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Car Insurance Premium Increase Malaysia – No claim discount or commonly known as NCD is no stranger to car owners. NCD is a type of discount offered by insurers if you do not make any claims during the entire policy period. If you do not make any claims on your policy, your NCD rate will increase and decrease your car insurance premium.
In this post, we will look at the NCD rates for different vehicles, situations where NCD can still be maintained after filing a claim and other important things you need to know about NCD.
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NCD rates are different for private cars, private motorcycles and commercial vehicles.
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You will automatically get NCD when you renew your policy. However, please note that your NCD rate may go down to 0% if any claim is made against your policy. However, you can enjoy NCD even if you present one of the following claims:
If you have been involved in a third-party car accident, you can claim compensation.In order to make this claim, the authority must confirm that the accident was not your fault.
If you make a no-fault claim, it won’t affect your NCD, so you can keep it. Additionally, your insurance company can also help you claim the cause of the accident from a third-party insurance company.
Bought windscreen cover without car insurance If you did, you’re in luck as you can still keep your NCD after applying for your windscreen replacement or repair.
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However, if you do not purchase this additional cover, your glass insurance claim will definitely be affected by NCD.
By now you know what NCD is and how it works. However, you may not be aware of other aspects related to NCDs. Therefore, below we share some facts about FP that you should know
Your NCD belongs to you, not your car. this means you can transfer your NCD to another vehicle of the same type (car to car, motorcycle to motorcycle).However, you cannot transfer the NCD to another person as it belongs only to you.
Your NCD is valid for all insurance companies; if you decide to switch to another insurer, eg from AIA to Allianz, your NCD will still apply.
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Protect your NCD – Avoid making insurance claims, especially if the costs are low, which will affect your NCD.
Avail NCD at the time of policy renewal – As mentioned above, car owners cannot avail NCD in the first year.However, if they do not make any claim on the policy, they will start availing NCD at the time of policy renewal.
To check your NCD, just go to MyCarInfo and click on NCD Online Inquiry. Next, enter your vehicle ID number. Once done, click on MY NCD Record. If your vehicle is registered with the company, enter the registration number.
After entering the required information, you can view the NCD and other information as follows:
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Easy, right?This free service can check the PPE of all vehicles, including motorcycles and rental cars.
As shown in our article, your NCD can help you get cheaper insurance premiums.So, drive safely and avoid accidents to avoid NCDs.
To save even more, we recommend that you renew your car insurance. Just go and choose from 15 car insurance companies that offer attractive rates. Home » Why your car insurance premium can go up? Could your car insurance premium go up?
Car insurance is compulsory in Malaysia. Most car owners feel less of a financial burden after the first year of policy renewal as they are eligible for the No Claims Discount (NCD). However, even with NCD, your car insurance premium may still increase for several reasons.
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Driver behavior, location and policy type are factors that directly affect the cost of insurance premiums.Here are five factors that can affect your car insurance premium.
Your driving record plays an important role in determining your car insurance premium. If you are a high-risk driver (with a history of traffic violations), the insurance company will offer a higher premium. Because dangerous drivers are more likely to get into an accident, they have to pay higher insurance premiums than others.
Depending on the insurer and the state you live in, your car insurance premium may increase based on events beyond your control. Comprehensive coverage often includes theft, vandalism, animal strike, fire, glass breakage, and other natural occurrences. If If you live in an area where these events are common, you may pay more.
Some insurance plans also charge a premium for adding each additional driver’s name to the policy, meaning they usually only cover one driver, the car owner. So, compare policies and choose a plan that allows you to enroll additional drivers for free.
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If you move to a high crime rate, your insurance rates may increase.Insurance companies take this factor into account because those who live in high-risk areas are more likely to claim compensation.Therefore, this will also affect whether how much premium do you have to pay?
Insurance companies usually charge higher premiums if car owners renew their policies after their expiry date. To avoid this, renew your car policy every year before it expires. To be safe, you can buy it two months before the expiry date :
Car insurance premiums can go up at any time. Several factors affect how much you will pay when you renew your policy. Be sure to pay attention to these things so you always choose the best plan for you.
One of the largest insurance comparison sites in Malaysia that offers more than 10 brands of policies. Get a free insurance quote today. It is good to understand the basic terms of car insurance policies. This will help you choose the best insurance policy and make a claim later presenting
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There are 3 types of car insurance in Malaysia: (1) comprehensive insurance, (2) third party, fire and theft insurance and (3) third party insurance.
This type of policy offers the most comprehensive coverage. It provides policyholders with protection against loss or damage to their property and third-party claims, including loss or damage to third-party property, personal injury or death caused by you.
This policy protects policyholders against third party claims, including loss or damage to third party property, personal injury or death caused by you.
Third party insurance is the most basic policy as it only protects the third party.This includes damage to a third party or loss of life or property caused by you in a car accident.
Understand Your Car Insurance Policy
Let’s say you are in an accident where your car breaks down and you have to cover the cost of repairing the car if you are at fault.
First, understand that your insurance only covers certain incidents that can happen to your car. Therefore, what is covered is what your insurance will cover and compensate for insurance to avoid confusion in the claims process.
For example, if you are buying comprehensive insurance, you need to understand the events that your insurance covers. In addition to the basic cover, you should also be aware of the additional benefits that your policy provides. For example, Takaful Malaysia offers RM15,000 free coverage for each driver and passenger in the event of personal accident death or permanent disability as a result of a motor vehicle accident.
Events that are not covered by insurance are also called “exclusions.” This means that you cannot make a claim against your insurer if something happens to your car that is not covered by your insurance. with insurance.
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For example, if your car is damaged in a flood, your insurance may not cover it. However, if you want to reimburse your insurer for damages, you will need to purchase special peril insurance as additional coverage. You will have to pay an additional premium for this coverage , which varies from insurer to insurer.
Another event that the insurance does not cover is if your vehicle is damaged due to a strike, riot or civil disturbance.However, you can enjoy this cover if you purchase the Strike, Riot and Civil Commotion cover as extras.
