How To Calculate My Car Insurance – Before you buy car insurance, it is the best thing you will understand the main requirements and orders of car insurance policies. This is helping you to choose the best policy and make you easier when you want to claim insurance later.
There are 3 types of car insurance policies available in Malaysia, which have (1) covered insurance (2) Third party, fire insurance and theft and (3) Third party insurance
How To Calculate My Car Insurance
This type of policy presents the most comprehensive coverage. It provides protection to the insurance policy by any loss or damage of the property and the claims of the third party, including the loss or damage to the third party’s property, or the death caused by you.
Usage-based Car Insurance
This policy protects the insurance policy from the claims of the third party, including the loss or damage to the third party’s property, injury or death caused by you.
The third party insurance is the most basic policy due to only third parties. It includes damage or loss of third -party property and life as a result of car accidents caused by you.
Suppose you have an accident that damage your car and you are wrong. You will have to bear your car repairs.
First of all, you understand that your insurance covers some events that can happen to your car. Therefore, “comprehensive things” means your insurance will cover and compensate. It is important for you to know what your insurance covers what to avoid confusion during your claim process.
How Do Car Insurance Companies Calculate Total Loss Value?
For example, if you buy insurance that covers you, you must understand your insurance. In addition to the main coverage, you should be aware of your additional benefits that come with your policy. For example, Takaful Malaysia proposes free personal accident protection at RM15, 000 per person for drivers and passengers in the event of death or permanent disabilities due to car accidents.
That can happen to your car Your insurance event is not comprehensive, called “exemption”, which means that if any event that your insurance is not comprehensive, it will happen to your car, you will not be able to claim to your insurance company.
For example, your insurance does not provide protection if your car is damaged by floods. However, if you want your insurance company to cover the damage, you will have to buy a special duties as a reinforcement cover. If you want to enjoy this coverage, you will have to pay different insurance premiums according to the insurance company.
Another event that your insurance is not comprehensive is that if your car is damaged due to an appointment to stop riots or civil turbulence. However, you can enjoy this coverage if you buy an appointment, stop, riots and civil chaos as a protection.
What Determines Your Auto Insurance Rate
The duration of coverage means the date of enforcement of your insurance policy. During this period of coverage, you can claim your insurance policy for your insurance events.
The normal time of protection is one year. It is a regulation for you to renew your car insurance every year to enjoy your insurance coverage.
Sum Uponsured is the highest amount that your vehicle has been guaranteed. According to the general Malaysian insurance association (Piam), the basis of the true value of the vehicle is the market value of the lost time. For example, if the sum of your car insurance is based on your car market value at the time of renewal, RM45, 000, you may receive a lower compensation if your car market value is ineffective at the time of loss of cars.
However, you may choose the agreement as a insurance money for your car. If you choose an agreed value that you will receive in the event that your car will be the value that is agreed when you renew. The amount of money remains, even if your car market value will decrease.
Best Car Insurance In Malaysia 2025
You can check your free vehicle market value at Mycarinfo and read more about the value of the car market and the agreement in our past article.
The excess is the first number you have to pay for each insurance, even if the event is not your fault.
However, excess is not used for loss or damage due to fire, burns, thieves, stolen, damage to the third party’s property, or the demand for physical injuries. You must check your policy schedule to find the excess amount you have to pay.
If you keep the car insurance for a period of 12 months continuously and you or others who drive your car, do not claim anything under your policy. During the covered period, you will receive the No Caile (NCD) discount for every insurance renewal.
Average Cost Of Car Insurance (2024)
For your NCD rates will increase every year up to 55% for private cars. However, if you claim the insurance in the wrong place, you will lose all your NCD.
In addition, because NCD is your personal right, you can transfer your NCD from the old car to your new car.
Additional coverage or additional coverage is not provided by your insurance company in your standard insurance policy. If you want to buy more cover, you will have to pay more insurance premiums.
For example, if you want to buy a front windshield cover, you will have to pay 15% of the amount of insurance for your windshield. For example, if the amount of insurance for your front windshield is RM1, 000, so the additional premium that you have to pay is RM150 only with this optional coverage.
How To Calculate The Value Of Your Car
Driver with a name means a person you named as an additional driver in your insurance policy. In addition to protecting your insurance, you also protect the driver who is named in your insurance policy.
For your information, you will have to pay more than 400 Ringkit if the driver at the time of the car accident is not a driver named in your insurance policy. So if you let anyone drive your car, it will be the best you name them in your insurance policy.
Adding the first two drivers (Including yourself) free of charge If you want to add a third driver, you can do it by paying RM10 for a driver with an additional name every time.
To expand your insurance coverage to everyone that you allow your car to drive all drivers, which will only cost RM20. For this comprehensiveness, you do not need to name anyone in your policy because everyone is allowed to drive automatically. Some insurance companies such as TakaFul Malaysia, Takalas and Lonpaac, offering free riders.
How Insurance Companies Calculate Your Car Insurance Rate (what To Know In 2025) How Insurance Companies Calculate Your Car Insurance Rate (what To Know In 2025)
Last insurance premium: The final amount you have to pay to your insurance company to enable your insurance policy. The final premium calculation is as follows:
Final Premium = Gross Premium (After NCD, if any) + additional coverage (if any) + Service tax (6%) + stamp tax (RM10)
Insurance certification is a change or additional insurance policy that changes the requirements or scope of the original policy. Increasing your existing insurance policies often referring to increasing or resolving coverage.
We hope that our share will help you better understand your car insurance policy. As you know, it is important that you need to understand the requirements and commands in your insurance policy so you know what your insurance covers and not comprehensive. Then you may decide whether you need any additional coverage according to your risk assessment.
How Can I Calculate My Car Insurance Premium?
You should compare with the insured because the insurance company may propose different coverage and insurance premiums. For security, car insurance that matches your budget and requirements to compare the maximum of 15 free warranty. Visit your free car insurance online, July 1, 2017. Premium rates for comprehensive motor and third parties, light products and thefts are free. After the liberalization of motor tax rates by the NEGARA MALAYSIA (BNM), the premium rate will be determined by individual insurance companies and operators. Takaful. This freedom makes car insurance premiums different to consumers. For your perception, we are involved in this article. Factors affecting car insurance premiums and methods of calculating car insurance premiums
One of the factors that affects the car insurance premium is the car market value. In general, cars with higher market values will have higher insurers and therefore, premiums are higher. For example, Gran Coupe BMW 2, brand new, with RM199, 177 marketing values, has a higher premium than the brand new Honda with the RM75, 300 market value.
However, please note that the car market value decreases every year. This will reduce your insurance premium because your car market value is reduced. You can check the value of your vehicle market for free at Mycarinfo.
The production year of the car also affects the car insurance premium. For example, Proton Saga produced in 2016 will have
