CAR INSURANCE

You need car insurance when you buy a car vehicle. Car insurance covers your vehicle, be it a motorcycle, a car or a lorry, in case of accidents or theft. There are common types of car insurance available: third party; third party, fire and theft; and comprehensive cover. The level of your coverage dictates what you can claim if your vehicle sustains loss or damages.


CHOOSING A POLICY

When it comes to buying a policy, always :

  • Check the market value price of your vehicle. If it is a new vehicle, the insured value will be the purchase price.
  • Ensure that your vehicle is adequately insured as it will affect the amount you can claim.
  • Give all material facts about your vehicle, including previous accidents (if any), modification to engines, etc. When it doubt, it is best to ask your insurance company.

HOW MUCH SHOULD I COVER

Make sure the amount covered in your car insurance certificate reflects the market value of your vehicle and not any other value to avoid over-insurance or under-insurance. You may check the market value of your vehicle from http://www.mycarinfo.com.my/

TOP UP COVER




CANCELLING YOUR POLICY



  • You may cancel your car insurance policy at any time by notifying your insurance company in writing, inclusive of the date you want to stop the policy
  • It is a good idea to have a new policy in place before cancelling your previous one so there is no gap in between coverage.
  • Insurance companies also generally offer a refund premium based on how old your current insurance policy may be, the newer it is when you cancel it, the more refund you will receive.

For more information, you can download our booklet on car insurance.