Car Insurance (Mar 2020)


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Do you need
Car Insurance? 

 

do you need car insurance

The answer to this is a clear “Yes”. All cars in Malaysia are required to have an annual car insurance plan covering providing at a minimum, Third Party Cover before you can renew your annual road tax.

 

Without an active car insurance plan in Malaysia, you will not be able to renew your road tax with the Road Transport Department (JPJ) in Malaysia. The fine for being caught driving without having first paid for your road tax can be as much as RM3,000! Hence you are well advised to ensure you have your car insurance sorted out before your road tax is due.

 

 

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How much coverage 
should you buy?

A common next question is: What kind of car insurance would I need? There are three main plan types for car insurance and the difference between them is in the level of protection they offer. The three plans are:


1. Third Party Insurance – for the repairs of damages caused to a third party car and any medical claims for any third party injuries sustained during the accident;

 

2. Third Party, Fire and Theft Insurance – as with Third Party Insurance and in addition, protection to your car in the event it catches fire or if it suffers from car theft; and

3. Comprehensive Insurance – as with Third Party, Fire and Theft Insurance and in addition, protection for the repairs of damages caused to your own vehicle

 

 

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how much coverage should you buy?

What does a car
insurance look like?

what does a car insurance look like?

The Car Insurance premium is paid at the start of the policy period and the coverage will last for one year.

 

The key features of a Comprehensive car insurance plan would include:

 

  • Cover for third party property damage
  • Death or bodily injury to third party
  • Cover for damages to your own car
  • Excess – Most car insurance plans are subject to an excess clause. An excess is the first amount of a claim for which you will have to pay for. The insurance cover will pay for the amount beyond the excess, up to the limits as specified in the policy contract.
  • Add Ons – Many car insurance plans allow customers to choose from a variety of additional covers. Add-ons allow you to customising your car insurance to fit your needs. You may also choose to opt for some of the riders available depending on how relevant you assess the risk is to you in addition to your basic comprehensive cover:
    o Compensation for Assessed Repair Time – (“CART”)
    o Inclusion of Special Perils
    o Passenger Liability
    o Private Hire Car / E-Hailing
    o Strike, Riot and Civil Commotion
    o Waiver of Betterment
    o Windscreen Damage

Customise your car insurance plan now!


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FAQ
Car Insurance



  • What is the difference between Agreed Value and Market Value?

  • Market Value represents the market value of the car at the time of the claim, taking into account the condition of the car based on its age, make and model. While Agreed Value is the value of the car as agreed by both the individual taking on the policy and the insurer and is fixed. Under an Agreed Value car insurance policy, you can expect to pay higher car insurance premiums if the agreed value is higher than what the car would sell at on the market (market value).


  • What are the implications of over-insuring or under-insuring my vehicle?

    If you over-insure your vehicle, you pay higher but unnecessary premiums. As for under-insuring, it occurs when the sum insured is lower than the market value. In such a case, the consumer is considered to “self-insure” the difference between the sum insured and the actual value of the vehicle. Therefore, in the event of damage, you have to bear your portion of the total repair cost that is not insured.


  • Is my own death or bodily injuries during a motor accident covered?

  • No, your own death and/or bodily injuries are not covered during a motor accident. These would be covered under your medical insurance instead, or any other personal accident plan you might have.


  • What is a No Claims Discount (NCD) and how much NCD can I expect on my next car insurance renewal?

  • No-Claim Discount (NCD) is a reward for safe driving. It is a discount given to car owners who have not made any claims within a year or more upon renewal of their motor or car insurance. The NCD discount rate is based on a fixed rate and it goes higher the longer the car owner doesn’t make any claims up to a maximum of 55% after five years. Unfortunately accidents happen, so when you make a claim, the NCD entitlement that you accumulated will go back to zero. The next time you renew your policy, you will pay for your premium in full, and will only receive the NCD the year after. Because of this, sometimes, people prefer to pay for the cost of a smaller accident or damage themselves if it comes up to less than what they would lose in their NCD.

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InsureDIY Sdn Bhd is a financial adviser licenced by BNM and is authorised to distribute insurance in Malaysia.

 

 

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