Motor Tariff 2014 West Malaysia

West Malaysia
Motor Tariff 2014 – Premium Schedules
Private Cars

Cubic Capacity Not Exceeding Comprehensive (RM) Third Party (RM)(Endorsement No. 3(p) must be used) Act (RM)
1400 261.65* 108.45 97.20
1650 292.00* 121.50 108.00
2200 323.80* 135.90 122.40
3020 355.50* 150.30 136.80
4100 385.85* 163.35 147.60
4250 416.20* 176.40 158.40
4400 448.00* 190.80 172.80
Over 4400 478.35* 203.85 183.60
*Plus RM26.00 for each RM1,000 or part thereof on value exceeding RM1,000

Private Motorcycles

Cubic Capacity Not Exceeding Comprehensive (RM) Third Party (RM)(Endorsement No. 3(p) must be used) Act (RM)
50 72.60* 30.60 27.90
100 96.20* 36.60 32.55
125 119.80* 41.30 37.20
225 138.40* 50.70 46.60
350 180.10* 64.30 58.20
500 210.10* 73.60 67.55
500 239.70* 82.60 74.50
Auto Cycles and mechanically Assisted Pedal Cycles Under 50cc 36.90* 22.70 18.60
Auto Cycles and mechanically Assisted Pedal Cycles Over 50cc 48.40* 22.70 18.60
*Plus RM1.70 for each RM100 or part thereof on value exceeding RM1,000

 

Note: Effective from July 1, 2016. “Consumers will now be able to enjoy a wider choice of motor insurance products at competitive prices as liberalisation encourages innovation and competition among insurers and takaful operators.
Insurers and takaful operators are able to charge premiums that are in line with broader risk factors inherent in a group of policyholders being insured; and also market new products that are not defined under the tariff.

Insurance premium is calculated based on the sum insured and model of the vehicle. Additionally, insurers are allowed to apply limited premium loading based on the age of the driver and the number of accidents on record. Depending on the driver’s claims history, the calculated premium to be paid is adjusted against the discount (No Claim Discount or NCD).

Typically, drivers with good driving records can enjoy a higher percentage of NCD up to 55%.

However, the driver may experience receiving different quotes from different insurers due to other factors mentioned above.

As Malaysia progresses towards a developed nation status, the insurance market is being opened up to allow a more equitable approach to the charging of premium.

A good risk should be rewarded and a bad risk recognised. This means that a good driver should pay lesser premium compared to another driver who is in a class that is more likely to experience many accidents. There should also be incentives for perceived bad drivers to become better risks and be rewarded with reduction in premium.” Source from PIAM

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