Insurance can be a very complex subject to understand. Yet, it would help if you had a good grasp of it, so you know whether to accept the product or service that any insurance company offers. To that end, it is essential to know what to ask an insurance agent when you plan on taking out any policy with them. Whether you want to buy life insurance or get coverage for your car, here is all you need to know to understand how coverage policies work in Malaysia.
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 Auto Insurance premium be calculated?
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 auto 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 Auto 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 (NCB)?
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 No Claim Discount (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 Ncd Checker
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 .
What is an extended warranty program & why do you need it?
Your compulsory car insurance protects you in case of an accident or theft, but will not pay for car breakdowns. Adding an extended warranty plan gives you additional protection against unexpected breakdowns and the cost and stress that comes with them. With auto insurance
plus car extended warranty
, you truly have total protection.
Why choose Fincrew extended warranty?
✓ Credibility – Fincrew partnered with Warranty Smart, Warranty Smart is a pioneer in the car extended warranty industry, first established in Malaysia since 2013 and has expanded its operations in Thailand and Indonesia.
✓ Insured – By a leading insurer, Pacific & Orient Insurance Co.Berhad (P&O).
✓ Expertise – Warranty Smart have the largest network of technical expertise with over 182 panel workshops nationwide.
✓ Convenience – Warranty Smart allow open service concept at any workshop, panel or non-panel, 24hrs nationwide towing & fast claim approval.
What does extended warranty cover?
We have a variety of different plans available. At Fincrew extended warranty, we practice transparency to our users, hence coverage are also listed in our website for each respective plan. You can choose the level of coverage or speak to our knowledgeable sales representatives +6018 228 8606 to help you select the plan that’s right for your vehicle.
For existing members, please refer to your warranty policy for detailed components covered.
What kinds of replacement parts will you put on my vehicle during a claim?
Warranty repairs will be made entirely at the discretion of Fincrew / Warranty Smart who reserves the right to either repair/recondition damaged components, or to replace damaged components with used, reconditioned or OEM parts. However, if you intend to request for brand new original parts, you could communicate to our claim adjuster before commencement of the claim job. Such replacement is only possible if you agree to top up the difference between the cost of a brand new part and that of a used/reconditioned/OEM part.
What do claim limits on the extended warranty plan mean?
Each type of warranty plan has its own respective claim limits. For example, Gold plan has limit of RM10,000 per claim, with total aggregate claims up to RM50,000. This means RM10,000 is the maximum limit for each claim, and you can have unlimited number of claims throughout your warranty period, as long as it is within covered components & as long as your total claim limit of RM50,000 still has available balance. Repetitive claims are also allowed on the same components.
Does Fincrew / Warranty Smart pay for labor charges?
Absolutely. For all covered claims, we will take care both the costs of parts and labor.
Which parts are not covered by warranty?
Generally, any part not listed under covered components of each type of warranty plan will not be claimable. All extended warranty policies tend not to include wear & tear items such as filters, spark plugs, fluids, brake pads, tyres etc.
Do I need to inspect my vehicle before purchasing?
Yes. We will provide a free inspection service on your vehicle for approval.
• For Klang Valley locations, you can make appointment for our door-to-door mobile inspection.
• For outside Klang Valley locations, you can drive in to any of our authorized panel workshop nearest to you!
How do I know if my vehicle is eligible to purchase the extended warranty plan?
Generally, Fincrew extended warranty plans are eligible for vehicles up to 10 years of age from its manufacture year & within 150,000kms odometer reading. If your vehicle is over 10 years from year make, or running more than 150,000kms, we will evaluate your eligibility based on vehicle condition upon our inspection.
When does my coverage begin after purchase?
Your warranty commencement date & mileage will be stated on your warranty policy. Unlike other extended warranty companies, we do not apply any cooling period. This means you can claim almost immediately from the warranty start date
Is towing provided when breakdown happens?
Yes. 24hrs towing service is included in your warranty plan throughout West Malaysia. Your vehicle will be towed to our nearest authorized panel, of which the fees incurred will be free up to a limit of RM300. Any amount exceeding RM300 will be borne by customers. You can enjoy unlimited number of towing trips throughout your valid warranty period. (Towing hotline: 1300 80 1818)
How do I know if my car problem is claimable under warranty?
You can take your car to our nearest authorized panel for checking/diagnose and such service is free! The panel will be in contact with our claims department to determine if the fault is a covered item under your warranty plan.
How do I file for a claim?
At Fincrew, we strive for a no-hassle claim process. Simply call our claims department @ ++6018 228 8606. A personalized claim advisor will walk you through the process. Already at our authorized panel? The panel will determine the cause of failure & as long as it is a covered component, it will be taken care for you!
Do I need to pay upfront for claim?
No. You do not need to pay for an approved claim. No waiting for reimbursements as we get you back on the road fast! Once the repair is completed, we will pay the panel workshop directly. You will only be responsible for any non-covered charges (if any).
How do I check the status of my claim?
You can call/whatsapp our claims department directly @ +6018 228 8606 for instant repair status update!
What happens when a part is not covered?
If the problem is not within your warranty plan coverage, we are still here to help you. We will act as your liaison to the repair process, making recommendations, and ensure you aren’t getting taken advantage of. We aren’t just selling you warranty, we are fully backing you up!
If I file for a claim, will my premium increase the next time when I renew my warranty?
Absolutely No. No matter how many claims you file, your premium will not increase. Likewise, no-claim-discount is also not available for all extended warranty plans.
Where can I take my car for service?
Fincrew / Warranty Smart adopts “Open Service” concept for your convenience! You are allowed to maintain all routine services at any of your own preferred workshop, regardless it is our panel or non-panel. Only checking of faults & claims on covered items must be performed at our authorized panel workshops.
What responsibilities do I have to keep my warranty active?
• You need to maintain your routine services timely and keep proper records for all the maintenance in your warranty service booklet (workshop stamps).
• Ensure safekeeping of your warranty service booklet. If your booklet is lost, please report to us immediately for a replacement booklet at a charge of RM100. The booklet is compulsory in the event of a claim.
• Do not misuse, neglect or modify your vehicle during your warranty period.
Can I transfer my warranty to new owner if I sell my car?
Definitely! Warranty stays with the vehicle regardless of change in ownership. This also mean that your car warranty can add value to the selling of your used car.
Can I cancel my warranty?
Once your warranty plan is activated, it is non-refundable and non-transferable to another vehicle.
Why do I need travel insurance?
It is important to have travel insurance while you are travelling in case of accident, illness or loss of personal belongings. You may compare and get the comprehensive coverage from different insurance companies at Fincrew.
What does travel insurance cover?
Travel insurance provide accidental cover, illness or loss of personal belongings etc. Some insurance company provide additional benefits such as trip cancellation, pandemic cover or sports equipment.
What is a pre-existing medical condition?
A medical condition that started before a person’s insurance went into effect.
When should I buy travel insurance?
You should buy your travel insurance before your trip start and it is advisable to start 1 day or earlier before your trip.
Does travel insurance cover natural disasters?
Most of the travel insurance cover natural disasters and subject to the terms of the policy. It is important to compare your travel insurance at Fincrew.
How long does travel insurance last?
Some of the insurance company cover up to 190 days for single trip and 90 days for annual trip cover. It is important to consult Fincrew Customer Service or refer to Product Brochure or Policy Wording from the respective insurance companies.
What is the use of trip cancellation insurance?
This benefit compensates you for irrecoverable travel and accommodation expenses as a result of trip cancellation due to serious injury or illness.
Can I cancel travel insurance if I cancel my trip?
You may terminate the policy at any time by giving a written notice to the company within fourteen (14) days or contact our Customer Service Centre here
. Such termination shall become effective on the date the notice is received by the Company or the date specified in the notice, whichever is earlier. No premium will be refunded upon cancellation of cover.
What is the relationship between Fincrew and the insurance company?
Fincrew is a platform for user to research, compare and purchase insurance. We work with our vendors which represent multiple insurance companies to provide the most up-to-date of insurance products in Malaysia. We are not a subsidiary or affiliated company with any insurance company in Malaysia.
Is Fincrew a legal business entity in Malaysia?
Yes, Fincrew is registered with SSM and owned by Fincrew Sdn Bhd 202101032014 (1432314-W) and is governed by the laws of Malaysia in our business operations.
How do I know that it's safe to buy insurance online? Will my personal
info be secured?
All data submitted to us are processed by our internal team and viewed only by the insurer selected by you. We strongly support the Personal Data Protection Act (PDPA)
Will I receive any call from Fincrew ?
We understand that receiving tele-sales call can be annoying so we will not call you to upsell any products. We will only call you if there’s a need to, like example: on claim related matter. However, you may still contact us if you need help on any issue. Our dedicated customers’ service team is always ready to assist you.
What are some of the key terms and conditions that i should be aware of?
Importance of Disclosure
You must disclose all material facts that you know or ought to know such as your personal pursuits and medical condition which could affect the risk profile; otherwise your policy may be invalidated.
Cash before cover
Full premium must be paid and received by us before the effective date of the policy. If this condition is not complied with then this insurance policy is automatically null and void
Do I need to type in my details again if I'd like to buy again in the
No, you don’t need to. Our system is designed to auto create an account for each success buyer. You can check your mailbox for the login details or contact us
to request for your account details.
Help! I made a mistake on my personal info when I was buying insurance.
If I have an enquiry on any products or any other questions, who should I
What do I need to do if there are changes to my contact/personal details?
It is important that you inform us of any changes in your contact and personal details to ensure that all correspondence reach you timely manner.
How do I lodge a complaint if I'm unhappy with the product or services?
Please do not hesitate to contact us
with your feedback, and we'll try to resolve the matter.
Can I buy this insurance online with a supplementary credit card?
Yes, you can.
How can I pay for the policy I buy?
You can pay online through credit card, debit card or e-banking.
What is Personal Accident Insurance?
Personal Accident Insurance is a yearly renewable insurance that provides compensation in the event of bodily injuries, disablement or death caused solely and directly by an unforeseen event.
Who is eligible to purchase personal accident Insurance?
All Malaysians, Malaysian permanent residents, work permit holders, pass holders or otherwise legally employed in Malaysia. Person age is depended on the respective insurance’s plan.
Is medical expenses benefit payable per disability?
Yes, the respective pay up to the sum insured for medical expenses for each accident and the limit is as per the respective insurance company’s plan.
Will this policy still pay if I have other similar insurance policies?
Yes, the respective insurance company will pay in addition to any other policies you may have except for medical expenses which have been reimbursed by other policies.
How does Double Indemnity work?
Double Indemnity means benefit payable will be doubled if the Insured Person suffers death or permanent disablement due to an accident while travelling as a fare-paying passenger on a public mode of transportation.
How will I be entitled for Renewal Bonus?
As long as you renew your policy and there is no claim under Accidental Death or Permanent Disablement in the preceding year, a % Renewal Bonus of the Principal Sum Insured will be rewarded. Only claims under Accidental Death or Permanent Disablement will affect your Renewal Bonus.
How long is the coverage duration of Personal Accident Insurance?
Personal Accident Insurance will provide coverage for one (1) year.
How do you classify Occupation?
Occupations are classified into 3 classes as follows:
Occupation Class 1
Persons engaged in professional administrative, managerial, clerical and non-manual occupations
Occupation Class 2
Persons engaged in work of supervisory nature but not involved in manual labour
Occupation Class 3
Persons engaged either occasionally or generally in manual work which involves the use at tools or machinery
What is gadget insurance?
Gadget insurance provides worldwide 24/7 cover on your electrical appliances such as camera, laptop, smart phone or any personal gadget except drone.
What are the covers/ benefit provided?
Gadget insurance policy covers:
• Loss of or damage to your property or any part thereof due to fire, theft or any other accident or misfortune.
• Loss of or damage caused by perils unless such perils are specifically excluded by this policy.
Duration of cover is for one year. You need to renew your insurance policy annually.
What are the major exclusions under this policy?
This policy does not cover loss destruction or damage :
Occasioned by or happening through.
a) wear and tear, depreciation, gradual deterioration, rust, mildew, moth, vermin or any process of cleaning, dyeing, repairing, restoring or renovating
b) mechanical or electrical breakdown or derangement.
c) war, invasion, acts of foreign enemies, hostilities or warlike operations (whether war be declared or not) or civil war.
d) mutiny, strike riot and civil commotion, military or popular rising, insurrection, rebellion, revolution, military or usurped power, martial law or state of siege or any of the events or causes which determined the proclamation or maintenance of martial law or state of siege.
e) confiscation or nationalization or requisition or destruction of or damage to property by or under the order of any Government or Public or Local Authority.
g) unattended vehicle
Note: This list is non-exhaustive. Please refer to the sample policy contract for the full list of exclusions under this policy
Can I cancel my insurance?
You may cancel your insurance by giving written notice to us. Upon cancellation, you are entitled to a refund of the premium less premium based on insurer short period rates for the period of the policy which has been in force.
What do I need to do if there are changes to my contact details?
It is important that you inform us of any change in your contact details to ensure that all correspondences reach you in a timely manner.
What are some of the key terms and conditions that I should be aware of?
• Importance of disclosure
Pursuant to Paragraph 4(1) of Schedule 9 of the Financial Services Act 2013, if you are applying for this Insurance for purposes related to your trade, business or profession, you have a duty to disclose any matter that you know to be relevant to our decision in accepting the risks and determining the rates and terms to be applied and any matter a reasonable person in the circumstances could be expected to know to be relevant, otherwise it may result in avoidance of contract, claim denied or reduced, terms changed or varied, or contract terminated.
This duty of disclosure for Non-Consumer Insurance Contract shall continue until the time the contract is entered into, varied or renewed. You also have a duty to tell us immediately if at any time after your contract of insurance has been entered into, varied or renewed with us, any of the information given is inaccurate or has changed.
• You must take all ordinary and reasonable precaution for the safety of the property insured.
• If your property amount insured is less than the actual value at the time of loss (i.e. under insurance), you are deemed to be self-insurance the difference.
• You must inform your insurance company or us in writing on any material changes during the policy period so that the necessary amendments are endorsed to your policy.
Where can I get further information?
Should you require additional information about our Personal All Risks Insurance or any other types of insurance product, you can contact us at www.fincrew.my
If you have any enquiries, please contact us at:
Tower A Level 1-05 Vertical Business Suite
Kuala Lumpur, Malaysia
Phone number: 603 2242 0820
What should I need to do when buying gadget insurance?
You must ensure that your gadget is insured at the appropriate amount and provide with the correct series number of the item insured. You should read and understand the insurance policy and discuss with our live chat team or contact us directly for more information.