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Malaysia Vehicle Insurance Calculator – What do Myvi and Mercedes have in common? Answer: both vehicles require valid motor insurance to be able to drive on the road.
New or used, local or imported, if you own a car, you must have valid car insurance to be able to drive it on the road; it’s that simple.
Malaysia Vehicle Insurance Calculator
Anyone who tells you otherwise is either ill-informed or doesn’t care about their own well-being – as well as those around them.
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Additionally, 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 spend extra money to pay for a traffic summons if you get one . flagged down by the police or stopped at a roadblock.
Under the Road 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.
However, in addition to legal requirements, it is also important to have adequate car insurance for your vehicle so that if something bad happens (whether a collision, natural disaster or even theft), you can rely on your insurance to cover those costs. repair – or replacement.
Based on research conducted by the Malaysian Road Safety Research Institute, more than 400,000 road accidents were recorded in 2020, of which nearly 5,000 were fatal.
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That’s reason enough to buy adequate – and comprehensive – insurance to protect you and your vehicle while you’re on the road.
There are three types of motor vehicle insurance available in the Malaysian market, each with a unique purpose to protect you and/or your vehicle.
Third party cover is usually the cheapest of the three car insurance policies on offer, and is the most basic form of car insurance you can have in Malaysia.
Picture this: it’s raining, and you’re on your way home after a late night at work. The road is smooth and suddenly your car skids at an intersection and you collide with another driver. Fortunately, you escape unharmed – but the same cannot be said of the person you collided with.
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To avoid spending a lot of money on his hospital bills—not to mention vehicle repairs—you’ll need at least third-party auto insurance.
As the name suggests, third party liability insurance covers claims made against you for bodily injury or even death caused by another person (third party). It also covers loss or damage to their vehicle or property.
In general, third-party fire and theft works the same as third-party cover, except that this policy allows you to make a claim if your car is burnt or stolen.
Please note that this type of cover covers loss/damage due to accidental fire and theft, but not loss/damage due to the accident itself.
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This car insurance policy offers wider protection coverage than the two car insurance policies mentioned before.
Apart from providing protection for everything mentioned above, it also covers damage caused to your OWN car!
Comprehensive car insurance is recommended if you cannot afford to replace your car properly, for example to use your savings to buy a new car or to use a used car.
For example, when you depend on your car to drive to work, and the previously mentioned scenarios do not apply, you should better have comprehensive coverage that will provide cash equivalent to the replacement value (current market value) of your car, so at least you can buy another car.
Car Insurance Calculator
Deciding on the right amount of car insurance isn’t rocket science. Insurance companies aim to make your life easier and determine the optimal cover price based on the market value of your car.
With discounts effective July 2017, there are additional factors that are important in determining your premium. However, the ideal sum insured actually comes back to the market value of your car alone.
Simply put, insurance companies can pull technical details of your car from a database, such as year of manufacture, engine size, model type, horsepower, etc., so they know your car’s original price versus your car’s current market value. , taking into account the actual mileage.
It’s simple, if you buy a new car worth R100 000, ideally your sum insured should be the same amount.
Mg Car Insurance & Warranty
As the original price decreases from year to year and the age of your car, the sum insured can also be reduced every year as the value and market price of your car decreases.
In theory, you can decide to buy a sum assured that is lower than the market value of your car. For example, if the market value of your car after a few years is R22 000, you decide to buy an insured sum of R20 000 instead.
You may save a few dollars, but in the end you may still decide to go with the full amount of RM22,000 as the premium difference may only be a relatively small amount and you will be penalized for under-insurance.
While it may be tempting to look directly for the best car insurance, you may want to carefully read the terms and conditions of all three policies and know what is and isn’t included in your coverage.
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Not all incidents are covered by car insurance, even if you think they are, because your car insurance is a little higher – or the highest – one of the best plans you can buy, compared to other plans.
If you think standard car insurance can cover the cost of your medical bills – or even a funeral – if you get into a car accident, think again.
Even comprehensive car insurance only covers damage caused to your vehicle (and damage to people you might hit).
However, you can add Personal Accident Insurance to your car insurance as additional insurance to help cover your medical costs.
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Alternatively, you can also get separate independent health or personal accident insurance to help with medical bills. – Be sure to check whether the policy covers injuries caused by car accidents.
A passenger injured in a car accident will usually have an easier case than the person behind the wheel – if the accident involves two vehicles, it is likely that one of the drivers will be found negligent and liable for the resulting physical injuries become passenger
To avoid paying these claims out of pocket, you can add Extended Passenger Coverage to your car insurance policy.
Dressing up your new car with custom rims, leather seats and an expensive sound system can earn you brownie points with your friends (even a date).
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Most standard car insurance policies do not cover the cost of repairing or replacing these specific accessories, although you can contact your car insurance provider to see if you can extend your accessory coverage as well.
When vehicle parts wear out over time (excluding glass parts, such as the windshield), the value of your car also decreases.
If you plan to insure a car that is 15 years old, it can be difficult to get comprehensive car insurance, but you can opt for third party coverage instead.
These unfortunate events, along with earthquakes and hurricanes, are usually called natural disasters or acts of God and are usually not covered by standard auto insurance policies.
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This will of course result in higher premiums, but if you live in an area prone to flooding and/or landslides, it’s worth paying the extra money rather than spending all your savings on repair costs – which will definitely be extreme. duration
Auto policies allow owners to expand coverage to include additional benefits and additional coverage in addition to standard coverage. Contact your insurance company to request this additional coverage.
1. Floods, typhoons, heavy rains, typhoons, typhoons, volcanic eruptions, earthquakes, landslides/landslides, subsidence or subsidence of land/soil or other natural shocks
You must be wondering why I need personal accident insurance in addition to car insurance? Well, we’ve prepared a comparison chart to answer that question:
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Before July 2017, car insurance premium rates in Malaysia were almost the same (based on the value of your vehicle and its engine capacity) for all insurance providers.
Insurance companies base their premium calculations mainly on technical details and the age, as well as the market value of your car.
However, since the discount was implemented in July 2017, insurance companies now consider several additional factors to determine your car insurance premium.
This risk-based assessment is performed to provide incentives to drivers to actively reduce risks so that they can enjoy lower premiums. The main risk factors associated with pushers are:
Solved Required To Develop A Car Insurance Premium
Age – If you are a “P” license holder,
