Premium is a sum of money to be paid each month as a liability from the insured for his participation in insurance ( source ). The amount of premium you pay depends on several things:
- Type of car insurance (All Risk / TLO)
- Value of the car
- Year car
- Type plate number (ex its Jakarta plate B)
Car insurance type: All Risk / TLO
In general, each insurance company offers two types of protection that is the same Comprehensive (All Risk) and Total Lost Only (TLO).
Comprehensive (All Risk) is an indemnification by the insurance company for the loss of some or all of the car due to falling objects , fire, misconduct, theft, looting, collision, collision or other traffic accidents.
Comprehensive (All Risk) is an indemnification by the insurance company for the loss of some or all of the car due to falling objects , fire, misconduct, theft, looting, collision, collision or other traffic accidents.
Total Lost Only (TLO) is a compensation that will ONLY be given by the company if the car suffers total damage or above 75%. In addition to the above two types, you also need to know of 'expansion'. Expansion is the addition of protection coverage. Expansions include:
- Tsunamis and earthquakes
- flood
- unrest
- Terrorism and sabotage
Is this protection extension necessary / not? It depends. For example if you live in Jakarta, you MUST take the expansion of floods and riots because these two events happen quite often here. If you do not take the expansion and your car is 'down the machine' due to flooding, the insurer will NOT compensate. Now that you live!
Each car insurance company has a different rate for their car insurance product. Here are some examples:
ACA
Premium
Car Insurance Premium | ||
| Non Truck | All Risk | TLO |
| 0 - 100 million | 3.00% | 0.80% |
| 100 - 150 million | 2.50% | 0.80% |
| 150 - 300 million | 2.00% | 0.80% |
| 300 - 500 million | 1.75% | 0.80% |
| 500 - 800 million | 1.50% | 0.80% |
| > 800 million | 1.50% | 0.80% |
| Truck | 2.50% | 0.90% |
Expansion of warranty
Expansion of Warranty | ||
Risks | Premium | |
All Risk | TLO | |
| Tsunamis and earthquakes | 0.15 | 0.05 |
| Flood | 0.35 | 0.13 |
| Unrest | 0.35 | 0.13 |
| Terrorime and sabotage | 0.15 | 0.05 |
Calculation
For example, suppose you own a car with the Etios Valco brand with an estimated price of Rp 135,500,000.00. You will insure the car by choosing All Risk protection from the ACA and with additional extension of flood, riot, and sabotage warranties. The amount of premium you will pay is as follows:
Sinar Mas
Premium
The amount of premium given by Sinar Mas are:
- For Comprehensive (All Risk) protection, the premium details are if the car price> 500 million offered 2.5% premium and if the car price <500 million premium offered 3.25%.
- For Total Lost Only (TLO) protection of 1.5%.
Calculation
You own a Toyota Rush car with an estimated cost of Rp 226,000,000.00. The car will be insured in the company Sinar Mas by using All Risk protection. What is the premium you will pay per year? Here are the details:
So, the amount of premium that you will pay per year is Rp 7,345,000
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