One of the first things you need to know is that motor insurance in Malaysia is a requirement when you purchase a car by law. This is because no matter how good of a driver you are, you still cannot control the how others on the road will drive, the weather and that will also put you and your car in danger and of course, it will also cost you a whole lot of money, and most cars today cost a whole lot of money, not to mention the luxury cars, those cost even more.
But even so, motor insurance in Malaysia is here to help us because let’s face it, getting into a car accident is very expensive, depending on how bad the crash is, fortunately there is a way for is to save and protect our money and that is to give some of our money to companies, so that they will help pay for the damages that has happened to you car and yourself, so without anymore further delay, here are the 5 things you should know about your motor insurance in Malaysia.
The first thing that you need to know is coverage, and just like other insurance, motor insurance in Malaysia works the same way, it isn’t that much different from the other insurances. So when you get your motor insurance in Malaysia, you will first want to know the coverage it provides, at the basic point, your motor insurance will cover the damages to your own vehicle. This also includes coverage for accidents that are caused by a third party, or damages caused by your own doing. There are also additional coverage that will cover death and even physical injuries to yourself due to the car accident.
The Added Services
The next thing on the list of 5 things you should know about your motor insurance is the added services. Certain insurance provider may provide some extra benefits, depending on the policy you’re getting. So the extra benefits will probably include breakdown service, they may have extra servicing branches to offer assistance if you need to check with the offices for a claim, or collect a form. So when you are looking for motor insurance, you may want to consider these factors.
As with all the other insurances, premiums are your payments to the insurance providers and the cost of every insurance policy will be determined by several factors, and that includes the market value of the car, the size and capacity of the car, the coverage, as well as the number of drivers per car and even the age of your car may be taken into consideration as well, so you need to take all of these into your consideration when choosing the right policy and to understand the driving factors of the policy’s price.
No Claim Discount
The next thing you need to know about your motor insurance is the no claim discount (NCD), it is a discount provided to you when you do not make any insurance claims during a specified period. So this means that you will need to be careful and avoid car accidents caused by yourself. If you manage to do so, then you will be able to benefit from the no claim discount and pay less when you renew your insurance for the next 12 months.
One of the most important things for you to know is that small damages to the car such as minor scratches will be better paid off in cash. This will help you sustain the No Claim Discount and save you a whole lot of time and money, and that is always a good thing. When the damage is major, then you should make a claim. There are two types of claims, the “Own Damage Claim”, and the “No-Fault Own Damage Claim”, which you will be making depending on the cause of the car accident or damage.
As mentioned in all the paragraphs above, motor insurance in Malaysia is incredibly important when you know the facts about it. It does encourage you to get motor insurance if you don’t have one yet, and fortunately for you, we have one of the best motor insurance in Malaysia today and it is being offered by MSIG, a very reliable insurance company, visit PolicyStreet.com to find out more on how you can enjoy 10% immediate rebate!