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Loss Of Use Car Insurance Malaysia – According to the General Insurance Association of Malaysia, or Persatuan Insurance Am Malaysia (PIAM), insurers paid out RM2.4 billion in vehicle claims in the first half of 2020. Net vehicle claims in the first half of 2019 were RM2.7 billion, a steady increase from the first half of 2015.
The figures above show how insurance coverage has helped policyholders meet losses and damages after a road accident.
Loss Of Use Car Insurance Malaysia
As a road user, you must be a responsible driver to avoid road accidents and thus ensure the safety of road users. However, since accidents can happen even to safe drivers, you need to know about insurance requirements if you need to file an insurance claim. Therefore, in this article, we will look at the different types of car insurance claims and the car insurance claim process in Malaysia.
Comprehensive Car Insurance: Third Party, Liability, Fire & Theft
There are three types of auto insurance claims: (1) self-loss claims, (2) toll-out claims, and (3) third-party claims. Read on for an explanation of each type of auto insurance claim
When claiming damage on your insurance policy Note that you can only claim damage if you have comprehensive insurance
Example: While driving, you accidentally hit a tree which damages the front bumper of your car. To repair or replace the bumper, you can claim the damage yourself
Note that although your policy will cover the cost of repair or replacement, you will lose your NCD when you make a claim.
Cimb Secure Motor Insurance
Here you are faced with a car accident or damage caused by a third party. The authorities (the police) must confirm that the accident was not caused by your negligence
If you have windscreen cover (optional) you won’t lose your NCD after making an insurance claim for windscreen repair or replacement.
If the accident is caused by a third party, you can claim your comprehensive insurance to cover the damage without affecting your NCD.
Example. A car hits the back of your car and causes a dent in it Since you have comprehensive insurance, you can claim compensation for damage caused by the accident from a third party.
What Is An Agreed Value Vs Market Value In Car Insurance?
If you do not have comprehensive insurance, you can make a third party claim if the accident is caused by a third party Since you are not a party at fault, you can keep your NCD even after making this claim
Example: A car hits the back of your car and damages the rear bumper Because you have third party insurance, you file a third party claim against the third party insurance for causing the accident
To file a third party claim, you can file your claim directly with a third party insurance company. Third party claim You have the right to submit a claim for the following damages.
Even if you have a minor accident, you can claim on your insurance. There could be a minor accident that damages the tail light or wing mirror.Because the cost of repairing them is low, you can choose to cover them yourself. claim for minor accident cover, note that this claim may affect your NCD
Things You Need Before Driving To Malaysia
If you are involved in an accident with an uninsured car, you have the option to file a legal action. However, before taking any legal action, be sure to file a police report and notify your insurer within 24 hours.
As a responsible driver, you need to ensure that your car insurance is always active for you and other road users. We think you’re a good driver But if your car gets into an accident (God forbid!), keep calm and follow your car insurance policy.
We recommend that you use our service to easily renew your car insurance. In addition, you can always contact our insurance experts for professional and objective advice in the field of insurance free of charge.
Visit today to learn more about the auto insurance services we offer. Get started by getting car insurance quotes online
Car Insurance Claims In Malaysia
One of Malaysia’s largest insurance comparison sites, offering insurance from over 10 brands. Get a free insurance quote today! What do MiVs and Mercedes have in common? Answer: Both vehicles require valid motor insurance to be allowed on the road
New or used, domestic or imported, if you own a car you need to have valid car insurance to drive on the road. It’s that simple
Anyone who tells you otherwise is either ignorant or simply doesn’t care about their own well-being or the well-being of those around them.
Also, if you don’t have valid car insurance and road tax (the two go hand in hand, you can’t buy or renew one without the other) you’ll need to allocate extra money to pay the traffic ticket. you get one. The police flagged it down and stopped it at a roadblock.
Malaysian Vehicle Reports
Under the Motor Transport Act 1987, all car owners in Malaysia are required to have valid car insurance and road tax, both of which must be renewed annually.
But by law, it’s also important to have adequate car insurance for your vehicle so that if something bad happens to it (whether it’s a collision, natural disaster or theft) you can rely on your insurance policy. Cost of repair or replacement
Based on a study by the Malaysian Road Safety Research Institute, more than 400,000 road accidents were recorded in 2020 alone, of which around 5,000 were fatal.
This is reason enough to buy the right and adequate insurance policy to cover you and your vehicle when you are on the road.
Top 10 Add-ons As Chosen By Generali Malaysia’s Car Insurance Customers
There are three types of motor insurance policies available in the Malaysian market, each designed specifically to cover you and/or your vehicle.
Third party insurance cover is usually the cheapest of the three car insurances available and also the most basic form of car insurance you can get in Malaysia.
Picture this: It’s a rainy night and you’re on your way home from work late at night. The road becomes slippery and suddenly your car skids at an intersection and you collide with another driver. Fortunately, you escaped injury, but the same cannot be said for the person you hit.
To avoid spending too much money to pay hospital bills, let alone repair your vehicle, you need at least one third-party auto insurance policy.
Why Is My Personal Auto Insurance Premium Going Up?
As the name suggests, a third party insurance policy covers you for bodily injury or death caused by others (third parties). This also includes any loss or damage to their vehicle or property
For the most part, third party fire and theft protection works like third party protection, except that the policy allows you to make a claim if your car catches fire or is stolen.
Note that this type of insurance covers accidental fire and theft damage, but not accidental damage.
This car insurance policy offers a wider range than the two car insurance policies mentioned above
Consequential Damages Under Motor Insurance
As well as providing cover for all of the above, it also covers damage to your OWN car!
Comprehensive car insurance is recommended if you cannot afford to replace your car as such, for example by using your savings to buy a new car or use another car.
For example, the moment you rely on your car to get to work and these conditions don’t apply, you have comprehensive insurance that pays the equivalent of your car’s replacement value (current market value) so you can at least go and find another car
Determining the right amount of car insurance is not rocket science Insurers aim to make your life easier by determining the maximum amount of insurance based on the market value of your car.
Coverage And Blue Card Scheme
From July 2017, additional factors are important in determining your premium. However, the ideal sum insured only corresponds to the market value of your car
Simply put, insurers can get your car’s technical data from the database, such as year of manufacture, engine size, make, horsepower, etc. your car based on actual mileage. .
It’s simple, if you buy a new car worth RM100,000, your insurance amount should ideally be the same amount.
As the original price decreases over the years and your car ages, the sum insured may decrease each year according to the lower value and market value of the car.
International Car Rental Insurance With Car Rental Excess
In theory, you can decide to insure a lower amount than the market
