In this blog, we have discussed the five most popular vehicle insurance and financing services in Pakistan according to our opinion.
Most Popular Vehicle Insurance Services in Pakistan
Adamjee Insurance:
Adamjee Insurance is a well-established insurance company in Pakistan. They offer comprehensive vehicle insurance policies that provide coverage for both own damage and third-party liability. Their policies include protection against accidents, theft, fire, and natural disasters. You can visit their official website to obtain a quote by providing relevant information about your vehicle and personal details. Their customer service is also available for assistance if needed.
EFU General Insurance:
EFU General Insurance is known for its comprehensive motor insurance plans. Their policies cover accidental damage to your vehicle as well as theft. Their online portal lets you can request a quote by entering details about your vehicle and personal information. The portal also allows you to compare different insurance plans and make the purchase online.
TPL Insurance:
TPL Insurance is recognised for its user-friendly online vehicle insurance in Pakistan. They offer coverage for cars, motorcycles, and commercial vehicles. Through their website, you can generate a quote by providing relevant details about your vehicle and personal information. They also allow policy customisation, enabling you to choose the coverage options that suit your needs. The website facilitates online payments, making the process convenient and hassle-free.
Jubilee General Insurance:
Jubilee General Insurance provides motor insurance plans that cater to various vehicle owners’ requirements. They offer comprehensive coverage for accidental damage, theft, and third-party liability. Visit their website to get an online quote and fill out a small form about your vehicle and personal details. Their website is designed to assist you in finding the most suitable insurance plan for your needs.
Askari General Insurance:
Askari General Insurance offers a range of motor insurance policies, including comprehensive, third-party, and third-party fire and theft coverage. Their online portal allows you to calculate premiums based on your vehicle and personal information. It also provides a comparison between different plans for you to make an informed decision. Once you have selected the desired coverage, you can purchase the insurance policy online through their website.
Most Popular Banks for Car Financing in Pakistan
Dubai Islamic Bank Private Limited
Dubai Islamic Bank Private Limited offers car financing with the following key benefits: they have the lowest insurance rate compared to other banks, payment plans of up to 7 years, no rental payments before delivering the car, advance and ready-to-deliver services, financing up to 85% of the original value, and loan services for both new and used cars.
The eligibility requirements include a minimum monthly income of PKR 25,000, age limits of 21-60 years for salaried customers, and 21-65 years for self-employed individuals and businessmen.
Faysal Bank Private Limited
Faysal Bank Private Limited provides car loans with benefits such as service for new and used cars, payment plans up to 5 years, early settlement option, insurance coverage from credible insurance companies, financing up to 70% of the original car value, and availability of a co-partner facility.
The eligibility requirements include being a Pakistani citizen, a minimum monthly salary of PKR 30,000 for salaried customers, and age limits of 21-65 years for salaried individuals and 21-70 years for self-employed individuals.
Bank Alfalah
Bank Alfalah offers car financing with benefits such as options for new and used cars, multiple tenure plan options up to 5 years, affordable markup rates, comprehensive insurance rates, and a partial payment method.
The eligibility requirements include being a Pakistani citizen, a minimum monthly salary of PKR 30,000 for salaried customers, and age limits of 21-65 years for the private sector and 60 years for the government sector.
Askari Bank Limited
Askari Bank Limited provides car financing with benefits including financing options for new and used cars, financing from 15% to 60% of the original value for new cars, financing from 30% to 60% of the car value for used cars, low markup rates, exceptional insurance rates, and financing amounts ranging from PKR 200,000 to PKR 3,000,000.
The eligibility requirements include being a Pakistani citizen, a minimum gross monthly salary of PKR 25,000 for permanently salaried employees, and age limits of 21-62 years for salaried customers and 21-65 years for self-employed customers.
The Bank of Punjab offers
The Bank of Punjab offers car financing in Pakistan with benefits such as leasing options for all unregistered local or imported cars, financing from PKR 100,000 to PKR 7,500,000, loan tenures ranging from 1 to 5 years, and an insurance rate of 3.5%.
The eligibility requirements include being a Pakistani citizen, a minimum gross monthly salary of PKR 30,000 for permanently salaried employees, and age limits of 21-60 years for salaried customers and 21-65 years for self-employed customers.
