First Party Car Insurance Malaysia – Home »Insurance Range: 1 -th Party vs 3 Party Insurance Coverage: 1 -th Party VS 3 Part Insurance
As you notice, motor insurance is a range form given to registered vehicles. All drivers must renew their car insurance and road taxes earlier.
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Before renewing your insurance, you need to know the types of policies available in the market. There are three types of policies that provide different caps: i) wide insurance, II) third parties, fires, and robbery insurance, and III) third-party insurance.
Comprehensive Car Insurance
In this article, it will explain the differences between comprehensive insurance and third party.
The 1st Party or Comprehensive Insurance provides a wide range of insured. It covers the car’s damage to the car by accident, fire or theft. The policy also covers the third -party responsibility of vehicles, injuries or death.
To help you better understand 1 party insurance, refer to some situations below covered by 1 -part policy:
The third insurance is the most basic car insurance policy with the lowest range level. It only covers the third, who claims.
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In the third party policy, you need to cover the cost of injury to your vehicle (if you are caused by an accident). You are not allowed to demand your vehicle injury because the insurance will only pay for the third.
Some insurers set a maximum age limit of vehicles between 16 – 25 years for 1 party insurance.
This sign (/) means that the policy provides scope, while (X) means the policy does not provide scope.
We hope this article will benefit you to give you insurance first and third parties insurance.
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For more information about car insurance, check out our other blog articles. Watch this space as we provide motor and trick insurance tips and more!
It is one of the largest websites of Malaysian insurance, which offers policies more than 10 marks. Get your free insurance quote from now on! Before you buy car insurance, it is best for you to understand the key terms and car insurance clauses. This will help you choose the best policy and facilitate you when you need to make insurance later.
There are 3 types of car policies -Insurance in Malaysia, which (1) comprehensive insurance, (2) third, fire and steal insurance and (3) third -Party insurance.
This type of policy offers the most comprehensive range. It provides protection to insurers from any loss or injury from their ownership and the claims of third parties, which include loss or damage to ownership, injury or death of your third cause.
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This policy protects insurers from third parties, which include loss or damage to the property, injury or death of the third parties you caused.
Thirds insurance is the most basic policy, as it only provides a third. This includes the damage or loss of the ownership and life of the third as a result of the car accident you caused.
Let’s say that an accident that damaged your car and you were guilty, you had to bring costs to repair your vehicle.
First understand that your insurance only covers a few events that can happen in your car. Therefore, “what is covered” refers to the events that your insurance covers and compensates for. It is important that you know what your insurance covers to avoid any confusion during your claim process.
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For example, if you buy wide insurance, you need to understand the events covered by your insurance. In addition to the basic scope, you also need to be aware of the auxiliary benefits that include your policy. For example, Takaful Malaysia offers a free personal incidence of RM15 accidents, 000 each for driver and passenger in the event of a death or total permanent disability due to car accident.
That might happen to your car. Events that are not covered by your insurance are also called “exceptions.” This means that if any of the events are not covered by your insurance, you will happen in your car, you cannot apply for your insurer.
For example, your insurance does not provide scope if your vehicle is flooded. However, if you want your insurer to cover the damage, you will need to buy special dangerous caps as an optional cover. To enjoy this range, you need to pay an additional prize that differentiates the insurers.
Another event that is not covered by your insurance is whether your vehicle is damaged by any strike, unrest or civil disturbance. However, you will enjoy this range if you buy a strike, disturbance and civil driver as an additional cover.
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The cover of the cover determines the actual date of your insurance. During this incidence, you can make claims about your insurance at events that are your insurance covers.
The usual scope period is one year. It is advised for you to renew your car -Insurance Taun -Aon to enjoy your insurance coverage.
An insured value is the maximum value at which your vehicle is insured. According to the General Insurance Association of Malaysia (PIAM), the basis for estimating the true value of a vehicle is its market value at the time of loss. For example, if the amount that your vehicle insured according to the value of your car market at the time of repair is RM45, 000, you may receive a lower pay if your car market is worth the time of losing cars .
However, you can also choose an agreed amount because the amount insured for your car. If you choose an agreed amount, the compensation you will receive in case your vehicle is a total loss is the agreed amount at the time of your insurance renewal. The value remains even if the value of your car market reduces.
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You can check your car market value for free with Mycarinfo and read more about the car market value and the amount of value in our previous article.
Too much is the first total you have to pay for each insurance claim, even if the incident is not your fault.
However, excess is not valid for loss or injury due to fire, explosion, lightning, robbery, pity, theft, third injury or injury. You need to check your policy schedule to figure out the amount you can.
If you are sure of your car for a long -term period of 12 months and you or anyone else drive your car.
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For your information, your NCD rate will increase annually -to a maximum of 55% for private cars. However, if you make insurance where you are guilty, you will lose all of your NCDs.
Besides, since the NCD is your personal right, you can actually move your NCD from your old car to your new car.
Optional or additional cover refers to an additional cover that your insurer does not provide to your usual insurance. If you want to buy an additional cover, you will need to pay an additional prize.
For example, if you want to buy an air cover, you will need to pay 15% of the amount insured for your air flag. For example, if the amount insured for your air flag is RM1, 000, then the additional prize you will have to pay is RM150 only. Using this optional range, if your air flags or breaks, your insurance will be paid for repairing or replacement costs of your air flag.
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Called a driver refers to the individual you call as an additional driver in your insurance. In addition to protecting you, your insurance also protects the driver named in your insurance.
For your information, you will need to pay a compulsory RM400 if the person driving your car at the time of your vehicle’s accident is not called the driver in your insurance. Therefore, if you let anyone drive your car, it is best for you to call them on your insurance.
Adding the first two named drivers (including yourself) is free. If you want to add a third driver or more, you can do this by paying RM10 for each further named driver.
To expand your insurance coverage with anyone who allows you to drive your vehicle, you can get all the drivers worth RM20. For this scope, you do not need to call anyone in your policy, as anyone authorized to operate your vehicle will automatically obtain protection. Some insurers such as Takaful Malaysia, Takaful Ikhlas and Lonpac offer all drivers for free.
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Final prize: The final amount you need to pay your insurer to activate your insurance. The calculation of the final prize is as follows:
Final Prize = Gross Prize (after NCD, if there is) + additional range (if there is) + tax service (6%) + stamp tax (RM10)
Insurance approved is a change or addition to the insurance police that changes the terms or scope of the original
