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3T Old Car
Takaful

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Introduction

Older cars have history, and they come with little quirks that only you know about. So it's no surprise that old cars can have unique Takaful needs. With this in mind, Jubilee General Takaful has designed 3T-old car Takaful with the lowest contribution rate of 1.125% net of Takaful estimated value.

FAQs

I. Total Loss or Constructive Total Loss of vehicle:

a) Accidental external means
b) Fire, external explosion, self-ignition, lightning and frost
c) Riot, strike, malicious act, civil commotion and terrorism
d) Flood, hail, wind, hurricane, cyclone, tornado and typhoon damages
e) Earthquake, volcanic eruption or other convulsion of nature


*Constructive total loss is defined in the PMD as when the actual cost of repairs exceeds 60% of the market value or the Participant estimated value of the vehicle— whichever is lower

II. Loss of vehicle in case of Theft, burglary or snatching provided that:

a) The vehicle is used only for private and domestic use
b) The Takaful vehicle is older than 5 years at the time of coverage from the manufacturing year
c) Basis of indemnity be the market value or the Takaful estimated value, whichever is less

III. Third Party Liability on the Participant in case of:

a) Death or bodily injury to a third party (except for the person employed by the takaful)
b) Damage to property of a third party (except for the property held in trust or custody by the participant of a third party)
c) Indemnity to any person driving any on Takaful order/permission given that he is not entitled to indemnity under any other Participant Membership Document
d) Benefit to the Takaful even when he is driving a vehicle not belonging to him and not hired by him under a hire purchase agreement
e) In case of death of a third party, the company will indemnify the deceased’s personal representatives in the terms of and subject to the limitations of the Participant Membership Document

  • An immediate notice to takaful operator in case of claim arising.
  • In case of theft of the Takaful vehicle, an immediate notice to the police is mandatory
  • In case the Takaful loses his original excise duty and taxation papers, he should immediately inform the company within 48 hours
  • Cancellation of Participant Membership Document by the company on a 7 days’ notice with return of contribution on pro rata basis

Net Contribution:                      1.125% on I.E.V.
Vehicle Age:                         Older than 5 years
Maximum Sum Covered:    2.75 Million
Vehicle Type:                        Private

  • Consequential loss
  • Depreciation and wear and tear
  • Mechanical and electrical breakdowns/failures
  • Loss arising from theft or criminal misappropriation or breach of trust by Insured’s Driver or known person
  • Theft of accessories
  • Any accident or injury caused/sustained outside the geographical area
  • Claim arising out of any contractual liability
  • Any loss occurring in case of the vehicle being driven by any person other than a driver as described in the schedule
  • Any loss occurring from radiation, nuclear fuel or weapons
  • Any loss occurring as a result of the insured driving under influence
  • Any loss occurring as a result of war, civil unrest or terrorism
  • Conditions:
  • An immediate notice to the company to be issued in case of a claim arising
  • In case of theft of the insured vehicle, an immediate notice to the police is mandatory
  • In case the insured loses his original excise duty and taxation papers, he should immediately inform the company within 48 hours
  • Cancellation of policy by the company on a 7 days’ notice with return of premium on pro rata basis
  • Features:
  • Insured’s right to an arbitration in case of a dispute
  • Third party indemnity to the insured even when he is driving a vehicle not belonging to him

Add-Ons:Amount (PKR)
Personal Accident to Paid Driver 500 /-
Personal Accident to Passengers (4 passengers excluding driver) 900 /-
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