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Good Car Insurance In Malaysia – What do Myvi and Mercedes have in common? Answer: Both vehicles require valid motor insurance to drive on the road.
New or used; If you have a domestic or imported car, you must have adequate motor insurance to drive on public roads. It’s simple.
Good Car Insurance In Malaysia
Anyone who tells you any difference is either ignorant or simply doesn’t care about their own well-being or the well-being of the people around them.
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Also, if you don’t have the right car insurance and road tax (the two go hand in hand, you can’t buy or renew one without the other), you may end up paying extra money for traffic calls. Stop at a police flag or roadblock.
Under the Road Traffic Act 1987, all car owners in Malaysia are required to have valid motor insurance and road tax, both of which must be renewed annually.
But In addition to the legal requirements, it is also important to have adequate insurance coverage for your vehicle, so you can count on it in the event of a collision, natural disaster or theft. REPAIR OR REPLACEMENT COSTS.
Based on research by the Malaysian Road Safety Research Institute, there were more than 400,000 road accidents in 2020 alone, in which nearly 5,000 people lost their lives.
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This is reason enough to get proper and adequate insurance to cover you and your vehicle.
There are three types of car insurance available in the Malaysian market, each with a unique purpose to cover you and/or your vehicle.
Third party insurance is usually the cheapest of the three car insurance covers on offer and is the most basic form of car insurance you can get in Malaysia.
Think about it: it’s a rainy night. I drove home all night after work. The road was smooth and at the intersection the car suddenly skidded and hit another driver. Fortunately, you escaped unscathed; However, the same cannot be said about the person he hit.
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At the very least, you need third-party auto insurance to cover your hospital bills—not to mention auto repairs.
As the name suggests, a Third Party Insurance policy covers claims against you for bodily injury or death caused by others (third parties). This includes loss or damage to their vehicle or property.
For the most part This policy mostly does not allow claims if your car has been burned or stolen. It acts as a fire and theft protection from the outside.
Note that this type of cover covers loss/damage due to accidental fire and theft, but not accidental loss/damage.
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This car insurance policy offers a wider range of coverage than the two previously mentioned car insurance policies.
In addition to providing coverage for all of the above; It also covers damage to your own vehicle.
Comprehensive car insurance is a good idea if you cannot afford to exchange your savings for your own car, for example when buying a new car or using a second car.
For example, If you rely on your car for commuting and the above conditions do not apply, you should have comprehensive coverage that pays cash equivalent to the car’s replacement value (current market value); Therefore, at least you can go buy another car.
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Determining the right insurance amount is not rocket science. Insurers aim to make your life easier and determine the best insurance amount based on the market value of your vehicle.
From July 2017, additional factors will apply to determine the fee when renewing is cancelled. However, comprehensive insurance only really covers the market value of the car.
In other words, insurances year of manufacture; engine size model type; They can extract the technical data of your car from a database, such as horsepower, etc., so they know the original price of the car compared to the current market value. Your vehicle’s actual mileage.
Simply put, if you buy a new car worth RM100,000, the sum insured should be the same.
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Since the original price depreciates over the years and the life of the car, the insurance amount can also be reduced annually according to the value and market value of the car.
In theory, you can choose to buy the sum insured at a price lower than the market value of your car. For example, If the market value of the car after a few years is RM22,000. You decide to buy only RM20,000 worth of insurance.
You can save a little, but in the end. The premium difference may be small and you may be penalized if you do not have full coverage, so you may end up choosing to take the full amount of RM22,000.
While it may be tempting to search for the best car insurance deals right away, it may be worth reading the terms and conditions of all three policies carefully to find out what we don’t offer.
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Even if you think that your car insurance plan is one of the best plans you can buy compared to other plans, because your car insurance plan is slightly higher or maximum, not all incidents are covered by car insurance.
If you think that a normal auto insurance policy can cover your medical or funeral expenses in the event of a car accident. Think again.
Even comprehensive auto insurance only covers damage to your vehicle (and the person you hit).
However, as a passenger, you can add personal accident insurance to your car insurance to cover your medical expenses.
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Alternatively, you can take out separate health or personal accident insurance to help with medical bills. – Make sure the policy covers the damage caused by the car accident.
The passenger injured in the accident is usually an easier case than the one sitting behind the wheel – if the accident involves two vehicles, the driver may be negligent in handling the passenger and liable for the passenger’s bodily injury.
To avoid paying these claims out of pocket; You can add passenger liability extension coverage to your car insurance.
Custom wheels; Dressing up your brand new car with leather seats and an expensive sound system can earn you brownie points with friends (even a date).
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Most standard car insurance does not cover the cost of repairing or replacing these unique accessories. Although you can check with your auto insurance company if there is any additional coverage other than accessories coverage.
As car parts age (including glass parts such as windshields), the value of the car decreases with them.
If you are planning to insure a car that is driven by a 15-year-old, it can be difficult to get comprehensive car insurance for it, but you can opt for third-party insurance instead.
These unfortunate events, including 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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Of course, this leads to higher fees; However, if you live in an area prone to flooding and/or landslides. It’s worth paying the extra money rather than spending the entire savings on repair costs. Beloved
A car policy entitles policyholders to take out additional benefits and additional coverage on top of the normal insurance. Contact your insurer to apply for these additional covers.
1. Flood typhoon typhoon typhoon typhoon volcanic eruption Earthquake Landslides Landslides landslides or collapses or other natural disturbances;
You may be wondering why you need accident insurance in addition to car insurance. OK. We have prepared a comparison table to answer your question.
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Before July 2017; Car insurance rates in Malaysia are almost the same across all insurers (based on car value and engine capacity).
Insurers calculate their premiums primarily based on the technical characteristics and age, thus the market value of your car.
However, since the introduction of tax-free taxation in July 2017, insurance companies take many other factors into account when determining the car insurance premium.
This risk-based assessment encourages drivers to proactively reduce their risk and thus enjoy lower premiums. The main risk factors associated with driving are:
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Age – If you have a “P” driver’s license;
