Shikhar Insurance Company Ltd. (SICL) is an established General Insurance Company promoted by a young team of reputed Industrial and Business Houses involved in various fields like Aviation, Banking, Manufacturing, Trading, Travel Trade, Media Houses etc.
Vehicle can be insured under Motor Vehicle Insurance Policy. Motor Vehicle insurance provides 2 types of coverage.
- Comprehensive Insurance Policy: Comprehensive insurance policy indemnifies the insured for any kind of physical damage of the vehicle caused by an accident. It also includes compensation to be paid to the third party for death, or bodily injuries or loss or damage of property.
- Third Party Liability Insurance Policy: If the insured vehicle causes loss of life or property of the third party, the insurer indemnifies the third party for the loss. Third party liability insurance is compulsory in Nepal.
Motor Vehicle insurance policy issued by Nepalese insurers covers the territory of Nepal, India, Bangladesh, Bhutan and Tibet. If the motor vehicle meets with an accident in the above-mentioned territory, the insurer indemnifies the insured for the loss or damage.
Under Comprehensive insurance, the following risks are covered for material damage of vehicle
- Fire, Lightning, Explosion, Self-ignition
- Earthquake, Flood, Inundation, Landslide, Storm, Hailstorm, Snow, Frost
- Accidental external means
- Damage to vehicle due to mechanical breakdown,
- Theft, Burglary
- Whilst in transit etc.
- Terrorism Group Risks (Optional Risks)
- Third Party Liability covers the liability of vehicle to pay compensation to third party personal injury (incl. Death) and property damage arising out of the use of the Motor Vehicle.
Motor insurance policy does not cover:
- Consequential loss
- Depreciation, wear and tear
- Mechanical or electrical breakdown
- The damage resulting from participating in motor race, durability test and speed test
- The damage caused by atomic radiation and the radiation of atomic weapons
- The damage caused by war or war like operation and civil war
- The claim which is not supported by insurable interest
- The damage caused by the accident occurred outside the geographical region mentioned in the policy
- The liability resulting from a contract
- The damage caused by overuse of the vehicle, exceeding the limitation
- The damage if the motor vehicle is driven by the person who has no driving licence
- The damage if the driver is under the influence of alcohol or drugs
- The damage caused by the accident occurred during the period in which the vehicle is in possession of the government authority