Crypto and Its Possible Impact on Insurance

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Many technological strides have been made over the last couple of decades. Advancement in technology is becoming faster and faster as each year passes by and many technologies to improve work efficiency, communication, and even financial services are being discovered and used every day. Technology has made the world smaller in a good way; we are now able to talk to family and friends from across the globe without having to spend too much money or wait too long for a reply. International financial transactions have also become more straightforward and hassle-free.

One of the significant technological strides in the financial sector is the invention of bitcoin. Bitcoin is a new type of currency which can be used in financial transactions without the need for a middleman (usually banks). Bitcoin was invented back in 2009 and has been gaining popularity since then, reaching an all-time high worth $ 17,900 on December 15, 2017.

Here are some of the benefits of using bitcoins:

1. Anonymity. – Bitcoins can be used to buy merchandise anonymously. In this time and age where privacy has become a critical factor to be considered when you’re connected to the Internet, being able to transact anonymously presents a very inviting option for many people.

2. Easy international transactions. – Because bitcoin is not tied to any country or is subjected to regulations, global payments and other financial transactions are easier, and a lot more affordable than traditional international banking systems where fees still need to be paid and transactions may take time to be completed.

3. Cost. – Small businesses may prefer bitcoins since there is no credit card fee that they would have to pay the bank. Online stores from across the world could also gain more profit by using bitcoin instead of other online payment methods like Paypal where there are charges for currency conversion and additional fees.

4. Investment. – People may also get enticed by the history of bitcoin price. Because of the recent rise in bitcoin prices, a lot of people have begun thinking about investing in bitcoin as a form of long-term investment.

Bitcoins are stored in a digital wallet which could either be on a cloud or your computer. Digital wallets serve as your bank account which allows you to send or receive bitcoins, pay for bitcoin transactions, and save or store your bitcoins for future use.

No one can predict how bitcoin can affect world finance and economy in the long run, but judging by its practicality and its current popularity, it may be here to stay for a while. Bitcoin may even revolutionize the way that the insurance industry works. Without the need for banks to act as middlemen, insurance claims would be paid out more efficiently and promptly. There may also come a time when you wouldn’t need to pay for a monthly premium; with the help of GPS technology in conjunction with bitcoin technology, your vehicle’s movement can be tracked, and you would just have to pay for the times when your vehicle is in use. These are just assumptions but very well may be the future with bitcoins.

Having trouble with your auto insurance claimContact Hogan Injury.

None of the content on Hoganinjury.com is legal advice nor is it a replacement for advice from a certified lawyer. Please consult a legal professional for further information.

Credits to : www.hoganinjury.com

Bitcoin and Altcoins : Time to Regulate?

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In the financial space, anything unregulated and unregistered would cause doubts and uneasiness. In the case of cryptocurrencies, such as bitcoin, financial regulators all over the world have started to find ways to oversee the blockchain, or the record of all cryptocurrency transactions, as well as to address the irregularities presented by these virtual currencies that mostly bypass financial firms, exchanges, and regulated banks. The most popular of all cryptocurrencies, bitcoin, chiefly operates outside of the conventions of a financial system; and this worries regulators as it has the potential to be linked to money laundering, tax evasion, fraud, and terrorist funding.

In November of last year, a businessman from Brooklyn was charged in a case with promoting currencies, which are backed by investments in diamonds and real estate that, according to the US prosecutors, do not exist. The Securities and Exchange Commission also filed charges.

Earlier this year, more than half a billion dollars in cryptocurrencies from a Japanese exchange called ‘Coincheck’ had been stolen by hackers. Experts say that more of such attacks can be expected in the future, as all of the hackers in the world may now be targeting cryptocurrencies.

For investors and owners of cryptocurrencies, this is worrisome. Here’s what the US regulators are currently doing to address doubts on cryptocurrencies:

Securities and Exchange Commission

SEC is a federal agency responsible for protecting investors and keeping order in markets. In a statement released in March, the SEC argued that under US security laws, digital assets such as coins and tokens offered and sold in initial coin offerings (ICOs) fall under the definition of “security.” The statement may mean that trade digital currencies would be required to be registered with the SEC, just like all of the national securities exchanges such as the New York Stock Exchange.

Internal Revenue Service

For tax purposes, the IRS states that bitcoin must be considered as property; therefore a capital gain or loss must be recorded, or be accessed through the blockchain as if it were an exchange that involves property. If it is used as payment, it should be treated as currency, and the bitcoin price must be converted to its fair market value checked on an exchange.

Department of Treasury

The department is taking the lead and is bringing federal agencies together to coordinate regulation on cryptocurrencies. It has formed a virtual currency working group, which includes the Federal government and the Securities and Exchange Commission, which will be watching bitcoin and other cryptocurrencies closely.

State Laws

Cryptocurrencies started out as “stateless” entities, but the cynicism towards them eventually drew a realization that regulation is necessary. In introducing cryptocurrency regulations, California and New York, which are home to a large number of crypto businesses, are taking the lead. Other states are quickly catching up.  The National Conference of Commissioners on Uniform State Laws had voted in favor of providing a model act for the regulation of cryptocurrency businesses at the state level.

There had been measures in regulating cryptocurrency, and we can expect more developments in the future. Reports on irregularities, scams, and fraud surrounding cryptocurrency are indeed alarming, which is why it is important to remain vigilant and cautious in all of your investment activities; and be on the lookout for bitcoin news and other updates on cryptocurrencies.

 

Contact us at Hogan Injury for expert legal advice.

None of the content on Hoganinjury.com is legal advice nor is it a replacement for advice from a certified lawyer. Please consult a legal professional for further information.

Credits to : www.hoganinjury.com

Bitcoin and Cryptocurrency Litigation

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Bitcoin and other cryptocurrencies are gaining more attention as days pass. Aside from the advantages that cryptocurrencies have like anonymity and easy international transactions, people are enticed by the fact that it can become a good investment. Apart from trading bitcoins for cash, you can also use bitcoins to buy gift cards, book flights, and hotels, buy furniture, or even buy real estate properties. Bitcoin purchases are not taxed at the moment since there is no way for third parties to identify, track, or intercept transactions that use bitcoins. Transaction fees are considerably lower as well compared to credit card transactions or services like Paypal.

Although there are many advantages in using bitcoin or other cryptocurrencies, just like any other investments, you should always be careful with your transactions. Since cryptocurrency is not regulated, many unscrupulous people have taken advantage of this and incidents of fraudulent cryptocurrencies, and other types of scam related to cryptocurrency have happened. One example of this is Prodeum, a cryptocurrency start-up that scammed its investors in just one weekend.

Because of these scams, law firms have now been involved in helping the victims. Cryptocurrency litigation has now become something that some lawyers specialize in. There are a lot of factors to consider when a cryptocurrency dispute arises. Aside from fraudulent Initial Coin Offering (ICO), lawyers could get involved if the cryptocurrency was used to launder money or hide assets; they could also get involved when there is an issue with the company, commercial, or intellectual property laws being violated in relation to cryptocurrency.

Here are some things that you can do as a cryptocurrency user to avoid being scammed:

1. Research. – Just like with any other investments that you will make, research is essential. When investing in an ICO, make sure to read and dissect their white papers to ensure that you’re working with reliable people. Take time to research the people behind the ICO, their whole team, board members, and other investors. It’s vital for you to learn as much as you can about the company before investing so that there will be no unpleasant surprises.

2. Be vigilant. – Cryptocurrency is still primarily bought and sold at exchanges. Because cryptocurrency is something new and the fuss around it is its value, many people get scammed by the promise of unrealistic prices. If an exchange promises incredible discounts or offers that seem too good to be true, it probably is. Another thing that you can do to avoid bitcoin exchange scams is to check the exchange’s URL. If a website’s address starts with HTTPS instead of just HTTP, that means that the traffic is encrypted and therefore has more protection.

3. Only use trusted sources. – Hardware wallet is a physical device that stores your private keys. Hardware wallets offer more protection from hacking since there is no way for hackers to access them when you’re not online. However, hackers have now found a way around that. Some hackers sell hardware wallets that have a backdoor for them to access all your cryptocurrency and the best way to avoid this is only to accept hardware wallets from trusted sources.

In need of expert legal advice? Contact us at Hogan Injury.

None of the content on Hoganinjury.com is legal advice nor is it a replacement for advice from a certified lawyer. Please consult a legal professional for further information

Credits to : www.hoganinjury.com

Denied Auto Insurance Claim: What Do I Do?

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Being a driver, you feel like getting car insurance will give you peace of mind. Aside from the fact that it is mandated by the law to have car insurance in almost all of the states, you also enjoy the feeling of not having to worry about accidents when they occur. As a responsible driver, you choose to pay more than the bare minimum to make sure that everyone who rides with you and the drivers you encounter in the road are protected. But what would you do if your insurance claim gets denied?

The first step would be to review your insurance policy. Take time to read through your entire insurance policy, write down notes and highlight passages that would help you in proving that your insurance claim is valid. If after reviewing your policy you feel like your claim should not have been rejected, you can send a letter to the insurance company and tell them where their mistake is. Provide the necessary documentation to support your claim. Ideally, the insurance company will negotiate and give you a fair settlement.

A denial of your claim is not final, there are ways for you to contest the decision of the insurance company. You also need to understand and take note of the reason why your insurance claim was denied. Understanding the reason for the denial of your claim is important so you can properly determine if the rejection was valid. There are several reasons for denying a claim:

1. Incorrect coverage. – If your insurance policy only has a collision coverage (helps pay for repair or replacement if you car is damaged in an accident with another vehicle or object) and your claim is for comprehensive coverage (damage that is not from collision like vandalism, fire, or falling objects) then the insurance company has the right to deny your claim.

2. Uninsured motorist claim. – You made an uninsured motorist claim on your policy for an accident; however, the other driver involved in the accident has insurance. Your insurance company will deny your claim and you would have to file a claim on the other driver’s insurance company.

3. Your coverage has lapsed. – If you missed a payment on your insurance premium before the set grace period, then you are no longer insured. If you are not the at-fault driver during the accident, the other driver’s insurance might pay for the damages.

4. Excess amount. – The amount of the damages on your claim has exceeded the limits of your insurance policy. The insurance company should still pay for the amount stated on your policy limit, but if they deny the entire claim, you must get in touch with a lawyer.

5. New vehicle. – You bought a new car but did not add it into your policy in the given time frame.

You can also appeal the company’s decision to your State Insurance Commissioner. You can find your State Insurance Commissioner on the National Association of Insurance Commissioner Website.

You also have the option to file a lawsuit against the insurance company for “bad faith” insurance practices and violation of your state’s insurance code, or breach of contract. If you decide to file a lawsuit, you should hire a lawyer with expertise on insurance to handle your case.

If you feel dissatisfied with the service of your insurance provider, you might want to consider looking for a better option.

Are you in a dispute with your insurance company? Contact us at Hogan Injury.

None of the content on Hoganinjury.com is legal advice nor is it a replacement for advice from a certified lawyer. Please consult a legal professional for further information.

Credits : www.hoganinjury.com

Warning! New Car Tint Rules by JPJ (Jan 2018)

According to a report by The Star Online, Jabatan Pengangkutan Jalan (JPJ) had introduced a new standard to for car window tints. Starting 1st January 2018, all vehicles must comply with the automotive heat-blocking window film tint based on the Malaysia Standard MS2669. Any vehicle who do not meet the requirements will have to replace it with the standard film, and those failed to do so will have to be fined RM 300.

Transport Minister Datuk Seri Liow Tiong Lai had stated that all new films will now come with QR Code Security labels to ease the enforcement officers in checking whether the films are legal.

There was also a new system developed by the Malaysia Auto Audio, Accessories and Air-Conditioner Traders Association (AAA), suppliers and retailers are required by the law to use the QR Code labels before they can install any films on vehicles. These enable retailers, authorities and consumers themselves to check on the code to see whether it meets with the new requirements.

Our Transport Minister also states that this ensure consumers do not buy non approved tint films. The QR code and the app to scan the code will be ready by middle of November 2017.

Additional information, the rules allow minimum permissible visible light transmission (VLT) levels of 70% for the front windscreen, 50% for the front side windows and 30% for all other windows (rear side windows and rear screen). You may refer to below picture for guidance.

 

 

 

Top 5 Most Fuel Efficient Japanese Branded Cars in Malaysia

For those of you who are the ‘costs savings’ type, the first thing that comes to your mind (other than the price of the car) when you are planning to buy a new car most probably will be focused on the fuel consumption on the car. I am sure most of you out there had came across questions from your friends or relatives whether this or that type of cars consumes more or less petrol.

How about hybrid cars? Some of you might have thought of hybrid cars but, in Malaysia, the prices of hybrid cars are absolutely high, not every one can afford. There are some below RM 100,000.00, but choices are really limited. Maybe in the future years, there will be more hybrid cars below RM 100,000.00

Well lets look at those economical, non hybrid and with good fuel consumption rate vehicle available in Malaysia. Always remember that the heavier the vehicle, the less fuel efficient it will be especially during traffic jams. This is logical as you will definitely need to use more energy to move something heavier. We had listed below few of the overseas’ branded cars you can consider in terms of economical and fuel efficient.

 

 

 

 

 

 

Toyota Vios 1.5
Fuel Tank Capacity : 42 litre
Engine Cap : 1497 cc
Fuel Economy : 6.3 litre / 100km (est)
Power : 107hp

 

 

 

 

Honda Jazz 1.5
Fuel Tank Capacity : 40 litre
Engine Cap : 1497 cc
Fuel Economy : 5.6 litre / 100km (est)
Power : 118hp

 

 

Honda City 1.5
Fuel Tank Capacity : 40 litre
Engine Cap : 1497 cc
Fuel Economy : 6.8 litre / 100km (est)
Power : 118hp

Nissan Almera 1.5
Fuel Tank Capacity : 41 litre
Engine Cap : 1498 cc
Fuel Economy : 6 litre / 100km (est)
Power : 100 hp

Mitsubishi Mirage 1.2
Fuel Tank Capacity : 35 litre
Engine Cap : 1193 cc
Fuel Economy : 5.5 litre / 100km (est)
Power : 77 hp

The above mentioned are few of the Japanese branded cars worth the value of money. If you are looking for a lower budget car, you may consider a few of our national branded car like Perodua Bezza, Perodua Myvi or Axia. These cars also performed well in terms of fuel efficiency compared to the above listed.

Please feel free to drop us some comment below if you have any suggestion.

Thanks
Kem Yong Ent

 

Fuel savings tips every driver in Malaysia should know

Recently here in Malaysia, most of us received news every Wednesday night on the petrol prices whether it will be more expensive or cheaper the next day. If the prices are cheaper on the next day, people will tend to pump only the next day, and if it is the opposite way, you will see people queuing in the petrol station waiting for their turn Wednesday night itself.

Well, this might be the direct way for you to get cheaper petrol, but there are actually ways and methods for you to save more on petrol. Of course we do not compare a Volvo to a Perodua Axia, of course in terms of lesser fuel consumption, Axia will definitely be the winner. What we meant here are things that we should do or avoid to become a fuel efficient driver.

  1. Service your car on time – as advised by the car service centre, once you reached a certain mile-age, you should be arranging it for service. There are certain parts or engine oil that should be change on time and these will have effect on the horsepower of the car. With more power, you need lesser petrol consumption to reach a certain speed.
  2. Avoid aggressive driving – what we meant here are, for those of you who loves to keep accelerating while driving. Same goes to those who loves to keep themselves very close to the in front cars. It is not only dangerous, it also consumes more petrol than you are driving smoothly as you will be stepping on the brakes and acceleration pedal more frequently.
  3. Avoid traffic jams – when you are stuck in a traffic jam, the same theory as number 2, you will be stepping on your brakes and gas pedal more often. Our advise is to check on waze apps for the traffic condition before you start you journey.
  4. Keep your windows close – every cars has their own aerodynamic design for the wind cutting while you are moving fast so that the pressure from the front coming air can flow smoothly thru your car. Opening your window while driving destroys the air flow line causing burden for your to car accelerate and this means that you need to step more that the gas pedal to go faster. Now you have a reason not to smoke while you are driving.
  5. Regular checking on your tyre pressure – it is recommended to check your tyre pressure once every week. The lesser pressure on your tyres will costs you more fuel consumption while you are driving. If you are lazy to do it yourself at the petrol station , you may go to those tyre shops nearby to you for them to check for you, if I am not wrong, most of them don’t charge for tyre pressure.
  6. Fill the tank in the morning – based on the scientific theory, filling your tank in the morning because the petrol temperature are lower compared to filling in the afternoon or night. When lower in temperature , the molecules of the fuel will be closer to each other and you will get a little more for the amount you paid for.
  7. Car pool – organized for a car pool if you have colleagues staying nearby you. Both or some of you may only need to use one car to travel to work instead of a few cars.

Some of you maybe thinking, driving without your aircond on is also a way of saving your fuel consumption. Yes ! You are not wrong….but here in Malaysia, if you loves sauna, you may do that 🙂 Hope you get what I meant.

Best Resale Value Second Hand Car in Malaysia

Depending on different perspective of buying cars, some of us always have a thinking that if we get a brand new car, the lesser worries we have.

Why? It’s because people always have a mindset of new things doesn’t get spoil easily. For us, it really depends on your luck and how well you take care of your new car. I am pretty sure most of you out there had heard from your friends or relatives about someone they knew had just bought a new car and that car keep giving them problems. I am not saying that new cars are not good, just that it really depends on your luck when you are getting one that might had missed the factory quality check.

If you are thinking to get a new car, experienced car dealers will usually advice you to get new car that has a good resale second hand value, so that you won’t loose much when you wanted to sell your car after a few years of usage. Certain brand of cars depreciate very fast in value. You might be getting a new one for RM 100,000 and resale it for only RM 20,000 after 5 years of usage.

In Malaysia, after some research in the internet and advised from some experienced used car dealers, we had listed below the few brands and types of cars that have the best resale value after 5 years.

Toyota Vios – new car from RM 74,000
– value after 5 years RM 42k – RM 50k

Honda City – new car from RM 75,930
– value after 5 years RM 44k – RM 52k

Perodua Myvi – new car from RM 41,000
– value after 5 years RM 25k – RM 31k

Honda Civic – new car from RM 110,430
– value after 5 years RM 55k – RM 66k

Toyota Altis – New Car From RM 117,000
– value after 5 years RM56k – RM 67k

Things You Should Always Do Before Starting Your Car

Alright, let’s go back to the time where we all are preparing ourselves going for the driving license examination. I am pretty sure that most of you out there are no more like checking / adjusting this and that in your car before you start your engine or move.

We should always keep in mind that it is always better to be careful than sorry later on. It is the drivers’ responsibilities to keep the passengers safe till they reach destination. For example, it is very dangerous to adjust your back mirror while you are driving in the middle of the road, this should be done before you start driving.

We had listed a few of the important things that you should take note before you start to drive your car.

  1. A brief checking on the exterior of your car. Just a brief survey will do, to check whether all your tires are ok and ensure that they are not flat. Driving with your tyre flat may cost you much more later on where it will affect your rims.
  2. Check out on the lights on your Meter Board / Dash board. Depending on certain vehicle types, these light may indicate important issues for your car like engine oil, water tank, or overheated engine.
  3. Check Your Mirrors. The mirrors helps you to see what’s at the left , right and behind of your car while you are driving. You will need to adjust it so that you will have a clear view of the area behind your car and the full lane on both the sides.
  4. Seatbelt buckle up. Please….please… make this a habit even though your car doesn’t have the seatbelt beeping alarm. Make sure the rest of the passengers are buckled up too. Always be prepared for stuffs that might or might not happen, once it happened, it will be too late to regret.
  5. Keep the pedal area clear. What we meant here are water bottles, and especially for ladies handbags and high heels. Some of you out there loves to put them beneath your legs at the pedal area. It is very dangerous as there are cases of high heels or bottle got stuck at the brake pedal causing major accidents.
  6. Plan your destination route. Using the technology available now, you can track whether are there any traffic jams on the way to your destination and they may even calculate you the estimate time you can reach. This is to ensure that you can plan your time properly and not to rush while driving.
  7. Valid Documents. Ensure you bring along your Identification Card and Driving Licenses. Make sure your driving license are still valid. Check your car road tax whether it is expired. If you need any service for reminding, you may subscribe to us at our page here.
  8. Consciousness. Make sure your mental are at the tip top condition to drive. If you had took coughing or flu drugs that cause drowsiness, you may want to look for a driver.

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Always remember the above few things before you start moving. If all the drivers follow the traffic rules and checked on the above steps before start driving, we are sure that there will be improvements in the rate of accidents here in Malaysia.

Life is precious, always care for yourself and others on the road.

Thanks
Kem Yong Enterprise

 

Dashboard Light Warning Guide

Why do you need car insurance?

For the sake of Roadtax Renewal? Well…I can say it’s not totally wrong. Here in Malaysia, when you asked around “Why do you need Car Insurance?”  you will be surprise some of them will give you the answer…. “to renew my roadtax”.

If you had read through our post on the guideline to solve a car accident, we had stated that there were more than 500 thousands of accidents recorded in year 2016 by the Malaysia Statistic Department.
We can say that, we drive VERY slowly or carefully and nothing will happen to us, but if we look at that statistics, of course nobody wants accidents to happen, no one is going to play a fool with their precious life, sometimes things are out of our control.

We had listed a few main reason below why you need to have car insurance.

Compensation to you for an accident caused by others

For example, one day you are driving to work, someone with a truck hits you at your driving area door. You are now injured and required to be send to clinic for medication. Other than that, your car cannot be driven anymore and has to be towed to workshop. It’s the fault of the truck driver.

Imagine, without insurance coverage, all these costs incurred wouldn’t be little, and the truck driver who doesn’t have a good financial sources might not be able to pay you for all these costs incurred.

Now, with insurance coverage, all these are not a worry for us. All these costs will be borne by the truck insurance company including the repair of the truck itself.

Compensation to others for an accident you caused

Based on the above example, imagine you are the truck driver now, and you are at the fault. Without insurance, you would need to have spend all your hard earned life savings just for this accident paying for the costs of the victims and your own truck.

With insurance coverage, and you are the guilty party, all claims will be towards your truck insurance. You do not need to worry on your hard earned savings. Although this claim will cause the loss of your No Claim Bonus for the next insurance premium of your truck, it is just small amount of money compared to the costs of medication , car repair and truck repair.

To protect the bank of hire purchase for your vehicle

The Bank will need to know that you have adequate car insurance coverage as the loan is secured by your vehicle. For example, Mr ABC bought a new car for RM 80,000.00, he settled the down payment RM 30,000.00 and balance RM 50,000 he took a hire purchase loan from bank.

If without insurance, the bank surely will not approve the loan to Mr ABC. Why? Simple explanation, after Mr ABC drove the car for 2 months, it got stolen. Who will bear this loan now? Mr ABC now do not have the car on hand, of course he would not want to continue to pay the loan. Now..the story would be different if you had insurance coverage. Get what I meant?

Compulsory Requirement by laws

Remember on the top of the post we had mentioned about for the sake of Road Tax renewal? Our Malaysia Government had implemented that it is a must to have insurance coverage for your vehicle before you can renew your Road Tax yearly. This was actually a good move to protect all vehicle owners from risks of owning and driving a car.

Summary

So, in Malaysia, it is a must for every car owners to have their car cover by insurance. Unless..you have an unused car staying at your home for a year or more, you can skip that year not to buy insurance or renew Road Tax, but bear in mind, there are rules by JPJ that if your Road Tax more than 1 year without renewal and you start to renew again a year after, your vehicle is a must to send to JPJ for inspection before they allow you to renew your Road Tax again.

For any advice on car insurance renewal, road tax renewal, JPJ car inspection service (Selangor, Klang area) you may email us at kylee.ent@gmail.com or use our live chat service.

Thanks

Kem Yong Enterprise