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Car Insurance Estimate Malaysia – When we get our first job or when we get paid, we think it’s time to buy a new car or upgrade. Have you ever wondered how much a car costs and how much it costs to maintain it? I bet some of you don’t because I was the first to buy my first car. LOL. Looking to buy the latest 2017 Honda Civic at a premium price? Below is an estimate of how much it will cost to own one.
Usually, when buying a new car, we only consider the down payment and the monthly payment. We tend to forget that we have other expenses throughout the year. The total estimated cost of ownership for the new Honda Civic is RM229,651, or RM22,965/year. You can use the money for a deposit on an old house or a luxury vacation. I use Honda Civic as an example because it is the hottest car in Malaysia and many people like to own it.
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Yes, sometimes some people think that a car really represents their wealth. Think about it, would you rather have more money for a cheaper car or a better car for less money? Let’s take a closer look.
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It is good to have a proper plan before buying a car. Consider other costs besides credit and maintenance. I recommend this method before buying a car.
Monthly and car usage costs: (12 month loan + annual maintenance cost + annual estimated insurance + annual estimated fuel + tax and parking estimate) / 12 months
To see if you can afford the car of your dreams. If the Fee is 1/5 or 1/6 of your salary, you may not need it. Or… you can choose to drive your old car. Traveling by public transport such as Grab or LRT can help you save money.
Owning a car is not cheap. And Malaysia is the second most expensive country to own a car after Singapore. Yes, we are the second most expensive country to drive in. Don’t spend your hard earned money on a car you can’t afford. Save money for a second home or other investments. Don’t burn your money responsibly.
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“Compound interest is the eighth wonder of the world. Who knows who gets… who doesn’t… pay. Car insurance and road tax can be a big expense if you have a car in Malaysia. So it’s good to know the latest prices to help you budget If you’re buying a car, you need to know how much you’re spending on road tax and other related expenses.
Although different insurance companies have different rates, the road tax price set by the Malaysian Road Transport Department (Pengangkat Jalan Department or JPJ) is based on a fixed formula. However, the amount paid to the government each year varies depending on several factors.
We’ve put together this handy guide to road tax in Malaysia to help you calculate the cost.
Although often referred to as road tax, it is legally known as a Motor Vehicle License (LKM) as it appears in the Road Transport Act 1987.
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The annually renewed road tax is paid to the government, and the money is kept in the Consolidated Fund. These funds are used to build and develop transportation systems, including public transportation.
Malaysia calculates road tax in a unique way, which is explained in more detail below.
The bigger the engine (measured in cubic capacity (cc)), the more expensive the road tax will be. The fact that it is a petrol or diesel engine does not affect the amount of road tax.
Tip: The size of the car can usually be determined from the number following the model name. For example, the Proton Saga 1.3 has a 1300cc engine and the Saga 1.6 has a 1600cc engine.
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RM20 is the base rate for cars in all areas, while RM2 is the rate for motorcycles; The price increases gradually depending on the size of the engine. There is a fixed flat rate up to 1,600cc (RM20 to 90), but for cars, progressive rates start after 1,600cc.
The location of the vehicle also affects the price of road tax. In general, drivers in East Malaysia (Sabah and Sarawak) pay lower rates than those in Peninsular Malaysia.
Motorists often face narrow roads and poor roads due to rugged terrain and underdeveloped infrastructure. Because of this, many people in East Malaysia prefer to buy four-wheel drive vehicles for their daily trips and various trips. Four-wheel drive vehicles have high engine power and maintenance costs, so a low road tax system reduces these costs.
On the other hand, Pangkor, Langkawi and Labuan are tax-free zones, which entitles them to lower tax rates than East Malaysia. For vehicles with an engine capacity of less than 1000cc, the fee is RM20.
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In Langkawi and Pangkor, cars over 1,000cc charge half of what they charge elsewhere in Peninsular Malaysia. Labuan has the lowest road tax in Malaysia, with drivers paying only 50% of the price in East Malaysia.
Note: Road tax is calculated based on where you currently keep your car, not where it is registered, so Sabah-registered cars used in KL will be charged at West Malaysia rates.
All vehicles on Malaysian roads are categorized as “limousine” or “non-saloon”. Sedans include sedans, hatchbacks, coupes, wagons, and convertibles.
MPVs, SUVs and trucks that are not classified as limousines have a higher road tax. However, if you go above a certain engine size, prices can be lower than a limo with the same cubic feet.
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Limousines have a higher development rate when the engine displacement exceeds 1,600 cc than non-limousines.
Important: Choosing the wrong vehicle type is a common mistake, which results in the wrong road tax. When buying a road tax, make sure you choose the right vehicle type.
The road tax will be higher for company-registered cars, but this only applies to limousines. Interestingly, the same fee must be paid for vehicles with private and company license plates as for non-operating vehicles.
In the latest update from JPJ, electric vehicles (EVs) in Malaysia are charged based on engine kilowatt output rather than engine displacement. In addition, the electric cars will be available in limousine and non-limousine versions. The price is not affected by whether you are registered as an individual or a company.
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Road tax for electric motorcycles also starts from RM2, but only RM42 is charged if the power exceeds 40,000W (40kW).
However, if you’re looking to own an electric car, you’ll be pleased to know that all Battery Electric Vehicles (BEVs) or Fuel Cell Electric Vehicles (FCEVs) will be exempt from road tax until 31 December. 2025.
Now that you know what factors determine the price of a road tax and the progressive formula, here is a mathematical example:
Below is a list of different road tax rates for different types of popular vehicles. Use your browser’s search function (Ctrl + F) to quickly find your brand in a long list.
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Tip: Use the insurance quote and road tax calculator if your car is not registered or if you want to calculate the insurance premium and road tax.
Disclaimer: The road tax rates shown are valid at the time of publication and may change without prior notice. Please check the JPJ file for changes.
Disclaimer: This blog post is for informational purposes only and should not be construed as advice of any kind. disclaims all liability for losses arising from reliance on the information provided in this article. Home » Car insurance prices in Malaysia: types and factors influencing car insurance prices in Malaysia: types and influencing factors
Attention car owners! Do you know how important car insurance is? This is not only a legal requirement, but also important to protect your property in the event of an accident. But with so many types and factors affecting the price of car insurance in Malaysia, how do you know which one is right for you? Don’t worry, we’ll take care of it for you! So buckle up and get ready to learn everything you need to know!
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