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Based on the benefits offered, vehicle insurance products are divided into two categories. Namely All Risk and TLO (Total Loss Only) vehicle insurance.
All Risk Insurance or what is also called comprehensive, provides a guarantee of reimbursement for costs incurred related to all damage to the vehicle, both small and large.
Meanwhile TLO, is insurance that guarantees reimbursement for costs incurred due to damage that occurs up to 75% more to the vehicle.
The insurance rates for the two types of insurance have been determined through an OJK circular letter no. 6/SEOJK.05/2017. The description of vehicle insurance costs is divided into several things, according to:
The type of insurance chosen
the type of vehicle insured
Sum insured,
category, up to
residential area.
So far, car insurance premium rates according to OJK regulations have not experienced many significant changes from year to year. For more details, first check the full review below.
TLO Car Insurance Rates According to OJK
From year to year, car insurance rates according to OJK regulations have always undergone a number of adjustments to date.
The TLO insurance rate is certainly different from the All Risk type insurance, because the risks covered are also not the same. Where, safe TLO insurance provides coverage costs for vehicle damage of at least 75% of the price of the vehicle.
In simple terms, the following is an overview of the premium price for TLO insurance according to the OJK rate.
