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Malaysia Car Insurance Coverage – An important part of the car ownership journey is insurance. If you’re looking to buy your first car, the world of auto insurance can be difficult to understand, but don’t worry, we’re here to help!
Cars are expensive assets that are prone to wear and tear all the time. This risk increases the more you use a car because more time on the road equals a higher chance of you getting into an accident.
Malaysia Car Insurance Coverage
This is where insurance comes in handy! The premium gives you financial protection if you face any liability as a result of accidents. In Malaysia, every car owner is required to have a valid insurance policy for their vehicle. Get caught without one and get ready for hefty fines of up to RM3000! You will need this to renew your road tax so don’t try your luck with the law unless you want to get a JPJ fine!
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As we said, there must be one. Without a proper car insurance policy, you can be jailed for up to three years under the Road Transport Act 1987.
Many people have cited the pain of paying for insurance when not getting insurance, but that’s often not a good argument. Overall, the cost of any damage to your vehicle and related road accidents could be more than the premium you paid!
Here in Malaysia, the 3 main types of car insurance are comprehensive, fire and theft and third party.
Comprehensive – Also known as a first-party policy, this is broader in scope and usually includes everything that the other 2 types do. It also covers injuries to you and your own vehicle.
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Fire and Theft – Also known as second party policy, similar to comprehensive insurance but the loss is covered only if your vehicle is burnt or stolen.
Third Party – The most basic type of insurance and arguably the cheapest. It only covers other party damages if you are involved in an accident.
There are also many add-ons you can add to your plans, including some useful flood and landslide coverage!
There are different ways to get yourself the right insurance policy! You can choose to go directly to the insurance company for a quote by contacting them with the necessary documents such as your car grant and insurance cover note. You can then go to a post office, JPJ branch or MyEG to renew your road tax. You can do this online by submitting your vehicle details on the MyEG website for a quote.
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Alternatively, you can use an online agent like Malaysia for a smoother experience. Deciding between different insurance policies and plans can be a daunting task so having an agent to guide and advise you is definitely a wise choice. Knowing your car’s No-Claim Discount (NCD) and the numerous application forms you have to fill out is a daunting task. Give us your vehicle information and let us handle it. All you have to do is relax and unwind!
Whether by design or not, filing a claim with an insurance company can be a daunting task. Bookmark this page so you can easily refer to it in an emergency (this is especially good when going through post-accident anxiety).
We certainly hope that you never find yourself in a situation where you need insurance, but it’s always a good idea to insure your car today and be prepared! Before buying car insurance, it is best to understand the basic terms and conditions of a car insurance policy. This will help you choose the best policy and make it easier for you when you have to make an insurance claim later.
There are 3 types of car insurance policies available in Malaysia namely (1) comprehensive insurance, (2) third party, fire and theft insurance and (3) third party insurance.
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This type of policy offers the most comprehensive coverage. This protects the policyholder against any loss or damage to their property and this includes third party claims, loss or damage to property, third party injury or death caused by you.
This policy protects the policyholder from third party claims including loss or damage to property, injury or death of a third party caused by you.
Third party insurance is the most basic policy as it only covers the third party. It covers loss or damage to a third party’s property or life as a result of a car accident caused by you.
If you get into an accident that damages your car and say it’s your fault, you’ll have to pay for your car to be repaired.
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First, understand that your insurance only covers certain incidents that may happen to your vehicle. So, “what is covered” refers to the events that your insurance covers and pays for. It is important that you know what your insurance covers to avoid any confusion during your claim process.
For example, if you buy comprehensive insurance, you need to understand the events covered by your insurance. Apart from the basic coverage, you should also be aware of the additional benefits that come with your policy. For example, Takaful Malaysia offers a free personal accident cover of RM15,000 for the driver and passenger in case of death or total permanent disability in a car accident.
It can happen to your car. Events not covered by your insurance are also called “exclusions.” This means that if something happens to your vehicle that is not covered by your insurance, you cannot make a claim against your insurer.
For example, your insurance may not provide coverage if your vehicle is damaged in a flood. However, if your insurer wants to cover the loss, you need to buy special perils cover as an optional cover. To enjoy this coverage, you have to pay an additional premium that varies between insurers.
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Another incident that may not be covered by your insurance is if your vehicle is damaged due to a strike, riot or civil commotion. However, you can enjoy this coverage if you purchase strike, riot and civil commotion as an additional cover.
The coverage period refers to the effective date of your insurance policy. During this coverage period, you can make a claim on your insurance policy for your insurable events.
Standard cover duration is one year. It is mandatory that you renew your car insurance every year to enjoy your insurance coverage.
Sum insured is the maximum sum insured for your vehicle. According to the General Insurance Association of Malaysia (PIAM), the basis for assessing the true value of a vehicle is its market value at the time of loss. For example, if your car insurance sum is RM45,000 based on the market value of your car at the time of renewal, you will get less compensation if the market value of your car at the time of loss is lower. can
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However, you can choose an agreed sum as the sum insured for your vehicle. If you choose the agreed amount, the compensation you will get in case of total loss of your vehicle will be the agreed amount at the time of renewal of your insurance. Even when the market value of your vehicle decreases, the value remains.
You can check the market value of your car for free on MyCarInfo and read more about car market value and negotiation in our previous article.
The first amount you have to pay for each insurance claim is extra, even if the incident is not your fault.
However, the excess does not apply to loss or damage caused by fire, explosion, lightning, theft, housebreaking, theft, third party property damage or bodily injury claims. To know how much excess you have to pay, you should check your policy schedule.
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If you have insured your vehicle for 12 consecutive months and you or someone driving your vehicle has not made a claim under your policy during the period of coverage, you get the no-claims discount for each policy renewal. (NCD) will enjoy.
For your information, your NCD rate for private vehicles goes up to a maximum of 55% every year. However, if you make an insurance claim where you are at fault, you will lose all your NCDs.
Moreover, since NCD is your personal right, you can transfer your NCD from your old car to your new car.
Optional or additional cover refers to additional cover that is not provided by your insurer in your standard insurance policy. If you want to buy additional cover, you have to pay an additional premium.
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