Motor Insurance

Insurance contract defined as a contract between two parties, the insurance company (first party) and the insured (second party). The insurance contract consists of; an “Insurance application”: which is the contract basis. The insurance application should be fully filled by answering all questions contained according to the applicant knowledge, without leaving any of the questions. “Insurance policy or contract”: Which determines the coverage given to the insured after submitting the application and paying insurance premium.

Vehicle or Car insurance: Is the most common type of insurance worldwide, there are three main types of Car insurance in the local market, We will be pleased to take you briefly through them: 

This type of insurance imposed by law on every vehicle owner as obligation, this type covers the liability of the insured, vehicle driver, and towards others (the third party) for body injuries that the insured vehicle may cause to them, and under the compulsory insurance law, the insurance company is responsible for compensating the injured insured vehicle passengers, as well as the road and pedestrians damages caused by the vehicle regardless the driver’s fault or lack thereof. And this expands till the full recovery or condition stability, compensate the injured for all financial obligations incurred by him as a result of the accident. Compensate the injured for the temporary and permanent loss of income that he may suffer as a result of the injury, compensate the injured for the psychological damage he suffered as a result of the injury.

The word third party here refers to others excluded from the contract parties, this type of insurance covers the liability of the insured or the driver of the insured vehicle for material damage caused by the vehicle to others (the third party).

This type of insurance covers the damages that may occur to the vehicle body as a result of a road accident. This type of insurance is complementary to what is covered by compulsory insurance and third-party insurance. 

The compulsory insurance and the third party tariff: Which will be represented in the insurance premium depends on the vehicle type and insurance type that determined according to the following data:

Private vehicles: The premium is determined based on the size of the engine (horse power) and divided into several segments. 

Commercial vehicles: The premium is determined on the vehicle registration license type, its load, and divided into several segments. 

Public taxis: The premium is determined based on the number of the vehicle passengers and whether one or two drivers have been identified to drive the vehicle. 

Private and public buses: the premium is determined based on the number of passengers and is divided into several segments. 

Rental cars: The premium is determined based on the engine power for private cars or cargo load for commercial vehicles, in addition it may have an extra tariff for the premium over the regular tariff, divided into several segments.

Heavy equipment: Tractors - bulldozers - rollers… etc have their own tariff. 

Supplementary insurance tariff: The premium is calculated as a certain percentage of the total insurance amount (the value of the car) within a price table settled according to the risk. 

The insurance certificate or policy schedule: the insurance certificate shows the following information; the insured's name, address and ID number, the insured car’s information, the beginning and the end of the insurance period, the agreed premium, type of coverage (mandatory / third party / supplementary), the insurance amounts, liability limits and accident fees for each type of insurance coverage, bank stamp which it is very important because it specifies the time and hour of the insurance period validity, some conditions, limitations and exclusions agreed upon.

The company must have a valid business license issued by The Palestine Capital Market Authority - Insurance Sector. That the company is able to fulfill its financial obligations and its financial position. The company must have the necessary reinsurance coverage. The company has several branches all over the country to be able to cover accidents regardless of the location they occur.