For details, please click Business Times.
Showing posts with label Motor Insurance. Show all posts
Showing posts with label Motor Insurance. Show all posts
Tuesday, May 26, 2009
Sunday, February 22, 2009
WHAT IS THE CONSEQUENCE IF A VEHICLE IS UNDERINSURED?
A vehicle is underinsured when its sum insured is much lower than its market value. When this happens, a policyholder is responsible to bear a certain portion of a loss of his car. For details, please click here.
Sunday, January 25, 2009
WHAT IS A NO CLAIMS BONUS (NCB) / NO CLAIMS DISCOUNT (NCD)?
NCB is a bonus or discount given to private car drivers (policyholders) upon renewal of their motor insurance if they don't make any claim. It is a reward to careful private car drivers. Once they make a claim (with exception to windscreen and No-fault Own Damage claim), their NCB will be 0 % and they have to wait for another five years in order to enjoy 55 % NCB.
For those who have more than one car under their name, NCB is transferable from one car to one of the other cars. For example, car A is a new car (high premium) and car B is an old car (low premium) and they are entitled to a bonus of 25 % and 55 % respectively. The owner of these two cars can transfer the NCB from car B to car A to enjoy more discount. In other words, car A and car B now are entitled to a bonus of 55 % and 25 % respectively. Car A and car B must be owned by the same driver in order to enjoy this benefit.
For those who have more than one car under their name, NCB is transferable from one car to one of the other cars. For example, car A is a new car (high premium) and car B is an old car (low premium) and they are entitled to a bonus of 25 % and 55 % respectively. The owner of these two cars can transfer the NCB from car B to car A to enjoy more discount. In other words, car A and car B now are entitled to a bonus of 55 % and 25 % respectively. Car A and car B must be owned by the same driver in order to enjoy this benefit.
For details, please click the following links:
WHY IS IT VERY HARD TO RENEW MOTOR INSURANCE (THIRD PARTY LIABILITY) IN 2009?
The answer for the question above is very simple. Many general insurance companies suffer from loss due to a continuous fall in average motor premium while the insurers suffer from higher-than-expected claims ratio.
In order to overcome this problem, the insurers have to adopt more stringent underwriting controls on motor insurance including the application of premium loadings. As a result, the renewal and availability of motor insurance in 2009 will be significantly affected.
However, fortunately, motor vehicle owners who find difficulty in obtaining or renewing their motor cover can turn to the Malaysian Motor Insurance Pool (MMIP) to obtain motor insurance protection for their vehicles.
In order to overcome this problem, the insurers have to adopt more stringent underwriting controls on motor insurance including the application of premium loadings. As a result, the renewal and availability of motor insurance in 2009 will be significantly affected.
However, fortunately, motor vehicle owners who find difficulty in obtaining or renewing their motor cover can turn to the Malaysian Motor Insurance Pool (MMIP) to obtain motor insurance protection for their vehicles.
For details, please click the following links:
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