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Malaysia Car Insurance Calculator – What do Myvi and Mercedes have in common? A: Both vehicles require valid car insurance to be registered on the road.
New or used, domestic or imported: If you own a car, you must have valid car insurance to drive it on the road. It’s that simple.
Malaysia Car Insurance Calculator
Anyone who tells you otherwise is either ignorant or simply doesn’t care about their own well-being – and the well-being of those around them.
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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 may have to pay more for road tax if you get them. The police pulled him over or stopped him on the road.
Under the Road Transport Act 1987, all car owners in Malaysia are required to have car insurance and road tax which must be renewed annually.
However, apart from the legal requirements, it is also important to have enough car insurance for your vehicle so that you can rely on your insurance policy if something bad happens to it (be it an accident, natural disaster or even theft). Repair or replacement costs.
Based on a study by the Malaysian Road Safety Research Institute, there were more than 400,000 road accidents in 2020 alone, of which nearly 5,000 were fatal.
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Reason enough to get the right and comprehensive insurance to protect you and your vehicle while on the road.
There are three types of car insurance in the Malaysian market, each unique to you and/or your vehicle protection.
Third party insurance is usually the cheapest of the three car insurance policies on offer and is the easiest type of car insurance you can get in Malaysia.
Picture this: It’s been a rainy night and you’re coming home after a long night at work. The road was slow and suddenly your car swerved at the intersection and hit another driver. With a bit of luck you’ll escape unscathed – but the same can’t be said for the person you hit.
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To avoid spending too much on hospital bills—not to mention car repairs—you’ll need at least automobile liability insurance.
As the name suggests, liability insurance covers claims against you arising out of bodily injuries or even death of other people (third parties). This includes loss or damage to your vehicle or property.
In general, fire and theft liability insurance works in the same way as third party liability insurance, except that the policy allows you to make a claim if your vehicle is damaged by fire or stolen.
Note that this type of coverage covers loss/damage due to fire and theft, but not loss/damage due to the accident itself.
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This car insurance offers a greater scope of coverage than the two car insurance policies mentioned above.
In addition to covering all the above damages, the insurance also covers damages to your own vehicle!
Taking out comprehensive car insurance makes sense if you simply cannot afford to replace your car, for example by buying a new car or using a second car.
As soon as you rely on your car, for example to get to work, and the above situations do not apply, it is better to have comprehensive insurance where the amount is equal to the new value (current market value). You can buy your car.
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Deciding on the right amount of car insurance isn’t rocket science. The goal of insurers is to make your life easier and determine the best insurance amount based on the market value of your car.
With de-tariffing coming into force in July 2017, additional factors will be relevant to determine your price. However, the preferred sum insured is only the market value of your car.
In simple words, insurers can look up the technical details of your car from a database, e.g. B. Year of manufacture, engine size, model type, horse power, etc. so they know the original price of your car compared to the current market value of your car with actual mileage.
It’s simple: if you buy a new car for RM100,000, your insurance amount should be the same.
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As the new price depreciates over the years and as your car ages, the sum insured may also decrease each year, depending on the low value and market value of your car.
In theory, you can choose 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, choose an insurance worth only RM20,000.
You may save a few dollars, but in the end you may still end up with the full amount of RM22,000 because the price difference may not be very small and you will be penalized for underinsuring.
While it’s tempting to rush to find the best car insurance deals, you should read the terms and conditions of all three policies and be clear about what’s included and excluded from your coverage.
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Not all incidents are covered by car insurance, even if you think they might be, because your car insurance plan is slightly higher – or the maximum – compared to other plans, it’s one of the best rates you can get.
If you think traditional car insurance can cover your medical bills—or even your funeral—in the event of a car accident, think again.
Even comprehensive insurance only covers your car (and the person you hit).
However, as a driver, you can add accident insurance to your car insurance to cover your medical expenses.
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Alternatively, you can also take out individual health or accident insurance to help pay your medical bills. – Be sure to check whether the insurance covers the injuries sustained as a result of the car accident.
A passenger injured in a car accident usually has an easier time of it than the person behind the wheel – if two vehicles are involved in the accident, one of the drivers is likely to be negligent and liable for bodily injury. them. traveller
To avoid having to pay out of pocket for these claims, you can add extended passenger liability coverage to your car insurance policy.
Customizing your brand new car with custom wheels, leather seats, and luxury sound systems can earn you brownie points with your friends (even dates).
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Most standard car insurance policies do not cover the cost of repairing or replacing these standard accessories. However, you can ask your car insurance company if you can extend the insurance cover to your accessories.
As car parts wear out over time (except for glass parts like the windshield), the value of your car decreases.
If you’re planning to insure a car that’s over 15 years old, it can be difficult to get comprehensive coverage for it, but you can opt for third-party insurance instead.
These unfortunate events, along with earthquakes and hurricanes, are commonly referred to as natural disasters or acts of God and are usually not included in standard auto insurance policies.
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Of course, this will come at a higher price, but if you live in an area prone to flooding and/or landslides, it’s worth paying the extra money rather than spending all of your savings on repair costs – which is definitely great. expensive
A motor policy allows policyholders to extend their insurance cover with additional benefits and additional coverage beyond the standard coverage. Contact your insurer to request these additional coverages.
1. Flood, hurricane, water storm, typhoon, hurricane, volcanic eruption, earthquake, landslide/landslide, subsidence or subsidence of land/earth
You may be asking yourself: Why do I need personal insurance in addition to car insurance? Well, we’ve prepared a comparison chart to answer that question:
Things To Take Note About Car Insurance In Malaysia
Until July 2017, car insurance premium rates in Malaysia were more or less the same across all insurance providers (depending on the value of your car and engine).
When calculating the premium, the insurer primarily bases its calculations on technical data and age, i.e. the market value of your car.
However, since detargeting was introduced in July 2017, insurance companies consider additional factors to determine your car insurance premium.
This risk-based assessment is used to encourage drivers to actively reduce their risk and thereby benefit from cheaper fares. The main risk factors associated with drivers are:
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Age – if you have a “P” license,
