Third Party Fire And Theft Car Insurance Compare

Third Party Fire And Theft Car Insurance Compare - Before buying car insurance, it is good to understand the main terms and clauses of a car insurance policy. This is to help you choose the best policy and make it easier for you when you need to make an insurance claim later.

There are 3 types of car insurance policies available in Malaysia which are (1) comprehensive insurance, (2) third party, fire and theft insurance and (3) third party insurance.

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This type of policy offers the most comprehensive coverage. It provides protection to policyholders against any loss or damage to their property and third party claims, which include loss or damage to third party property, injury or death caused by you.

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This policy protects policyholders against third party claims involving loss or damage to third party property, injury or death caused by you.

Third party insurance is the most basic policy because it only provides coverage to the third party. It covers damage or loss of property and life of a third party as a result of a car accident caused by you.

Say you have an accident that damages your car and you are at fault, you will have to cover the cost of repairing your car.

First, understand that your insurance only covers certain events that can happen to your car. Therefore, "what is covered" refers to the events that your insurance will cover and compensate for. It is important to know what your insurance covers to avoid any confusion during your claims process.

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For example, if you buy comprehensive insurance, you need to understand the events covered by your insurance. Apart from the main coverage, you should also be aware of the additional benefits that come with your policy. For example, Takaful Malaysia offers free personal accident cover of RM15,000 each for the driver and passengers in the event of death or permanent total disability due to a car accident.

What can happen to your car. Events that your insurance does not cover are also called "exclusions". This means that if one of the events that your insurance does not cover were to happen to your car, you cannot make a claim against your insurer.

For example, your insurance does not provide coverage if your car is damaged by flooding. However, if you want your insurer to cover the damage, you will need to purchase separate perils cover as an optional cover. To enjoy this coverage, you will have to pay an additional premium that varies between insurers.

Another event that your insurance does not cover is if your car is damaged due to strikes, riots or civil disturbances. However, you can enjoy this cover if you purchase a strike, riot and civil commotion cover as an additional cover.

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The coverage period refers to the effective date of your insurance policy. During this coverage period, you can make claims on your insurance policy for events covered by your insurance.

The usual coverage period is one year. It is mandatory for you to renew your car insurance every year to enjoy your insurance coverage.

Sum insured is the maximum amount for which your vehicle is insured. According to the General Insurance Association of Malaysia (PIAM), the basis of assessing the true value of a vehicle is the market value at the time of loss. For example, if the sum insured of your car based on the market value of your car at the time of renewal is RM45,000, you may actually receive a lower compensation if the market value of your car depreciates at the time of car loss.

However, you can also choose an agreed value as the sum insured for your car. If you choose an agreed value, the compensation you will receive in the event that your car is a total loss will be the agreed value at the time of your insurance renewal. This amount remains even as the market value of your car depreciates.

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You can check the market value of your vehicle for free on MyCarInfo and read more about car market value and agreed value in our previous article.

The excess is the first amount you have to pay for any insurance claim, even if the incident was not your fault.

However, the excess does not apply to loss or damage due to fire, explosion, lightning, theft, housebreaking, robbery, third party property damage or bodily injury claims. You should check your policy plan to find out the excess you have to pay.

If you have insured your car for a continuous period of 12 months and you or someone else who drives your car makes no claim under your policy during the cover period, you will enjoy a no-claims discount (NCD) for each policy renewal.

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For your information, your NCD rate will increase every year up to a maximum of 55% for private cars. However, if you make an insurance claim where you are at fault, you will lose all of your NCD.

Besides, since NCD is your personal right, you can actually transfer your NCD from your old car to your new car.

Optional or additional coverage refers to additional coverage that is not provided by your insurer in your standard insurance policy. If you want to buy additional cover, you will need to pay an additional premium.

For example, if you want to buy a windshield cover, you will need to pay 15% of the sum insured for your windshield. For example, if your insured windscreen sum is RM1,000, the additional premium you need to pay is only RM150. With this optional coverage, if the windshield breaks or breaks, your insurance will pay for the cost of repairing or replacing the windshield.

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A named driver refers to the individual you name as an additional driver on your insurance policy. In addition to protecting you, your insurance also protects the driver named in your insurance policy.

For your information, you will have to pay a mandatory excess of RM400 if the person driving your car at the time of your car accident is not a named driver in your insurance policy. Therefore, if you allow someone to drive your car, it is a good idea to mention them on your insurance policy.

Adding the first two drivers (including yourself) is free. If you want to add a third driver or more, you can do so by paying RM10 for each additional named driver.

To extend your insurance cover to anyone you authorize to drive your car, you can get all drivers cover which will cost you only RM20. For this cover, you don't have to name anyone on your policy because anyone authorized to drive your car will get the protection automatically. Some insurers such as Takaful Malaysia, Takaful Ikhlas and Lonpac offer free coverage to all drivers.

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Final premium: The final amount you must pay your insurer to activate your insurance policy. The calculation of the final premium is as follows:

Final Premium = Gross Premium (after NCD, if any) + Additional Cover (if any) + Service Tax (6%) + Stamp Duty (RM10)

An insurance endorsement is an amendment or addition to an insurance policy that changes the terms or purpose of the original policy. Adding an endorsement to your existing insurance policy usually means adding or modifying coverage.

We hope our breakdown can help you better understand your car insurance policy. As you know, it is important that you understand the terms and clauses in your insurance policy so that you know what your insurance does and does not cover. You can then decide whether you need to take out any optional coverage based on your risk assessment.

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You should also compare all insurers as insurers may offer different coverage and premiums. To ensure you get the car insurance that meets your budget and needs, compare up to 15 free insurance quotes. Visit today to get your free online car insurance quotes. Journalists on the editorial team at Advisor Australia base their research and opinions on objective and independent information gathering.

When we cover investment and personal finance stories, we aim to inform our readers rather than recommend specific financial products or asset classes. Although we may highlight some positive aspects of a financial product or asset class, there is no guarantee that readers will benefit from the product or investment approach and may actually incur a loss if they purchase the product or adopt the approach.

To the extent that any recommendation or statement of opinion or fact made in a story may constitute financial advice, it constitutes general information and not personal financial advice in any form. As such, any recommendation or explanation does not take into account the financial circumstances, investment objectives, tax implications or any specific requirements of the reader.

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