Best Car Insurance Malaysia

Best Car Insurance Malaysia – What do Myvi and Mercedes have in common? Answer: Both vehicles must have 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 drive on the road; easy going. 

Best Car Insurance Malaysia

Anyone who says otherwise is either ignorant or careless of their own life – and the well-being of those around them.

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In addition, if you do not have valid car insurance and road tax (these two go hand in hand, you cannot buy or renew one without the other), you may need to spend more money to pay the documents of road if you have it. stopped by the police or stopped at a road block.

Under the Road Transport Act 1987, all car owners in Malaysia must have valid car insurance and road tax, which must be renewed annually.

However, legal requirements aside, it is also important that your car is covered by adequate insurance so that, if something bad happens (collision, natural disasters, or even theft), you can rely on your insurance to cover the whole situation. repair – or replacement costs.

Research by the Malaysian Road Safety Research Institute shows that in 2020 alone, more than 400,000 road accidents were recorded, of which 5,000 died. 

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This is reason enough to buy the correct and comprehensive insurance that will protect you and your car during your trip.

There are three types of car insurance available in the Malaysian market, each with a different purpose to protect you and/or your car.

Third party liability insurance is usually the cheapest of the three car insurance options offered and the best form of car insurance you can have in Malaysia. 

Imagine this situation: it rained at night and you come home after a night at work. The road was slippery and suddenly your car slipped at the intersection and collided with another driver. Fortunately, you escaped unscathed – but the same cannot be said for the person you met.

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To avoid spending too much money on hospital bills—not to mention car repairs—you probably need third-party car insurance. 

As the name suggests, liability insurance covers claims against you for bodily injury and even death caused by other people (third parties). This also covers loss or damage to your vehicle or property.

In general, fire and third party theft insurance is the same as third party insurance, except that this policy allows you to make a claim if your car is damaged by fire or theft.

Please note that this type of insurance covers loss/damage caused by accidental fire and theft, but not loss/damage caused by the accident itself. 

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This car insurance policy offers more coverage than the two car insurance policies mentioned earlier. 

In addition to covering everything mentioned above, it also covers damage to your own car!

Comprehensive car insurance is recommended if you cannot replace your car, for example using your money to buy a new car or using a second car. 

When you go to work on your car, for example, and the above conditions no longer apply, it is better to get comprehensive insurance, which will give you the amount equal to the replacement value (current market value) of the your car, so I want to go buy another car.

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Deciding on the best car insurance coverage is not a mystical science. Insurers try to make your life easier and determine the optimal insurance amount based on the market value of your car. 

Since the detarization is effective from July 2017, some factors are important to decide the amount of premium. However, the appropriate insurance premium is only at the market value of your car.

Basically, insurers can retrieve your car’s information from the database, such as year of manufacture, engine capacity, model type, horsepower, etc., to find out the price original price of your car compared to the market value of your car. count the current mileage.

It’s simple: if you buy a new car worth RM100,000, the amount insured should be equal to the same amount. 

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As the original cost decreases over the years and your car ages, the insurance premium can also be reduced each year based on the lower price and market value of your car.

In theory, you can choose to buy insurance premiums that are lower than the market value of your car. For example, if the market price of your car is RM22,000, after a few years you decide to buy an insurance policy that is only worth RM20,000.

You can save some money, but in the end you may end up settling the total amount of RM22,000 as the difference in premiums is probably small and you will be penalized for being insured.

While it’s tempting to start looking for the best auto insurance deals right away, it’s important to carefully review the terms and conditions of all three plans and know what’s covered and what’s not.

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Not all events are covered by your car insurance, even if you think they might be, because your car insurance plan is a little higher – or higher – and it is one of the best plans you can buy compared to other plans.

If you think standard auto insurance covers medical expenses—and even funeral costs—in the event of a car accident, think again. 

Even a comprehensive insurance policy only covers damage to your car (and anyone you may have encountered). 

However, you can add your accident coverage to your car insurance as a driver to help pay for medical expenses. 

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Alternatively, you can also purchase separate medical, standalone or accident insurance to help cover your medical expenses. – be sure to check if your policy covers injuries caused by car accidents.

The driver injured in a car accident usually has an easier case than the person behind the wheel – when two cars are involved in an accident, one of the drivers will likely be found guilty of negligence and liable for any bodily injury. caused to the driver. . 

To avoid paying these debts out of pocket, you can add Passenger Liability Extensions to your car insurance.

Decorating your new car with vintage rims, leather seats and expensive sound systems can get you brownie points with your friends (even on dates). 

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Most car insurance policies do not cover the cost of repairing or replacing these custom accessories, although you may want to check with your car insurance company to see if you can add them. a cover to your accessories.

Over time, parts of your car will wear (not including the parts made of glass, like the windshield), and as it does, your car will lose value. 

If you plan to insure a car that is more than 15 years old, it can be difficult to find a comprehensive insurance plan for it, but you can choose liability insurance.

These unfortunate events, along with earthquakes and hurricanes, are often called natural disasters or acts of God and are rarely covered by auto insurance policies. 

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Yes, this results in higher rates, but if you live in an area prone to flooding and/or landslides, it’s worth paying the extra instead of spending all your savings on repair costs – which are undoubtedly more expensive.

A motor policy allows policyholders to extend their coverage with additional benefits and coverage beyond the standard coverage. Contact your insurers to request additional coverage.

1. Flood, typhoon, torrential rain, tornado, tornado, volcanic eruption, earthquake, landslide 

You may be wondering why I need accident insurance in addition to car insurance? Well, we have prepared a comparison table that answers this question:

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Before July 2017, car insurance prices in Malaysia were almost the same (depending on the value of the car and the number of engines) for all insurers. 

The insurance is based on the first calculation mainly on technical knowledge and age, and therefore the market value of your car. 

However, since it was introduced in July 2017, insurance companies now consider a variety of other factors to determine your car insurance premium. 

This risk classification aims to encourage drivers to reduce their risk and thus benefit from lower premiums. The main factors related to the risks of the driver are:

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Age – if you have a “P” license,