Have all of you noticed that each and every houses here in Malaysia owns more than 1 car. Comparing to our neighbour country, we are still in the developing stage for our Public Transport Facilities. People do not wish to wait for an hour for a Bus to go to work. Hope you get what I meant. Having more cars on the road indirectly meant that the probability of an accident happening is higher and this is where the auto insurance comes to play their important role. In Malaysia, basically there are 3 types of coverage for car insurance listed as below:
1)Comprehensive Cover (some people named it as 1st Party)
2)Third Party, Fire and Theft
3)Third Party Cover
1)Comprehensive Car Insurance Cover / 1st Party
A Comprehensive Car Insurance package covers a wide range of protection that is coverage for the first party (you, as the driver) and third party who is everyone else. It insures you against any injuries or deaths caused to another person, as well as loss or damage to a third party property caused by your vehicle. Other than that, it also insures on the damages of your vehicle.
With Comprehensive Coverage you can have a peace of mind that you do not need pay for expensive repairs on the damages of the accident either for your car or other third party injuries / properties.
For stolen vehicles or total loss claim, the Car insurance company will compensate the policyholder based on the market value of the vehicle at the time of the loss or the sum agreed in the policy whichever is lower.
Bear in mind that not everyone can obtain a Comprehensive Cover, as this policy is normally only available to vehicles that have not exceeded a certain age. It is generally advisable to obtain a Comprehensive Cover if you own a relatively expensive car, as the more valuable your car is, the more significant this policy package will be for the driver.
An important thing to take note
Although a Comprehensive coverage has a wide range of cover , they do not include protection to injury or death sustained by the driver or passenger of the policyholder. If you wish to have this cover, you might need to inform your insurance agent to include PA into your coverage, it is advisable to include this PA especially for those of you who are doing a transport service industry where you have to fetch people around daily.
Other than that, this Comprehensive Coverage also does not includes protection to your vehicle from natural disaster like Tsunami or Earthquake. But if you would like to include it into the coverage too, you may just inform your insurance agent to do so. Of course with additional premium charged.
2)Third Party Cover, Fire and Theft
This policy has the protection for the policyholder against claims by a third party, be it body injuries or death, third-party property losses or damage caused by your vehicle. It also includes the coverage of damages from fire and theft of your vehicle.
With this coverage, the repair costs for your own vehicle are not covered. You will have to bear the costs with your own pocket.
3)Third Party Cover
With reference to the second type of coverage above, the Third Party Cover is basically the same except it do not include the coverage for your vehicle if they are burnt or stolen. It only covers claims by a third party.
You may have to choose wisely which type of coverage are suitable for you based on the type of vehicle / age of vehicle / value of vehicle you are using. If you still do not have any idea which to choose, you may seek for our help by contacting us at email@example.com or sending us a message in our live chat at the bottom right of the page.