
it will be having market value of around 38-40lacs. insurance is done on market value and that will be used for premium calculation. invoice of car is totally invalid for the purpose of determination of insurance value.
Set price of 50 lac for insurance base
@pwuser156111657215 @ali_77
Better call yourself for these insurance related queries and policy questions:
Mr. Muneer (Jubilee Insurance)0300-2131014
Mr. Abid (Adamjee Insurance) 0331-2996638
it will not be insured at this value as market value is nearly 4M. if he keeps 5M as value, he will uselessly be paying elevated premium and incase of total loss/theft/snatching of vehicle, he will not get a penny more than prevailing market value.
For reference
@jklodhi bhai he is talking about a 2017 model. maybe you missed it. so i am suggesting accordingly
Just for the sake of information. After a car is insured for 50 lac, it gets snatched and its value at the time is 70 lac. The insurance company will consider the current market value or the insured value when determining compensation?
in cases of theft/total loss/snatching, insured gets compensated for 'Lower of' Sum insured under the policy OR prevailing market value at loss date. this is why it is vital to keep your sum insured as close to market value as possible - in own benefit of insured. i hope you understand
