Commercial Motor Vehicles and Fleet Insurance In Malaysia
Commercial Motor Vehicle Insurance In Malaysia
Commercial motor vehicle insurance is also known as commercial motor insurance, commercial vehicle insurance or fleet insurance in Malaysia. It is a mandatory insurance for commercial use vehicles in Malaysia such as vans, trucks, trailers, buses and other public road vehicles.
Commercial vehicle types and details at:
- Fleet Insurance
Commercial Motor Vehicle Coverage
The commercial motor vehicle insurance covers the following:
- Losses and damages to the vehicles
- Losses and damages to properties
- Third party injuries
- Third party deaths
Commercial Vehicle Risks and Perils Covered
This commercial vehicle coverage, depending on the type of insurance taken, is offered for the following events:
- Accidents
- Fire
- Theft of Car
- Riots
- Acts of Nature or Weather Hazards
Commercial Vehicle Motor Fleet Insurance Coverage Types
There are several types of insurance coverage:
- Third party insurance for commercial vehicles
- Comprehensive insurance for commercial vehicles
- Customized motor vehicle fleet insurance coverage
- Company cars for personal benefits use
- Employee cars used for company business purposes
- Fleet insurance plans for total cost and risk controls
Fleet Insurance Plans in Malaysia
Who has the best commercial vehicle insurance in Malaysia?
The best commercial insurance is based on how fast you can get your claims processed and paid to you. Cheapest insurance usually means that the claims would take a longer time to process and pay out, which means your vehicle is stuck and unable to make money for you. Very strong insurance companies pay out faster as they have the financial strength and manpower to support your fleet claims and make payments.
What is classified as a commercial vehicle in Malaysia for commercial vehicle insurance?
A commercial vehicle is a classified by the laws of Malaysia and managed by the Ministry of Transport. Usually this covers lorries, trailers, vans, taxis and buses. It includes transport commercial class A permit and C permit. Special vehicles such as forklift (with road tax), mobile crane, skylift, backhoe loader, hearse and ambulances. Commercial hire and drive vehicles, taxis. Buses like tourist buses (bas persiaran) and express buses. Forklift without road tax is covered under mobile all risks insurance.
Are company cars classified as commercial vehicles in Malaysia?
No. Company cars provided as employee benefits, are classified as company private cars. Private car insurance is issued for this. If you have a fleet of company cars for employee benefits, then you get the Customized Fleet Insurance for your company for best premium prices and cost control.
What is a Fleet Insurance in Malaysia?
A fleet insurance is to cover 3 or more motor vehicles for a company in Malaysia. Different insurance companies will have differing minimum and maximum requirements, including the mix and types of vehicles, This can include company cars and commercial vehicles under a master fleet insurance plan.
What is the benefit of a Fleet Insurance in Malaysia?
You get a special treatment as follows:
1. Control vehicle risks and repairs spending with a dedicated risk prevention team
2. Get vehicle tracking and usage data collection and reporting
3. Claims reporting at any time of the year
4. Local and international coverage with dedicated insurance claims and account teams
5. And many more benefits, depending on the insurance company
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