Investment-Linked Funds

Comprehensive Commercial Vehicle Insurance

Motor Insurance

Coverage Period

1 YEAR - RENEWABLE ANNUALLY

Vehicle Type

GOODS VEHICLES C PERMIT UP TO 3 TONS

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AIA life planner

WHAT IS THIS PRODUCT ABOUT

Do not let accidents disrupt your business operations. Our commercial vehicle insurance plan protects you against damages to other vehicles and injuries that its drivers or passengers may sustain. Additionally, you and other named drivers of the policy will be covered for any loss or damage to your vehicle including any injuries caused by an accident.

WHAT DOES IT PROVIDE?

COVERAGE FOR YOUR VEHICLE

You will receive a lump sum payment to cover any loss or damage to your vehicle due to accident, theft or fire.
COVERAGE FOR INJURY & DEATH TO OTHERS

This benefit protects you against accidents caused by your vehicle that results in the death or bodily injury of other parties. This covers you if the accident caused by your car results in the death of or injury to other people.
COVERAGE FOR PROPERTY LOSS OR DAMAGE TO OTHERS

You will be covered in the event of an accident caused by your vehicle which results in the loss or damage of other parties' property.
OPTIONS TO ENHANCE YOUR COVERAGE

For additional protection against other unexpected events that could impact your financial situation, you can include the following benefits in your plan:

● Windscreen coverage for repairs or replacement of your damaged windscreen.

● Coverage for loss or damage to your vehicle arising from flood, storm or landslide.

● Coverage for death or bodily injury to your passengers due to an accident.

Like what you've read? This is only a product summary. For more information on this product, please refer to our Product Disclosure Sheet or speak to an AIA Life Planner.

THE TERMS & CONDITIONS AT A GLANCE

- COLLAPSE + EXPAND

You must disclose all material facts such as previous accidents, claims experiences and any modification to your vehicle's engine.
You must ensure that your vehicle is insured at an appropriate amount. For a new vehicle, the insured value is the purchase price while for other vehicles, the insured value is the market value of your vehicle when you apply for this policy.
Over-insurance - this occurs when you insure your vehicle for a sum higher than the market value, which means you would have paid a higher premium than necessary. When you make a claim, we will only pay you the market value of your vehicle at the time of loss
Under-insurance - this occurs when the sum insured for your vehicle is lower than the market value. If you are under-insured, what we pay you may not cover your losses and you will have to pay the difference.
Valuation - In the event of a dispute, the market value of the vehicle would be determined by the Head Office of the Franchise-holder. In the event no Franchise-holder is available for the make of your vehicle, the market value of the vehicle would be determined by a Loss Adjuster licensed under the Financial Services Act 2013 and its subsequent legislation, agreed to by both you and us.
Principle of Indemnity - based on this principle, the insurance cover will compensate your loss by returning you to the same position you were in immediately before the loss. You cannot 'profit' from a motor insurance claim.
The excess - this is the amount of loss you have to bear while we will pay for the balance of your vehicle damage claim. If you have an 'excess' on your policy, you must pay the amount of 'excess' direct to the repairer.
Betterment - this occurs when in the course of repairing an accident-damaged vehicle, an old part is replaced with a new franchise part. In line with the principle of indemnity, you will have to bear the difference in costs as your repaired vehicle is in a better condition after the accident with the new franchise part.
Accident and claims procedure - you should obtain details of the accident such as the vehicles involved, lodge a police report within 24 hours of the accident, notify us immediately and submit the claims form with complete supporting documents. You are advised to deal only with PIAM Approved Repairers Scheme (PARS) Workshops.
If you are not at fault in the accident, you can submit the claim either directly to the insurance company of the party at fault, or to us under Own Damage Knock-for-Knock claim, without losing your No-Claim-Discount (NCD) entitlement. You are encouraged to submit your claim to us for speedier claim processing.

mAJOR EXCLUSIONS

You are not eligible to claim the following from this policy:

Your own death or bodily injury due to a motor accident;
Your liability against claims from passengers in your vehicle;
Theft of non-factory fitted vehicle accessories (car stereos, leather seats, sports rim, etc.) unless otherwise declared;
Consequential loss, depreciation, wear and tear, mechanical or electrical breakdown failures or breakages; and
Loss/damage arising from an act of nature e.g. flood or landslide.

Note:
This list is non-exhaustive. Please refer to the Policy Contract for the full list of exclusions under this policy

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Comprehensive Commercial Vehicle Insurance

1 YEAR - RENEWABLE ANNUALLY

GOODS VEHICLES C PERMIT UP TO 3 TONS

AIA life planner

WHAT IS THIS PRODUCT ABOUT

WHAT DOES IT PROVIDE?

COVERAGE FOR YOUR VEHICLE

COVERAGE FOR INJURY & DEATH TO OTHERS

COVERAGE FOR PROPERTY LOSS OR DAMAGE TO OTHERS

OPTIONS TO ENHANCE YOUR COVERAGE

THE TERMS & CONDITIONS AT A GLANCE

THE TERMS & CONDITIONS AT A GLANCE

mAJOR EXCLUSIONS