THE CAR INSURANCE

Buying a new car will be a great experience for most of us especially when we get our dream car like the BMW, Toyota, Mercedez Benz, Audi and much more. Buying a new car is definitely an expenditure that deserved to be spent like the deposit, monthly payment, maintenance parts, road tax, and also the insurance and the insurance is something that can be complicated if the user does not have the sufficient information on this part but the insurance is  one of the compulsory expenditure for our cars and fortunately we need to pay once a year only and it is also during our renewal of the road tax.

They are many insurance companies in our country like AIA, AIG, ING, Tokio Marine, Zurich, Allianz, Etiqa Takaful and much more that provide all type of insurance for us and this including the car insurance too. For the insurance of the car, it will be based on the sum the vehicle insured, the vehicle engine CC, and the “no claim discount(NCD). So simply the higher the car price the higher the insurance that needs to be paid. For the car insurance too, they are 3 type of insurance and they are

accidnet.jpg
The car insurance is most of the time claimed for the accident just like the picture above,

Act Only.

This type of insurance provides minimum cost and it is limited for the liability cost for the death or injury to the third party.

Third Party Insurance

It is compulsory insurance that will be included in the insurance package. Basically, it will cover the driver against death or injury to a third party and at some time covers the driver to cover any damage to a third-party property and some other minimum legal cost. In this type insurance, they are also some add on like the protection for fire and theft, and damage loss for the vehicle.

Comprehensive

It is one of the recommended insurance packages and it will cost higher as it provides comprehensive coverage as it provides the best coverage for the drivers such as protection against accidental damage, loss from fire or theft and insurance for the third-party liabilities.

They are several types of insurance as we had seen above but they are some situation where the car insurance will not be covered such as

The driver’s death due to injury.

Since this part will be taken care via the life insurance or the medical insurance, personal accident insurance and much more it will not be covered under the car insurance.

Stolen of modified non-factory accessories.

Any modification made to the car may prevent the insurance coverage for the cars.

Vehicle Damage due to Natural Disaster.

In insurance term, this will be called as “Act of God” and simply to be said that this will be not covered.

Vehicle Durability Damage

Thing like the depreciation, wear and tear due to usage, mechanical and technical failure, breakage will not be covered.

For the insurance, they are some specific term that needs to be understood.

Coverage.

What and how is the coverage for the insurance, what it will be covered for, and what it is not be covered.

Premium.

The amount that needs to be paid and in the insurance term it will be called as premium.

NCD

This full abbreviation for the No Claim Discount means that the insurance company will provide a discount if the user had not made any claim during the entire coverage period and the during the insurance renewal. The best part is that NCD is not tied to the car but to the name of the car owner hence it can be transferred to a new car and at some time the higher the insurance premium paid the higher the NCD will be.

In the next cases, how the insurance needs to be claimed.

Since the insurance always be associated with the accident hence a police report need to the made at the nearest police station within 24 hours and at some time the user must also inform the vehicle insurance company too.

The next steps, all the necessary copies of the police report, Identification card photocopies, driving license, vehicle registration and the car road tax need to be sent to the insurance companies.

The insurance company will then disburse the necessary amount via bank deposit or cheque to the user.

All this process it time-consuming and will take weeks, and even a month depends on the car insurance providers.

For car insurance providers, they are several of them in our country like the Takaful Ikhlas Comprehensive Private Cars, AIA Comprehensive Private Car Insurance, Etiqa Comprehensive Private Car Takaful, AIG Comprehensive Motor Insurance, Allianz Comprehensive Motor Insurance, Zurich Comprehensive Motor Insurance, Tokio Marine Comprehensive Motor Insurance, Kurnia Comprehensive Motor Insurance and much more.

With the Malaysia E- Government Service or famously known as MYEG the renewal of the car insurance can be done via online and after the completion of the insurance the road tax renewal will be proceeded and the road tax will be sent to the user home itself.

The car insurance it one of the most important parts of the car expenditure too and it is also the most ignored or the least understandable for the car lovers. Some user may find it easier to understand and some user may found it complicated. Due to this some of the insurance coverage claims can be misunderstood between the insurance provider and the car lovers hence it may or may not delayed the process of the disbursements.

However, the car insurance it still one of the expenditures that needs to be paid and unlike the monthly payment for our car, it only needs to be paid once a year and this also during the road tax renewal time only. The insurance had become the major player in the purchasing of the car and this can’t be ignored whether we like it or not hence choosing the best insurance company will prevent any misunderstanding or any complication that can arise due to the least information on it.

For the best insurances , one of our reader Lauren had sent us a link which we will be more than happy to share . Here is the link below https://www.reviews.com/auto-insurance

 

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