Kathmandu: Today is Mahanavami, the ninth day of the Dashain Festival. In the hilly areas including the valley, it is customary to worship vehicles and tools on this day.
In the Terai region, it is customary for the people to worship vehicles and tools on the day of Bishwakarma Puja. Similarly, it has been believed that special worship on the day of Mahanavami will avert accidents by the grace of Navdurga and ensure longevity by vehicle. New vehicles are sold on large quantity during Dashain.
Mere worshipping a vehicle is not enough for safe driving. It needs special care and attention to keep the vehicle intact and efficient. There are many aspects that needs to be considered while you own a vehicle, among them vehicle insurance is an important perspective.Third party insurance is mandatory when purchasing a vehicle. The Department of Transport Management has made third party insurance mandatory. Since vehicles are expensive and there is a risk of loss of life and property in the event of an accident in the future, it is wise to insure the vehicle as Comprehensive Insurance which includes the risk coverage of damage to the vehicle, driver, passenger and third party from the accident.
Vehicle insurance income covers more than 40 per cent of the total business of general insurers.
Risks covered under vehicle(motor) insurance:
There are two main option vehicle insurance available in Nepal. One is comprehensive insurance and the other is third party insurance.
A) Comprehensive insurance: Under such insurance, in case of damage to the vehicle due to any accident, the insurance claim is entertained. It provides compensation in the event of death, serious injury, mutilation or loss of property of a third party due to driver or accident.
B) Third Party Liability Insurance: This insurance covers the damage caused to the third party by the insured vehicle.
Under vehicle insurance, compensation for fire, lightning, explosion, earthquake, flood, landslide, heavy rain, hail and snow is available. Compensation is also available in case of driver or passenger being injured or killed in an accident. Similarly, compensation is available in case of accident due to external cause, damage to parts due to damage, theft or looting of vehicle as well as loss of life and property of third party due to collision of vehicle under third party insurance.
Geographical Region Covered:
Even if the vehicle (motor) insurance is done in Nepal, in addition to Nepal, India, Bangladesh, Bhutan and Tibet also get compensation in case of any accident in case of taking the insured vehicle here.
How is the insurance premium determined?
When determining the insurance premium of a vehicle, its price is considered as the main basis. Apart from this, the seat capacity of the vehicle, the price of the vehicle, the capacity, the limit of the damage to be borne by the self are also taken as the basis. On the other hand, the insurance premium is determined by underwriting the type of vehicle, for what purpose and in which geography the vehicle is used.