#1 day motorcycle insurance 1 day motorcycle insurance



1 day motorcycle insurance

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Motor Insurance

One of the largest insurance sector and coverage is Motor Insurance. This is due to the fact that Motor Insurance is mandatory for all vehicles using Malaysian public roads under the Road Transport Act 1987.

TYPES OF MOTOR INSURANCE COVER

When you buy a motor vehicle, you need to buy a motor insurance policy for use of the vehicle on the road. There are, however, many types of motor insurance policies available. The common types are:-

Act cover

This is the minimum cover corresponding to the requirements of the Road Transport Act 1987. The cover required is in respect of legal liability for death or bodily injury to third party (excluding passengers). This Policy is hardly ever written by Insurers.

Third Party cover

This policy insures you against claims for bodily injuries or deaths caused to other persons (known as the third party), as well as loss or damage to third party property caused by your vehicle.

Third Party, Fire and Theft cover

This policy provides insurance against claims for third party bodily injury and death, third party property loss or damage, and loss or damage to your own vehicle due to accidental fire or theft.

Comprehensive cover

This policy provides the widest coverage, i.e. third party bodily injury and death, third party property loss or damage and loss or damage to your own vehicle due to accidental fire, theft or an accident.

TYPES OF MOTOR INSURANCE COVER


SUM INSURED

The Sum Insured of your vehicle is an estimated value for charging your insurance premium however it is also the maximum amount for which your vehicle is insured for. The basis of assessing the true worth of your vehicle is its market value at the time of a loss. The market value must be within the Sum Insured. If it is not, you will be considered your own Insurer for the difference.

Some Insurers offer Agreed Value Policies. Under this term, the market value is considered equal to the Agreed Value of the sum insured.

EXCESS

Most policies are subject to an excess clause. An excess is the first amount of a claim for which you will have to pay. Your insurance pays for the amount beyond the excess. The excess clause may apply on repair claims and/or on theft claims. Some insurers will overlook application of the excess if repairs are undertaken at their panel of repairers.

EXCLUSIONS

A standard motor insurance will not cover certain losses, such as your own death or bodily injury due to a motor accident, your liability against claims from passengers in your vehicle (except for passengers of hired vehicles such as taxis and buses) and loss or damage arising from an act of nature, such as flood, storm and landslide. However, you may pay additional premiums to extend your policy to cover flood, landslide and landslip as well as cover your passengers. It is important to check your policy for the exclusions.

EXTENSIONS

The Motor policy allows for policyholders to extend cover to include extra benefits and additional cover apart from the standard coverage. Do communicate with your insurers to request for these additional covers.

  1. Flood, windstorm, rainstorm, typhoon, hurricane, volcanic eruption, earthquake, landslide/landslip, subsidence or sinking of the soil/earth or other convulsion of nature
  2. Breakage of glass in windscreen or windows
  3. Strike, riot and civil commotion
  4. Tuition and testing purposes
  5. Additional named driver
  6. All drivers’ extension for private car polices issued to a company of businesses only
  7. Passenger liability
  8. Liability of passengers for acts of negligence
  9. Additional business use

NO-CLAIM-DISCOUNT (NCD)

The premium payable may be reduced if you have no-claim-discount (NCD) entitlement. NCD is a ‘reward’ scheme for you if no claim was made on your insurance policy on an annual basis. Different NCD rates are applicable for different classes of vehicles. For a private car, the scale of NCD ranges from 25% to 55% as provided in the policy.

HOW TO MAKE A CLAIM

Accident claims

When you are involved in an accident, you may either make an own damage claim or a third party claim if your Policy is under Comprehensive cover :-

Own damage claim

This refers to making a claim on your own insurance policy, i.e. you have a comprehensive policy. However, you will lose your NCD entitlement.

In notifying your insurance company of the accident, enquire about the names of approved workshops to send your vehicle for repair.

Submit the fully completed Motor Accident Report Form together with all supporting documents as soon as possible to your insurance company.

The workshop will commence repairs on your vehicle upon the approval of your insurance company.

Upon completion of repairs, you will be informed by the workshop to collect your vehicle.

Own Damage Knock-for-Knock Claim

There are times when your third party is clearly at fault and has been charged by the police for being the cause of your accident. If you can provide the proof from the police to your Insurer, you can then submit an ‘Own Damage Knock-for-Knock claim’ which is the almost the same as an own Damage claim except for the fact that your NCD entitlement will not be affected.

Betterment

Betterment becomes an issue when your vehicle is more than 5 years old. You will be required to contribute to new spare parts used in your repairs according to the following scale:-

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SOURCE: http://www.piam.org.my/consumer/general-insurance-products/personal-lines/motor/

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