Car Insurance Comparison – What is the difference between Myvi and Mercedes? Answer: Both vehicles need valid car insurance to be on the road.
New or second hand, local or imported, if you own a car you need to have valid car insurance to drive it on the road; it’s as simple as that.
Isi Kandungan
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Anyone who tells you otherwise is either ignorant or simply doesn’t care what’s best for themselves – as well as those around them.
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In addition, if you do not have car insurance and legal tax (these two are compatible, you cannot buy or renew one without the other) you may have to pay extra for paying the call for traffic if you get it. stopped by the police or stopped at the roadblock.
Under the Road Transport Act 1987, all car owners in Malaysia are required to have car insurance and road tax, both of which need to be renewed annually.
But, apart from the legal requirements, it is also important to have enough car insurance for your car so that if something bad happens to it (be it collision, natural disaster, or even theft), you can rely on your insurance policy to cover the cost of repair – or replacement.
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According to research by the Malaysian Institute of Road Safety Research, there were more than 400,000 road accidents recorded in 2020 alone, almost 5,000 of which were fatal.
Reason enough to buy the right – and sufficient – insurance policy to cover you and your car when you’re on the road.
There are three types of car insurance available in the Malaysian market, each unique in its purpose of covering you and/or your vehicle.
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Third party cover is usually the cheapest of the three car insurances on offer, and the most basic form of car insurance you can have in Malaysia.
Imagine this: it’s a rainy night, and you’re driving home after a late night at work. The road is stuck and suddenly your car jumps into the intersection and you collide with another motorist. Luckily, you escaped unscathed – but the same cannot be said for the person you collided with.
To avoid spending exorbitant amounts of money to pay their hospital bills – not to mention car repairs – you need at least third party car insurance.
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As the name suggests, a third party insurance policy covers claims made against you due to the bodily injury or death of another (third party). This also includes the loss or damage of the vehicle or its property.
Generally, third party fire and theft cover works like third party cover, except this policy allows you to make a claim if your vehicle is damaged by fire or theft. .
Please note that this type of cover covers accidental loss/damage due to fire and theft, not accidental loss/damage.
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This car insurance policy provides wider coverage than the two car insurances mentioned earlier.
In addition to providing cover for all of the above, it also covers damage to your vehicle!
Comprehensive car insurance is good if you can’t afford to replace your car that way, for example using your savings to buy a new car or use a second hand car.
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When you rely on your car to go to work for example, and the aforementioned cases do not apply, it is better to have full coverage that will provide the same amount as the replacement value of your car, so at least you can go buy you are another car.
Deciding on the amount of car insurance is not rocket science. Insurance aims to make your life easier and determine the best amount guaranteed, based on the value of your vehicle.
With compulsory cancellations from July 2017, there are additional factors involved in determining how much you will pay. However, the good amount insured only goes back to the value of your car.
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Simply put, the insurer can pull your vehicle’s technical details from the database, such as year of manufacture, engine size, model type, horsepower, etc., so they will know the original price of your car and the current value of your car, given the actual mileage.
Of course, if you buy a new car worth RM100,000, the sum assured should be the same.
As the original cost has decreased over the years and your car has aged, the insured amount can also be reduced each year, in line with the lower cost and value of your car.
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In theory, you can decide to buy for less than the cost of your car. For example, if your car is worth RM22,000 after two years, you decide to buy a sum assured worth RM20,000.
You may be able to save some money, but in the end you may decide to go with the full amount of RM22,000 because the difference in premium may only be a small amount and you will be penalized for the shortfall. insurance.
While it’s tempting to dive right into finding the best car insurance right away, you can carefully read the terms and conditions of all three policies and find out what is and isn’t included in your coverage.
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Not all incidents are covered by your car insurance policy, even if you think they might be, because the car insurance plan is a bit higher – or the highest – one of the best plans you can buy, compared to other plans.
If you think that standard car insurance can cover the cost of your medical bills – or even your funeral – if you’re in a car accident, think again.
Even a comprehensive auto insurance policy covers damage done to your vehicle (and the person you may have collided with).
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However, you can add car accident insurance to your car insurance as a rider to cover your medical expenses.
Alternatively, you can also get a health or personal accident insurance policy to help with medical bills. – Just be sure to check if the policy covers car accident injuries.
A passenger who is injured in a car accident will usually have an easier case than the person behind the wheel – if the accident involves two cars, one of the drivers will likely be found to be negligent. and be liable for bodily injury caused. the passenger.
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To avoid paying these claims out of your own pocket, you can add them to your auto insurance policy.
Dressing up your new car with custom-painted wheels, leather seats, and an expensive sound system can win you brownie points with your friends (and even your date).
Most standard car insurance policies do not cover the cost of repairing or replacing these common parts, although you can check with your car insurance provider to see if you can extend your coverage to your device.
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As auto parts wear out over time (other than glass parts, such as windshields), your car’s value goes down with them.
If you are looking to insure a car that is 15 years old, it may be difficult to get a comprehensive insurance policy for it, but you can opt for third party cover.
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 will result in higher costs, but if you live in an area prone to flooding and/or landslides, it is worth paying the extra money for spending the entire savings on the cost of repairs – which will no doubt be plentiful. expensive.
An auto policy allows the policyholder to extend the coverage to include additional benefits and additional coverage beyond the standard coverage. Contact your insurer to request these additional covers.
1. Floods, storms, torrential rains, typhoons, typhoons, volcanic eruptions, earthquakes, landslides, landslides or subsidence of land/soil or disturbance of another nature.
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You must be thinking, why do I need accident insurance on top of car insurance? Well, we prepared a comparison chart to answer this question:
Prior to July 2017, car insurance rates in Malaysia (based on your car’s value and engine capacity) were pretty much the same across all insurers.
The insurer is mainly based on technical calculations and age, so the price of your car.
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However, since de-tariffation was implemented in July 2017, insurance companies are looking at additional factors to determine the cost of car insurance.
This risk-based assessment is designed to provide incentives to drivers to reduce risk and thus enjoy lower costs. The main risk factors associated with drivers are:
Age – If you are a ‘P’ license holder,
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