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Car Insurance In Malaysia Calculator – What is the difference between Myvi and Mercedes? Answer: Both cars need proper car insurance to stay on the road.
If you own a car, whether new or second-hand, domestic or imported, you must have the right car insurance to drive it on the road; As simple as that.
Car Insurance In Malaysia Calculator
Anyone who tells you otherwise is either ignorant or doesn’t care about what’s best for themselves – as well as those around them.
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Plus, if you don’t have car insurance and legal tax (both are compatible, you can’t buy or renew one) you’ll have to pay extra to pay a traffic summons if you get one. and stopped by the police or stopped at roadblocks.
Under the Road Traffic Act 1987, all car owners in Malaysia are required to have car insurance and road tax, both of which must be renewed annually.
But apart from the legal requirements, it is also important to have adequate car insurance for your car so that in case of any mishap (be it an accident, natural disaster or theft), you can rely on your insurance policy. Cost of repair – or replacement.
According to a study conducted by the Malaysian Road Safety Research Institute, more than 400,000 road accidents were reported in 2020 alone, with nearly 5,000 fatalities.
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Reason enough to buy the right insurance – and enough – to cover you and your car while on the road.
There are three types of car insurance in the Malaysian market, each with a specific purpose for you and/or your vehicle.
Third party insurance is the cheapest of the three car insurances commonly offered, and is the most basic type of car insurance you can have in Malaysia.
Picture this: It’s a rainy night and you’re driving home after a long day at work. The road is blocked and suddenly your car jumps into the intersection and you collide with another driver. Luckily, you escaped unscathed – but the same can’t be said for the person you bumped into.
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To avoid spending more money on hospital bills – not to mention car repairs – you need at least third-party car insurance.
As the name suggests, third party insurance policy covers claims for bodily injury or death of another person (third party). This includes loss or damage to the vehicle or its property.
Generally, fire and third party theft works under third party cover, apart from this policy, you can claim if your vehicle is damaged due to fire or theft.
Note that this type of cover covers accidental loss/damage due to fire and theft, not accidental loss/damage.
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Car insurance 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 vehicle!
If you can’t replace your car this way, comprehensive car insurance is a good idea, for example, use your savings to buy a new car or use a used car.
For example when you rely on your car to work, the cases mentioned above do not apply, it is better to have full insurance that gives you an amount equal to the replacement value of your car, so at least you can go shopping. . It’s another car.
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Determining the amount of car insurance is not rocket science. The purpose of insurance is to make your life easier and determine the best sum assured based on the value of your vehicle.
There are additional factors that go into determining how much you have to pay in a mandatory strike that begins in July 2017. However, a good amount of insurance will only return the value of your car.
Simply put, an insurer can extract data from technical data such as the vehicle’s year of manufacture, engine size, model type, horsepower, etc. to determine the original value of your vehicle and the current value of your vehicle. Actual distance is given.
That’s right, if you buy a new car worth RM100,000, the insurance amount should be the same.
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As the original value depreciates over the years and your car ages, the insurance premium may also decrease each year as your car depreciates and is worth more.
In theory, you could decide to buy your car for something less than it’s worth. For example, if your car is worth RM22,000 after two years, you decide to buy an insurance cover of RM20,000.
You may save money but in the end you may decide to go with the full amount of RM22,000 as the difference between the amount may be a small amount and you will be penalized for short coverage.
While interested in finding the best car insurance, you can read the terms and conditions of all three policies carefully to find out what is and isn’t included in your insurance.
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Not all incidents will be covered in your car insurance policy because the car insurance plan may be slightly higher or higher compared to other plans.
If you think standard car insurance will cover your medical or funeral expenses if you’re involved in a car accident, think again.
Even a comprehensive auto insurance policy will cover damage to your vehicle (and the person you hit).
However, you can add car accident coverage to your car insurance to cover your medical expenses.
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Alternatively, you can also get health or personal insurance to help with medical bills. – Check if the policy covers car accident injuries.
A passenger injured in a one-car accident will have an easier case than the latter – if the accident involves two cars, one of the drivers will be found negligent and liable for bodily injuries. Travelers.
To avoid paying out of pocket for these claims, you can add them to your auto insurance policy.
You can earn brownie points with your friends (and even your date) by decking out your new car with custom-painted wheels, leather seats, and an expensive sound system.
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Most standard auto insurance policies won’t cover the cost of repairing or replacing these common parts, although you can check with your insurance provider to see if they can extend your coverage to your equipment.
As car parts wear out (except glass parts like mirrors), the value of your car also decreases.
If you want to insure a 15-year-old car, finding comprehensive coverage can be difficult, but you can opt for third-party coverage.
These unfortunate events, along with earthquakes and hurricanes, are often referred to as natural disasters or acts of God, and are often not covered by standard car insurance policies.
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Of course, this leads to higher costs, but if you live in an area prone to flooding and/or landslides, it’s worth paying the extra money to cover maintenance costs – which can undoubtedly be very expensive. Expensive.
An auto policy allows the policy holder to add additional benefits and additional coverage beyond the standard coverage and increase the coverage. Contact your insurer to request these additional coverages.
1. Floods, cyclones, heavy rains, typhoons, cyclones, volcanic eruptions, earthquakes, landslides/holes, collapses/surface or natural disturbances
You must be thinking, why do we need accident insurance on top of car insurance? Well, to answer this question, we have prepared a comparison chart:
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Before July 2017, car insurance rates in Malaysia (based on your car’s price and engine capacity) were almost the same across all insurance companies.
Insurance is often based on technical calculations and the age, and therefore value, of your car.
However, since inflation was implemented in July 2017, insurance companies are looking at additional factors to determine the price of car insurance.
This risk-based assessment is designed to encourage drivers to reduce risk and enjoy lower costs. Major risk factors for drivers:
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Age – If you are a ‘P’ license holder,
