Motorcar Insurance Renewal and Comparison in Malaysia
Motorcar Insurance Malaysia
Motorcar insurance is also known as motor insurance, car insurance or auto insurance in Malaysia. It is a mandatory insurance for cars, trucks, motorcycles, and other public road vehicles in Malaysia.
This insurance is used to pay for damages to your motorcar and to third parties in accidents in Malaysia. The motorcar or vehicle is legally required to have this in Malaysia.
You will need to have a valid motorcar insurance cover note to get a valid road tax for your car. The valid motorcar road tax means you are covered in the event of injuries, death, losses and damages to third parties in an accident.
The insurance company will take care of the costs, legal issues and court cases depending on the coverage you buy.
Motorcar Insurance Coverage
The motorcar insurance, depending on comprehensive or third party motorcar insurance type, covers the following:
- Losses and damages to the cars
- Losses and damages to properties
- Losses and damages to third party properties up to Rm3 million.
- Third party injuries amounts unlimited
- Third party deaths
Motorcar Risks and Perils Covered
This coverage is offered for the following events:
- Accidents
- Fire
- Theft of Car
Motorcar Insurance Riders and NCB
Separate coverage can be taken as riders. This is for common motorcar damages. You can then save on the Motorcar no claim bonuses (NCB) to reduce your annual motorcar insurance premiums or prices.
Most common motorcar riders:
- Front windscreen damage
- Rear windscreen damage
Three Types of Motorcar Coverage Policies
There are three types of motor insurance policies offered by an insurance company. This ensures affordable motorcar insurance coverage for car owners.
Comprehensive Motorcar Insurance Coverage
This insurance covers claims for damages from an accident with your car. This claims include your own repair bills and damages plus the claims from third parties you had the accident with.
This is usually a compulsory insurance when you buy a new car with a loan. This ensures the motorcar is covered from losses and damages during the period of the loan. And the bank will want this coverage to secure the loan.
Third Party Motorcar Insurance
Third Party plan is the most basic motor insurance cover offered by any insurance company. Protection for this plan is limited. The premium plan for this is the lowest compared to other policies.
Most cars that are old and no longer under a bank loan, will use this insurance on renewal. This is the most basic car insurance for best price comparisons.
In Malaysia, it is mandatory to have at least one Third Party plan if you own a motor vehicle, including a motorcycle.
There are two types of third party motorcar insurance:
- Third Party Insurance with Fire and Theft Coverage
- Third Party Insurance Coverage only
Passenger Liability Insurance
People travelling in a private transport like a private car or van, needs to be covered by a passenger liability insurance policy. This is cover for any liabilities to third parties in the car, like ferrying people around or going out to lunch with others in your car.
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