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Aig Car Insurance Malaysia – What are the Similarities Between May and Mercedes? Answer: Both vehicles require adequate car insurance to be allowed on the road.
New or second-hand, domestic or imported, if you own a car, you need to have the right insurance to drive it on the road. It’s that simple.
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Anyone who tells you otherwise is either ignorant or has no regard for their own well-being and the well-being of those around them.
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Also, if you don’t have the right car insurance and road tax (the two go hand in hand, you can’t buy or upgrade without the other), if you do have insurance, for traffic. You will have to pay extra. For this, the police are stopped or stopped on the streets.
Under the Road Transport Act 1987, all vehicle owners in Malaysia are required to have valid motor insurance and road tax. Both must be renewed annually.
However, legal requirements aside, it is also important to have adequate car insurance for your car, so that if something bad happens to it (be it a collision, natural disaster or theft), you can cover your insurance. You can review the policy. Cost of repair – or replacement.
According to a study by the Malaysian Road Safety Research Institute, there were more than 400,000 traffic accidents in 2020, of which nearly 5,000 people died.
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That’s why it’s important to buy the right insurance policy to protect you and your vehicle while on the road.
There are three types of motorcycle insurance in the Malaysian market, each uniquely designed to protect you and/or your vehicle.
Third party insurance is usually the cheapest of the three car insurances on offer and the most basic form of car insurance you can get in Malaysia.
Imagine: On a rainy night, you’re driving home after working late. The road is smooth and suddenly your car gets lost at the intersection and you collide with another driver. Fortunately, you escaped unscathed – but the same cannot be said for the people you left behind.
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To avoid spending money on his hospital bills — not to mention vehicle repairs — you’ll need at least third-party car insurance.
As the name suggests, a third party insurance policy covers claims against you for personal injury or death caused by someone else (third party). This includes loss or damage to their vehicles or property.
For the most part, third-party fire and theft cover works like third-party insurance, except that the policy covers claims if your car is damaged by fire or stolen.
Note that this type of cover covers accidental damage and theft but not accidental loss/damage.
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This car insurance policy provides more comprehensive coverage than the two car insurances mentioned above.
Apart from covering all of the above, it also covers damage to your own vehicle!
If you cannot afford to replace your vehicle, for example by buying a new car from your savings or using another car, it is recommended that you get comprehensive car insurance.
For example, when you depend on your car to get to work and the conditions described above don’t apply, you have comprehensive coverage that is equal to the cash equivalent of your car’s replacement value (current market value). provides so that you can at least buy another car. .
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Deciding on the right amount of car insurance isn’t baby science. Insurers aim to make your life easier and determine the best insurance amount based on the market value of your car.
Since the repeal took effect in July 2017, additional factors will be included in determining your premium. However, the exact amount of insurance only goes back to the market value of your car.
In simple terms, the insurer can get the technical information of your vehicle from its database, such as the year of manufacture, engine size, model type, horsepower etc., so that they can compare your vehicle’s current market value. Know the actual price. Considering the actual mileage of your vehicle
It’s simple, if you buy a new car for RM100,000, your insurance amount should be the same.
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As the actual value depreciates over the years and as your car ages, the amount of insurance may also decrease each year depending on the depreciated value and market value of your vehicle.
In theory, you could decide to buy insurance for less than the market value of your car. For example, if the market value of your car after a few years is RM22,000, you decide to buy insurance for only RM20,000.
You may save a few bucks, but in the end you may decide to go for the full RM22,000 as the premium difference may be negligible and you will be penalized for underinsured.
While it may be tempting to jump into the hunt for the best car insurance policy, you can read the terms and conditions of all three policies carefully to find out what your coverage includes.
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Not all incidents are covered by your car insurance policy, even if you think they might be, because your car insurance plan is a little higher than other plans, or at most – you can afford one of the better plans. can do
If you think standard car insurance can cover your medical bills or even funeral expenses if you’ve been in an accident, think again.
Even a comprehensive car insurance policy will only cover damage to your car (and the person you hit).
However, you can add personal accident coverage to your auto insurance as a driver to cover your medical expenses.
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Alternatively, you can take out a stand-alone or individual health insurance policy to help with medical bills. – Check if the policy covers injuries resulting from a car accident.
Passengers injured in a car accident have an easier time than those behind the wheels – if the accident involves two vehicles, one driver is liable for bodily injury and bodily injury. Passengers.
To avoid paying for these claims out of pocket, you can add passenger liability coverage to your auto insurance policy.
Dressing up your new car with custom rims, leather seats and an expensive sound system can earn you chawl points with your friends (and even dates).
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Most standard car insurance policies do not cover the cost of repairing or replacing these custom accessories, although you can check with your car insurance provider to see if you can extend coverage for your accessories. .
As car parts wear out (except for glass parts like windshields), the value of your car depreciates with them.
If you are thinking of insuring a 15-year-old vehicle, it may be difficult to find the best car insurance policy for it, but you can opt for third-party insurance instead.
These accidents, along with earthquakes and hurricanes, are commonly referred to as natural disasters or acts of God, and are not usually covered by standard auto insurance policies.
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Of course, this leads to higher premiums, but if you live in an area prone to flooding and/or landslides, it’s more than worth spending all your savings on repair costs – which Undoubtedly, there will be an end. Expensive.
Auto policies allow policyholders to expand coverage to include additional benefits and additional coverage in addition to the standard coverage. Contact your insurer to request these additional covers.
1. Floods, windstorms, rains, typhoons, hurricanes, volcanic eruptions, earthquakes, landslides/avalanches, landslides or collapse of land/land or other natural forces.
You may be wondering, why do I need personal accident insurance in addition to auto insurance? Well, we’ve created a comparison chart to answer that question:
Anna Sim Aig Insurance Agent
As of July 2017, car insurance rates in Malaysia were relatively the same across insurance providers (depending on the value of your car and engine size).
Insurers base their premiums mainly on technical data and age, hence the market value of your car.
However, after the repeal of the July 2017 tariff, insurance companies are now considering additional factors to determine car insurance premiums.
This risk assessment is used to encourage drivers to actively reduce their risk and thus receive lower premiums. The main risk factors associated with driving are:
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Age – If you are a “P” license holder,
