The Takaful Vehicle Insurance Program offers a modern and advanced Islamic perspective, featuring benefits such as fast processing and flexible vehicle coverage. It also ensures quick accident compensation, allowing participants to choose their repair providers based on their location and preferred quality standards.
Additionally, holders of Takaful vehicle insurance policies share in the profits of their policy.
Types of Takaful Vehicle Insurance
Unified Takaful Insurance (Compulsory & Third Party):
Takaful Insurance for Bodily Injuries (Compulsory):
According to Insurance Law No. (20) of 2005, vehicle owners are required to insure their vehicles against bodily injuries and deaths resulting from road accidents. This insurance covers injuries to individuals inside the vehicle as well as pedestrians, based on the principle of absolute liability, regardless of fault.
Takaful Insurance for Third-Party Property Damage:
This type of insurance compensates third parties for material damages caused by an accident involving the insured vehicle. Compensation is provided if the insured party is proven responsible for the incident.
Supplementary Takaful Insurance – Vehicle Body (Comprehensive):
This insurance covers damage or loss to the insured vehicle or any of its parts or spare parts in the following cases:
Collision or rollover accidents
Fire or external explosion
Theft
Acts of vandalism or damage caused by others
Falling or flying objects
Damage occurring while towing the vehicle due to a breakdown
Calculating Takaful Vehicle Insurance Premiums:
The calculation of premiums for unified insurance (compulsory and third party) and supplementary insurance is based on the minimum tariff rates set by the Capital Market Authority.
The premium for supplementary (comprehensive – vehicle body) insurance is calculated as a percentage of the insured vehicle’s value (based on the minimum percentages approved by the Capital Market Authority). This percentage is determined according to several factors, including:
Purpose of vehicle use (as stated in the vehicle registration)
Vehicle type, horsepower, and passenger capacity
Year of manufacture
Accident history of the vehicle owner/driver
Additional coverage requested
The deductible amount the vehicle owner agrees to pay per incident
For more information, please contact us at 1800220220 or via mobile at #600.
