What is comprehensive motor insurance policy?
This policy provides insurance against damage to your own vehicle and/or your liabilities to other parties such as injury or death and damage to other parties’ property because of a motor accident.
How will my Motor Insurance premium be calculated?
Insurance premiums will be based on risk characteristics. The greater the potential risk, the higher the premium. The lower the potential risk, the lower the premium
What is Motor Insurance Liberalisation?
This means the price of motor insurance will no longer be based on Motor Tariff (a set of fixed price list).
How do I determine the sum insured for my car?
The sum to be insured should be based on the market value of your car. Market Value represents the value of your car with an allowance for wear and tear and/or depreciation.
What is the major exclusions for Comprehensive Motor Insurance?
This policy does not cover certain losses such as:
- Policyholder's death or bodily injury due to a motor accident;
- Policyholder's liability against claims from passengers in your vehicle; and
- Loss, damage or liability arising from an act of nature i.e. flood, storm or landslide.
(Note: This list is non-exhaustive. Please refer to the policy contract for the full list of exclusions under this policy.)
What is "NO CLAIM BONUS"?
No claim bonus is a special discount given for every claim-free year.
What's an excess?
Most policies include an excess, which is the amount to be paid by the policyholder in the event of a claim. There's both a compulsory excess, imposed by the insurer, and a voluntary excess. The phrase 'total excess' combines these two factors and is the amount you pay in the event of a claim.
What is loading?
Loading is an additional amount that is built into the insurance cost. This amount is added to the premium to provide the cover for a ‘risky’ individual. Basically, loading covers the losses that arise from insuring an individual who is prone to a form of risk and the losses for that period are expected to be higher than anticipated.
Why is the NCD quoted is different from my record?
The NCD quoted is different if there is a claim lodged or if there is an NCD withdrawal to transfer to another car requested by the insured. Alternatively, you can also check your current NCD rate via https://www.mycarinfo.com.my/NCDCheck/Online.
What is Market Value coverage?
Market Value is the amount based on the insurance company estimate of what your car is worth in the open market. In the event that anything happens to your car, you can only claim as much as the current market value/worth of your car model at that point of time. Generally Market Value coverage premium tends to be lower.
What is Agreed Value coverage?
Agreed Value is the amount which has been agreed to between you and your insurance company. In the event that anything happens to your car, agreed value coverage can certainly provide the compensation you will receive from the insurance company if your car is written off or stolen. Generally Agreed Market coverage premium tends to be higher .