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Car Insurance Malaysia Promotion – What do Myvi and Mercedes have in common?Answer: Both vehicles require valid car insurance to operate.

If you own a car, whether it’s new or used, domestic or imported, you need valid auto insurance to keep it on the road. It’s that simple. 

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Anyone who says otherwise is either uninformed or simply does not consider their own well-being or the well-being of those around them.

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Additionally, if you don’t have valid car insurance and road tax (the two are closely linked and you can’t buy or renew one without the other), you’ll be flagged for a traffic offence. If so, you may have to spend extra money to pay the traffic ticket. They were reported to the police or stopped due to blockades.

Under the Road Traffic Act 1987, all car owners in Malaysia are required to have valid car insurance and road tax, which must be renewed annually.

But in addition to the legal requirements, it’s also important to have adequate car insurance for your car so that you can rely on it if something bad happens to your car (such as a collision, natural disaster, or theft). It’s important. COST OF REPAIR OR REPLACEMENT.

According to a study conducted by the Malaysian Institute of Road Safety, more than 400,000 road accidents were recorded in 2020 alone, of which nearly 5,000 were fatal. 

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This is reason enough to get adequate and generous insurance to cover you and your car during your trip.

There are three types of car insurance available in the Malaysian market, each with a different purpose of covering you and your car.

Third party cover is usually the cheapest of the three car insurances offered and is the most basic form of car insurance you can get in Malaysia. 

Imagine this. It’s a rainy night, and you’re driving home from work late at night. The road was flat, but suddenly your car skidded at an intersection and collided with another driver. Luckily, you escaped unscathed, but the same cannot be said for the person you collided with.

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To avoid expensive expenses for car repairs as well as hospital bills, you should at least have third-party auto insurance. 

As the name suggests, a third party insurance policy covers claims against you for personal injury or death caused by another person (a third party). This also includes loss or damage to your vehicle or property.

In most cases, third-party fire and theft cover works the same as third-party cover, except that it allows you to make a claim if your car is damaged by fire or theft. it’s different.

Please note that this type of coverage covers loss/damage due to accidental fire or theft, not loss/damage due to the accident itself. 

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This car insurance policy offers broader coverage than the two car insurance policies mentioned above. 

In addition to providing all the above-mentioned coverage, it also covers damage caused to your own car.

If you can’t afford to change your car, such as buying a new car or having savings for another car, we recommend Casco car insurance. 

For example, if you rely on your car to get to work and none of the aforementioned scenarios apply to you, you may want to purchase comprehensive coverage that provides cash equivalent to your car’s replacement value (current market value). At least I would go and buy another car.

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Determining the right amount of car insurance is not rocket science. Insurance companies strive to make your life easier and determine the best insurance amount based on your car’s market value. 

With tariff elimination in effect from July 2017, additional factors are important in determining premiums. However, the ideal insurance amount is actually just the market value of your car.

Simply put, insurance companies can retrieve your car’s technical details from their database, such as year of manufacture, engine size, model type, horsepower, etc., so you know your car’s original price relative to its current market value. You can. Car based on actual mileage.

If you buy a new car worth RM100,000, the insurance amount should ideally be the same. 

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As the original price goes down over the years and the car gets older, the amount insured can also go down each year as the car’s value and market value declines.

In theory, you can decide to buy insurance for less than the market value of your car. For example, if the market value of your car is RM22,000 after a few years, you decide to buy it with only a guaranteed amount of RM20,000.

Although you may save a few dollars, you may end up paying the full RM22,000 as the difference in premium is relatively small and you may be penalized for underinsuring. yeah.

While it may be tempting to look for the best car insurance right away, it’s a good idea to read the terms and conditions of all three policies carefully and be aware of what is included and excluded from your coverage. Maybe.

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Even if you think your car insurance plan is one of the best plans you can get because it’s a little expensive or the best compared to other plans, your car insurance won’t cover every accident.

If you think that standard car insurance will cover your medical and funeral expenses if you are involved in a car accident, think again. 

Comprehensive car insurance also only covers damage caused to your car (and the car of anyone you may have hit). 

However, you can add personal injury insurance to your vehicle insurance policy as a rider to cover medical expenses. 

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Alternatively, you can take out independent health or personal injury insurance to cover your medical expenses. – Check whether your insurance covers injuries from road accidents.

Passengers injured in car accidents usually have an easier case to sue than the person behind the wheel. When two cars are involved in an accident, one of the drivers is likely at fault and liable for personal injuries. passenger

To avoid paying these claims out-of-pocket, you can add extended passenger liability coverage to your auto insurance policy.

Earn points with your friends (or even on a date) by selling your new car with custom rims, leather seats, and an expensive sound system. 

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Most standard auto insurance policies won’t cover the repair or replacement costs for these custom accessories, but you can ask your auto insurance company if they can extend coverage to accessories.

Car parts wear out over time (with the exception of glass parts such as the windshield). At the same time, the value of the car also decreases. 

If you’re planning to insure a 15-year-old car, you may have a hard time getting auto insurance from Casco, but you can opt for third-party coverage instead.

These unfortunate events, along with earthquakes and hurricanes, are commonly referred to as natural disasters or acts of God, and are typically not covered by standard auto insurance policies. 

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Of course, insurance will be more expensive, but if you live in an area prone to floods and landslides, it’s worth the extra money rather than spending all your savings on repairs. Repair costs will be very high.

Car insurance allows policyholders to extend their coverage beyond standard coverage to additional benefits and additional coverage. To request these additional coverages, please contact your insurance company.

1. Floods, storms, storms, typhoons, hurricanes, volcanic eruptions, earthquakes, landslides, subsidence or cave-ins, and other natural disasters.

Why do I need personal accident insurance in addition to car insurance? To answer this question, we have created a comparison table.

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Before July 2017, car insurance premiums in Malaysia were about the same across all insurance companies (based on car value and engine capacity). 

Insurers calculate premiums primarily based on technical details and age, i.e. market value of the car. 

Since the introduction of tariff elimination in July 2017, insurers have started considering several additional factors to determine car insurance premiums. 

This risk-based rating is used to encourage drivers to proactively reduce their risk and enjoy lower premiums. The main risk factors associated with drivers are:

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Age – For “P” license holders,