Car Insurance 6 Months Malaysia

Car Insurance 6 Months Malaysia – Car insurance may not be the most fun way to spend your hard earned money. However, it is important to protect your vehicle and its passengers. Understanding the benefits of car insurance will ensure that you are prepared when it comes time to purchase or renew your policy, avoiding any unexpected surprises.

We are here to make the process simple and straightforward. Let’s break down the basics of car insurance and help you find the right one.

Car Insurance 6 Months Malaysia

You may be wondering, “Is car insurance important? Do I really need it?” important:

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When you renew your car insurance, you will be faced with different types of insurance, which can be complicated. There are 3 main types in Malaysia: Comprehensive, Third Party Fire and Theft (TPFT) and Third Party.

Each type serves a different purpose, so it’s important to understand the differences. Don’t worry if you’re not sure; We’re here to make it simple so you can feel at ease and confident in your decision.

In addition to the basic coverage your car insurance provides, insurers offer additional coverage options (also known as add-ons) to enhance your vehicle coverage.

Car insurance renewal is easy. Explore your options today and let us help you find the ideal car insurance plan that fits your budget and needs. We’re here to guide you through the process and make sure you’re fully protected along the way!

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At the Singapore FinTech Festival, it won the Financial Inclusion Award, endorsed by the Financial Services Authority of Singapore… Before buying car insurance, better understand the important terms of your car insurance policy. This will help you choose the best policy and then make it easier for you to file an insurance claim.

There are 3 types of car insurance in Malaysia: (1) comprehensive insurance, (2) third party insurance, fire and theft insurance and (3) third party insurance.

This type of policy offers the most comprehensive coverage. Protects the insured against any loss or damage to their property and against claims by third parties, including loss or damage to third party property, injury or death caused by you.

This policy protects the insured against third party claims, including loss or damage to third party property, injury or death caused by you.

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Third party insurance is a very simple policy that only covers a third party. It covers damage or loss to third party property and life as a result of an accident caused by you.

Let’s say you’re in an accident that damages your car and it’s your fault, you’ll need to cover the cost of repairing your car.

First, understand that your insurance only covers certain accidents that may happen to your vehicle. So “what’s covered” refers to what your insurance covers and the events it covers. It’s important to know what your insurance covers to avoid confusion during the claims process.

For example, if you buy comprehensive insurance, you need to understand the events that your insurance covers. Apart from the basic cover, you should also be aware of the additional benefits that come with your policy. For example, Takaful Malaysia offers free personal accident cover of RM15,000 each for the driver and passenger who die or become permanently disabled as a result of a car accident.

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This can happen to your car. Events not covered by insurance are also called “exclusions”. This means that if you have an accident with your car that is not covered by the insurance, you will not be able to make a claim against the insurer.

For example, if your car was damaged in a flood, you may have insurance coverage. However, if your insurer wants to cover the loss, you will need to purchase special perils coverage as optional coverage. To enjoy this cover, you have to pay an additional premium that varies among insurers.

Another event that your insurance coverage may not cover is if your vehicle is damaged due to a strike, riot, or civil disturbance. However, you can enjoy this cover if you buy strike, riot and civil commotion cover as an additional cover.

The term of coverage refers to the effective date of the insurance policy. During this insurance period, you can make a claim against your insurance policy in respect of your insured events.

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The normal term of the cover is one year. You must renew your car insurance every year in order to enjoy your coverage.

Sum Sumsured is the maximum sum insured for your vehicle. According to the General Insurance Association of Malaysia (PIAM), the basis for assessing the true value of a vehicle is its market value at the time of loss. For example, if your car insurance sum is RM45,000 based on the market value of your car at the time of renewal, you may receive less compensation if the market value of your car fails at the time of your car’s loss.

However, you can choose the agreed value as the sum insured for your car. If you choose Agreed Value, the compensation you will receive in the event of a total loss of your vehicle will be the value agreed upon at the time of renewal of your insurance. The amount will be maintained even if the market value of your car goes down.

You can check the market value of your car for free on MyCarInfo and read about car market value and negotiated value in our previous article.

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Even if the accident was not your fault, the initial amount you have to pay for each insurance claim is high.

However, loss or damage due to excess fire, explosion, lightning, burglary, house breaking, theft, third party property damage or personal injury claims not applicable. You should check your policy schedule to know the additional amount you have to pay.

If you have insured your car for a continuous period of 12 months and neither you nor anyone driving your car has made a claim on your policy during the policy period, you will benefit from a No Claims Discount (NCD) for each policy renewal.

FYI, the NCD rate for private cars increases to a maximum of 55% annually. However, if you make an insurance claim where you are at fault, you lose all NCD.

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Also, NCD is your personal right, you can actually transfer NCD from your old car to your new car.

Optional or supplementary insurance refers to additional coverage not provided by your insurer in your standard insurance policy. If you want to buy additional coverage, you will have to pay an additional premium.

For example, if you want to buy a windshield cover, you need to pay 15% of the insurance amount for your windshield. For example, if the sum insured for your windshield is RM1,000, the additional premium you need to pay is only RM150. With this optional cover, if your windscreen or windscreen breaks, your insurance will pay for the cost of repairing or replacing your windscreen.

Named driver refers to the person you name as an additional driver on your insurance policy. In addition to protecting you, your insurance also protects the driver named on the policy.

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FYI, if the person driving your car at the time of the accident is not the driver named in the insurance policy, you will have to pay a compulsory excess of RM400. Therefore, if you allow someone to drive your car, it is a good idea to mention this in your insurance policy.

Adding the first two drivers (including yourself) is free. If you want to add a third driver or more, you can do so by paying RM10 for each additional driver.

To extend your coverage to anyone you let drive your car, you can get an all-drivers coverage that will only cost you RM20. You don’t need to write anyone’s name on your policy for this cover, as anyone who is authorized to drive your car is automatically covered. Some insurance companies such as Takaful Malaysia, Takaful Ikhlas and Loanpak offer free insurance cover for all drivers.

Final Premium: The final amount you have to pay the insurer to activate your policy. The final award is calculated as follows:

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Final Award = Total Award (after NCD if applicable) + Surcharge (if applicable) + Service Tax (6%) + Government Duty (RM10)

An insurance endorsement is an amendment or addition to an insurance policy that changes the terms or coverage of the original policy. Adding an endorsement to your existing insurance policy usually means adding or changing coverage.

We hope that our sharing will help you to understand the car insurance policy better. As you know, it is important to understand the terms of the insurance policy