Car Insurance Tariff Malaysia

Types of motor insurance cover when you buy a motor vehicle you need to buy a motor insurance policy for.

Car insurance tariff malaysia. Effective 1 july 2017 motor insurance in malaysia will be de tariffed. Keep those journeys going with aig car insurance awarded malaysia s motor claims insurer of the year. Insurance companies will be able to practice risk based pricing and use their own method to calculate premiums for car insurance based on the risk profile of the customer. Premium rates for these insurance policies are governed by the bank negara malaysia along with the general insurance association of malaysia.

There are three types of car insurance in malaysia. One of the largest insurance sector and coverage is motor insurance. Or find your next car amongst the quality listings at oto my. As announced in 2012 and reaffirmed in 2014 the liberalisation of motor insurance tariffs in malaysia will commence from july 1 2016 in short motor insurance premiums will soon be based on a.

Comprehensive cover third party cover third party fire and theft cover. For more information on motor insurance detariffication and how it affects you click on the link below. So many cars on the road also means a lot of car insurance policies but how much do you know about it other than the fact. Search tariff tariff type choose pdk 2017 pdk 2017 atiga acfta ahkfta mpcepa mjepa akfta ajcep aanzfta aindfta mnzfta miceca d8pta mcfta mafta mtfta search criteria hs code item description.

Beginning 1 st july 2017 motor insurance in malaysia will be de tariffed which accounts to 46 2 of the total general insurance market in 2016. In 2014 the nielsen global survey of automotive demand found that car ownership in malaysia was the third highest 93 in the world and that it was not showing any signs of slowing down with an average annual growth of 5 4 in car registrations. This is due to the fact that motor insurance is mandatory for all vehicles using malaysian public roads under the road transport act 1987. Use oto my to reach over 2 000 000 car buyers on malaysia s 1 automotive network.

For instance third party car insurance covers only the repair cost of. Life has plenty of journeys. Oto my is the best way to buy and sell new used and reconditioned cars in malaysia. For the past 3 decades motor insurance premium is regulated by a tariff structure and it s controlled by bank negara malaysia.

Additional cover can be obtained depending on individual specifications and may cover your car s wind shield expensive audio equipment damage caused by civil unrest and others. Written by iris lee.