Lukautim kar bilong yu na kisim motor vehicle insurance

07.08.2018

A vehicle is not just a means of transport.

A vehicle is a reliable tool of communication, it gives the opportunity to actually talk face to face and not just whatsapp or facebook chat. A car is a money making tool, it gets you and your product or service where it needs to be, for maximum profitability. A car can be a life saving tool, if your loved one is sick you can bring them to the nearest health facility and get proper medical attention. A vehicle can get you to your perfect rest and relaxation destination whenever you need a break from the rigors of daily life.

A vehicle is indeed one of the most useful tools that you invest in. It is vital for you to ensure that you are taking care of and protecting this investment. Protection not only means the daily checks on fluids, nuts and bolts, pressures and cleaning as best you can; but a more profound means of protection called ‘insurance’.
 

What is insurance?

Insurance generally speaking, is an arrangement you make with an insurance company, to pay a premium at a specified time, this will ensure you have finances to compensate for a specific loss or damage covered by a policy you choose.

What is motor vehicle insurance?

Motor vehicle insurance is as the name suggests, insurance that covers damage specifically to the insured vehicle and damage to third party property caused by the insured vehicle.

In Papua New Guinea, insurance company such as Trans Pacific Assurance Limited (TPAL) offers two types of covers for motor vehicle insurance:

a) Section 1 – Material/Own Damage

This section covers for accidental damage, theft/burglary and total loss in accordance with
 

b) Section 2 – Third Party Liability/Property Damage

This section provides cover for loss or damage caused to property owned by a Third Party except for Bodily Injury which is covered by MVIL.

This class covers both large and small motor vehicles that must be registered for road use either for Private/Domestic or Commercial use.

Such as;

1) Brand new or used vehicles

2) A sedan, ute

3) A motorbike

How do I get motor vehicle insurance?

There are three (3) steps in obtaining motor vehicle insurance, these are;

  1. Customer to provide; vehicle details, market value, purpose/use and operational route of the vehicle

  2. Trans Pacific Assurance Ltd will then provide a quote in accordance to the information provided

  3. Once the quote is accepted and premium is paid, Trans Pacific Assurance Ltd will effect cover for twelve (12) months and provide the insurance documentation confirming that your policy is in place. A motor vehicle proposal form will also be provided for completion, this must be accurately filled and sent back to Trans Pacific Assurance Ltd.

What happens after I get insurance?

A scenario to illustrate what happens is take for example Thomas. He is driving back to the office from a meeting and as he passes a primary school, a child suddenly runs across the road.Thomas has to brake suddenly to avoid the child. This results in his vehicle being bumped by a vehicle behind him.He calmly pulls over, checks himself for injuries, finds none, then he makes calls to get help in case there is a threat to his security; and waits. The other driver approaches him and he is able to diffuse this tense situation by explaining what happened and what will happen. Thomas then takes pictures of both cars involved at the incident scene, records the third party vehicle details, contact details and asks two bystanders at the scene to write their statements of the accident. He gives them his contact details to forward their statements.

Thomas then notifies his insurer and drives straight to the police station to report the incident.

From there he is given the required information/documentation and forwards this to his insurer. The insurer then provides Thomas with a claim form to complete and send back for review.

Thomas is now requested by the insurance company to obtain repair quotation from the motor dealer he then forwards this to the insurer, pays his excess to the motor dealer and the insurer pays for his repairs

After 5 days from the day of incident Thomas collects his repaired vehicle from the motor dealer and is now back to his normal office runs.

A claim is what you make in the event of an incident that has damaged your vehicle. You can:

a) fill out a claim form online,

b) send an email to [email protected],

c) send a fax to 3216528

It is best to call the TPAL claims hotline on 321 6808 to notify the team of the incident. One should ensure that they have thorough official, stamped, documentation and all relevant official reports attached to a claim form.

After you file your claim, a representative from TPAL will contact you to make an assessment of your claim. Only AFTER an assessment has been made and you pay the excess/deductible then will funds be released for the mechanic or workshop to commence repair work.

In the event that a vehicle is written off - TPAL has a policy where they are able to compensate your vehicle to the value that it was when the accident happened after the deductible.
 

What are the benefits of vehicle insurance?

There are many benefits of getting motor vehicle insurance. If all relevant paperwork is fully and accurately completed, all required payments are made; the following are 3 benefits of motor vehicle insurance:

  1. Freedom from worry

  2. Protection from financial liability

  3. Coverage from repair or replacement costs

Nobody imagines being in a car accident much less being the cause of an accident. It is a severely stressful and expensive exercise regardless of whether you are at fault or the victim. Getting motor vehicle insurance adds to your security when you are going about your daily business. Motor vehicle insurance assures you that your means of communication, means of income, means of getting to your holiday destination and getting medical attention when you need it is consistent and constant.
 

Be like Thomas and have that confidence and be calm at all times; ensure that your investment is protected at all times against risks. Make sure that you contact Trans Pacific Assurance Limited and click Here to send them an email to get the protection in place to cover your vehicle.

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