What kind of benefits can I get from Motor Plan?

Cover effective immediately once premium has been paid

Free valuation/assessment

Quick turnaround on claims

What type of motor cover can I get?

Comprehensive Cover
Covers policy holder's motor vehicle and third party vehicle or property damaged.
Third Party Limit on comprehensive cover – USD10 000
Rates: Private vehicle 4.2%, Commercial vehicles 6%
Excess on TOTAL LOSS is 5% of the sum insured
Excess on PARTIAL LOSS is 10% of the loss.
Excess on theft is 25%

Full Third Party Cover
This is a basic or minimum cover prescribed by law for all vehicles to use country's roads. Cover is for damages on Third Party vehicle or property only.
A client who insures their vehicle on Third Party means in the event they are involved in an accident, insurance only covers damages on the vehicle/property of the other (third) party the client has been involved in an accident with or whose property has been damaged.
In the event of theft of the vehicle, policy holder will not receive any benefit from Insurance as cover is for Third Party only.
Private and commercial vehicles can be covered under Full Third Party cover.
Limit on FTP is $2,500 although a customer can opt to increase.
Excess – does not apply for FTP cover as insurance policy does not cover policy holder.

Third Party Fire & Theft
Covers policy holder's vehicle against fire and theft as well as damages on Third Party vehicle or property.
Difference with Full Third Party is that on FTP, excess does not apply but on Third Party Fire & Theft Excess applies at the rate of 10% on total loss only
Third Party Fire & Theft does not have excess for partial loss, it's only for total loss – vehicle has either to be to be stolen or burnt down totally

For Motor Plan: This insurance policy is underwritten by Old Mutual Insurance Company (A member of the Old Mutual Group). The insurance coverage that this policy provides shall be at all times subject to the terms and conditions of the policy contract issued by Old Mutual Insurance Company. Standard Chartered Bank shall not be responsible for Old Mutual Insurance Company's actions or decisions under the policy contract nor shall Standard Chartered Bank be liable regarding payment of claims or services under the policy contract issued by Old Mutual Insurance Company. Premium holidays are not permitted.