Best Car Insurance Recommendation in Indonesia 2022 - Car insurance is insurance that provides compensation if the vehicle is damaged, either badly damaged or just scuffed, and lost. In addition, there are additional benefits in the form of compensation for damage caused by floods, riots (riots), and natural disasters.
With this protection, the insurance company will cover the vehicle if it is damaged or lost within a year. Therefore, choose the best and cheap car insurance in order to get the benefits according to your needs with affordable premiums.
The following is a list of the best and cheapest car insurance 2022:
- Sinarmas Car Insurance
- ACA Insurance
- Zurich Autocillin
- AXA Mandiri Insurance
- Simas Insurtech Insurance
- Tokio Marine Insurance
- ABDA Insurance
- Insurance Monument
- Allianz . Insurance
- Sompo Insurance
Understand the Types of Car Insurance in Indonesia
Types of car insurance consist of all risk (comprehensive) and Total Loss Only (TLO) car insurance. All risk car insurance covers all risks, while TLO car insurance only covers severe damage. Each has its advantages and disadvantages, both in terms of coverage and the amount of premium.
Therefore, you should adjust to the needs and type of car. For example, choosing KIA Car Insurance, Nissan Car Insurance, ACC Car Insurance, BCA Car Insurance Insurance, and others.
Talking about premiums, the cost of car insurance premiums is adjusted to the type chosen. Broadly speaking, the range starts from IDR 600 thousand per year or around IDR 50 thousand per month.
In order not to choose the wrong one, you need to know first the types of vehicle insurance that must be chosen. Because, the premium depends on the type of insurance and the condition of the car owned.
1. TLO Car Insurance
TLO car insurance provides coverage or insurance costs only if the car is lost due to theft or damage occurs with a repair value equal to or more than 75 percent of the car's price at that time. This means that the car must be completely damaged or unusable, then you can file a claim. So, if the car is only one centimeter scuffed, don't expect the claim to be approved.
Because you can only file a claim when the vehicle is badly damaged, the premium amount is certainly lighter than the all risk car insurance premium. In fact, the amount can be three times smaller than the all risk car insurance premium. The minimum premium for the Jakarta area is 0.44 percent of the car price.
2. All Risk Car Insurance
This type of vehicle insurance will accept any claims for car damage from minor to severe damage. All risk car insurance is good and suitable for those of you who have just bought a car so that when you experience a scratch you can immediately file a claim.
Because it bears all the damage, of course, the all risk car insurance premium will be much greater. For example, the all-risk premium for the Jakarta area is 3.26 percent of the price of a car. The percentage of premiums is greater than the most expensive premium for TLO vehicle insurance, which is only 0.78 percent.
3. Combined Car Insurance
There is also a combined type of vehicle insurance, between all risk and TLO, but it can only be obtained when you get a car loan. The way it works is that in the first year the car will be covered all risk, then in the following year only TLO car insurance.
4. Expansion Car Insurance (Rider)
Of the three types of car insurance above, you can still add a vehicle insurance expansion guarantee. Expansion guarantee is an additional benefit other than coverage due to accident or loss. Expansion guarantee with additional premium:
- Guaranteed expansion of flood and hurricane vehicle insurance
- Guaranteed expansion of earthquake and tsunami vehicle insurance
- Guaranteed expansion of riot or riot vehicle insurance
- Guaranteed expansion of terrorism and sabotage vehicle insurance
- Guaranteed expansion of third party legal liability vehicle insurance (TPL)
- Guaranteed expansion of passenger personal accident vehicle insurance
- Guaranteed expansion of legal liability vehicle insurance for passengers
5. Collision Coverage Car Insurance
This is a vehicle insurance that is devoted to covering medical costs due to a collision caused by the driver. In addition, this vehicle insurance will also cover the cost of damage and compensation according to the price of the car the customer has.
6. Car Liability Insurance
This car insurance is actually not much different from Collision Coverage. The difference is, Liability Insurance provides additional coverage in the form of medical bills or injuries suffered by vehicle insurance policy holders.
7. Personal Injury Protection Car Insurance
Personal Injury Protection Car Insurance provides protection guarantees for customers who have an accident against themselves while driving. Not only that, this type of car insurance also provides additional costs as compensation for accidents experienced by customers and passengers.
Insurance for Old Cars, Can You?
For those of you who are old car owners or antique car collectors, you will also want to provide more vehicle insurance protection so that the car still has optimal and durable performance. Then can we apply for insurance for old cars?
Of course you can, but both old and used car insurance have different terms than new ones. For example, to be able to use all-risk used car insurance, the maximum age of the car is 10 years and some vehicle insurance companies will charge an additional fee for old cars.
Meanwhile, TLO car insurance coverage is the most suitable for old cars in general with a maximum age of 10-20 years.
What are the benefits of TLO car insurance for old or used cars?
- The price of TLO car insurance premiums is relatively cheap
- Compensation for compensation at the risk of loss is usually 10% lower than the selling price of the car
- Compensation for the risk of accident with the addition of the expansion of the TJH guarantee, generally will also provide compensation for third parties who have suffered losses.
- If there is an accident with damage above 75 percent or the damage is so severe that it cannot be repaired, the insurance company will provide full compensation.
More about insurance for old cars
Car Insurance Premium Price
Unlike health insurance and life insurance, car insurance premiums are paid annually. The cost of car insurance per year ranges from IDR 385 thousand per year for a TLO car insurance policy and IDR 2.1 million for an all risk car insurance policy.
It should also be understood that the amount of premium or the price of vehicle insurance has been regulated by the OJK (Financial Services Authority). OJK made OJK Circular Letter Number 6/SEOJK.05/2017 concerning Determination of Premiums or Contributions to Property Insurance and Motor Vehicle Insurance Business Lines in 2017.
The simple way to calculate or check ACA, Adira, and other Car Insurance premiums is as follows:
Premium percentage (according to car insurance type, region, and car price category) x car price = premium cost
Region and Car Price Determine Premium
Referring to the OJK car insurance rate, the premium determined depends on which region and the customer's car price.
The following is the percentage of OJK car insurance premiums or rates:
1. Category Car Insurance Cost Area
To be able to calculate the car insurance premium rate, you need to look at the category of the car area. There are three categories of areas that determine car insurance rates, namely:
- Region I (Sumatra and surrounding islands)
- Region II (DKI Jakarta, West Java, and Banten)
- Region III (Other areas not mentioned in Regions I and II)
2. Car Price Category
The price of the car will also determine the amount of vehicle insurance premiums. The following is the division of premium categories based on car prices:
- Category 1, which is IDR 0 – 125 million
- Category 2, which is more than IDR 125 – 200 million
- Category 3, which is more than IDR 200 – 400 million
- Category 4, which is more than IDR 400 – 800 million
- Category 5, which is more than Rp800 million
Car Insurance Costs and Premium Simulation 2022
The following is an example of a premium simulation based on the vehicle insurance coverage taken.
1. The cost and simulation of all risk (comprehensive) car insurance
2. TLO insurance costs and simulation
3. Cost and Premium Simulation with Expansion Guarantee
How to Claim Car Insurance
How to claim car insurance must pay attention to procedures and documents. The first thing to pay attention to is when an accident or loss occurs, immediately take a photo of the incident as proof of the claim and immediately make a vehicle insurance claim report for a maximum of 5 × 24 hours.
Well, in addition to submitting a claim directly to a vehicle insurance company, another way can be to take advantage of claim assistance services from insurance brokers such as Lifepal. Guaranteed to be more practical and easier.
Check out the general car insurance claim process in Indonesia below:
1. Car Insurance Claim Procedure
- Reporting claims: You can come directly to the branch office, telephone, SMS, or the claim application provided by the insurance company. Usually, a claim report must be made a maximum of 5×24 hours after the incident, depending on company policy.
- Prepare claim documents: Vehicle documents (SIM and STNK), policy documents, completed claim forms, photographs as evidence of accidents/other losses to be claimed. The documents that need to be prepared depend on the type of loss suffered. Please pay attention to the completeness of the document in the next explanation.
- The insurance team conducts surveys and analysis: This process aims to calculate the estimated losses incurred.
- Wait for the results of the survey and analysis: The team from the insurance company will assess the claims that can be approved.
- Claim reimbursement: The customer gets a claim reimbursement for the losses incurred.
2. Car Insurance Claim Documents
The documents required for a claim depend on the type of damage or loss suffered. However, in general Here are some documents that need to be prepared:
- Insurance policy documents, attachments/endorsement
- Driver's License (SIM)
- Vehicle Registration Certificate (STNK)
- BPKB for car vehicles
- Insured identity card (KTP)
- LKKB (Motorized Vehicle Accident Report)
- Loss report including accident chronology
- Loss of certificate in case of theft
- A third party claim letter if it involves a third party
Thus the discussion about the Best Car Insurance Recommendations in Indonesia 2022, I hope the above reviews are useful for all of you.