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Car Insurance Comparison – What do Myvi and Mercedes have in common Q: Do both vehicles need valid car insurance?
If you have a new, locally used or imported car, you must have valid motor insurance to drive on the road. It’s that simple.
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Anyone who says otherwise is not being helpful, or simply doesn’t care about their own well-being or the well-being of those around them.
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On top of that, if you don’t have the right car insurance and road tax (both useful, but neither of which you can buy or renew), you’ll have to pay a police caution or traffic violation with additional fees to cover the costs. Stop at the barricade.
Under the Road Transport Act 1987, all car owners in Malaysia must have valid motor insurance and road tax, both of which must be renewed annually.
However, apart from the legal requirements, it is important to have adequate car insurance for your car so that you can rely on the insurance if something bad happens to your car (such as a natural disaster or theft). COST OF REPAIR OR REPLACEMENT.
According to a study by the Malaysian Road Safety Institute, more than 400,000 road accidents were recorded in 2020 alone, resulting in nearly 5,000 deaths.
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This is a good reason to have adequate and sufficient insurance to cover you and your car while you travel.
There are three types of motorcycle insurance available in the Malaysian market, each with the sole purpose of insuring you and/or your vehicle.
Third party insurance is usually the cheapest of the three car insurance policies on offer and is the most basic form of car insurance you can get in Malaysia.
Imagine coming home from work late on a rainy night. The road faded and my car suddenly skidded and hit another driver. Fortunately, you were safe, but the same cannot be said for the person you collided with.
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To avoid spending a lot of money on hospital bills, let alone car repairs, you should at least get third-party auto insurance.
As the name suggests, a third party insurance policy covers claims made against you for personal injury or death caused by another person (a third party). This includes loss or damage to your vehicle or property.
In most cases, third party fire and theft insurance works just like third party insurance, except that this policy allows you to make a claim if your vehicle has been damaged by fire or theft.
Please note that this type of cover covers loss/damage caused by fire or theft, but does not cover loss/damage caused by self-harm.
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This car insurance has a wider coverage than the two previously introduced car insurances.
In addition to the above insurance, we will also reimburse you for damages caused to your car.
Comprehensive car insurance is recommended if you cannot afford to buy a new car, for example, you are using your savings to buy a new car or you are using a second car.
For example, if you rely on your car to get to work and none of the scenarios mentioned above apply to you, there is comprehensive coverage that provides cash equivalent to the car’s trade-in value (current market value). You can go buy another car.
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Determining the right amount of car insurance isn’t rocket science. Insurers aim to make your life easier and determine the best insurance amount based on the car’s market value.
The tax credit has been in effect since July 2017, so additional factors play a role in determining the fees. In reality, however, a large amount of insurance only covers the market value of the car.
Simply put, insurance companies can retrieve a car’s technical data from their database, such as year of manufacture, engine size, model and horse power. Therefore, they know the original price of the car compared to the current market value of the car. Considering the actual distance.
Honestly, if you buy a new car for RM100,000, the insurance premium should be the same.
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The original price decreases each year, and as the car ages, the sum insured can be reduced each year to reflect the decline in the car’s price and market value.
In theory, you can decide to buy the car at a premium lower than its market value. For example, if your car has a market value of RM22,000, you decide to purchase an insurance policy that will only be worth RM20,000 in a few years.
You may save some money, but the premium difference may be small and you may be penalized by the underlying insurance, so you end up paying the full RM22,000 and decide to go ahead.
While it may be tempting to look for the best car insurance right away, it’s a good idea to read the terms of these three principles carefully and be aware of what is and isn’t included in your policy.
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Not all accidents are covered by car insurance, but I think that’s because your car insurance plan is one of the best you can buy compared to other projects.
If you think that standard car insurance will cover your medical bills and even funeral expenses in the event of an accident, think again.
Even comprehensive auto insurance only covers damage to your vehicle (and anyone else).
However, you can add personal injury coverage to your auto insurance policy to cover medical expenses.
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Alternatively, you can take out separate medical or personal injury insurance to cover your medical expenses. · Be sure to check whether injuries caused by traffic accidents are covered.
Passengers injured in car accidents tend to feel better than those behind the wheel. If an accident occurs between two vehicles, one driver is likely to be at fault and liable for personal injury. passenger.
To avoid paying these claims out of pocket, you can add extended passenger liability coverage to your auto insurance policy.
Score brownie points with your friends (even on a date) by tricking out new cars with custom rims, leather seats, and expensive sound systems.
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Most standard auto insurance policies won’t cover the cost of repairing or replacing these unique parts, but you can ask your auto insurer if they can extend coverage to the parts.
As the parts of your car (except the glass parts) wear out over time, the value of the car also decreases.
If you have a 15-year car insurance plan, it can be difficult to get comprehensive car insurance, but you can opt for third-party insurance instead.
These unfortunate events, along with earthquakes and hurricanes, are commonly referred to as natural disasters or acts of God and are usually not covered by standard auto insurance policies.
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This is of course very beneficial, but if you live in an area prone to flooding or landslides, it is definitely worth paying the extra money rather than spending all your savings on expensive repairs.
Auto insurance allows policyholders to expand their coverage to include additional benefits and coverage on top of standard coverage. To request these additional covers, contact your insurer.
Floods, storms, typhoons, volcanic eruptions, earthquakes, mudslides, mudslides, landslides and other natural disasters
Consider why you need personal injury coverage in your auto insurance. Well, we’ve created a comparison chart to answer that question.
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Before July 2017, car insurance premiums in Malaysia were almost the same across all insurance companies (based on car price and engine capacity).
Insurers calculate premiums primarily based on technical data and age, i.e. the market value of the car.
However, since the introduction of the tax credit in July 2017, insurance companies have started to consider more factors when determining car insurance premiums.
This risk assessment was launched to encourage drivers to proactively reduce their risks and enjoy cheaper insurance. The main risk factors associated with drivers are:
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Age – for “P” license holders,
