Recently Malaysia Motor Tariff for Private Car, Public Taxis(including passenger risks) and Buses- Express( PIAM’s vehicle classification code : 45 and including passenger risks) have been revised and is effective from Monday 23 February, 2015. Therefore most Malaysian motor car owners, whether your are in Alor Setar, Kedah or Ipoh, Perak or Johor Baru, Johor or Kuala Lumpur, Federal Territory or Kangar, Perlis or Kuantan, Pahang or Kota Bahru, Kelantan or Melaka, Malacca or Bukit Mertajam and Georgetown, Penang or Seremban, Negeri Sembilan or Kuala Terengganu,Terengganu in Peninsular Malaysia(West Malaysia) or are in Kota Kinabalu, Sabah and Labuan or Miri and Kuching, Sarawak on Borneo Island (East Malaysia) or public taxis operators and Express Buses operators whose motor insurance policy expiring on 23rd February, 2015 onward are subjected to the new motor tariff.
The motor insurance premium calculation therefore have to be adjusted according to the revised motor tariff, especially the first one thousand according to the cubic capacity of the respective car engine for private car and public taxis. If you need to get a quotation for your motor car insurance premium, please do not hesitate to contact us.
For Express Buses, the premium calculation is affected and adjusted according to the Licensed Seating or Standing Passenger Carrying Capacity(excluding the Bus Driver) using the same insurance premium calculator.
Reproduced below is the PIAM STATEMENT ON
MOTOR INSURANCE PREMIUM ADJUSTMENT
Â Kuala Lumpur, 17 February 2015 – The General Insurance Association of Malaysia (PIAM) wishes to clarify that the latest revision to Motor Insurance Premium is a continuation of Motor Tariff premium rate adjustments under the New Motor Cover Framework introduced in 2012.
The New Motor Cover Framework was introduced by Bank Negara Malaysia to address the structural issues within the motor insurance sector, i.e. to enhance efficiency in the provision of motor cover by the industry with a gradual price adjustment that will ensure that public is able to purchase motor insurance at affordable premiums.
The adjustments on Motor Tariff premium rates for 2015 will take effect from 23 February. These adjustment were announced by Bank Negara Malaysia in early February 2015 and will be applicable for policies purchased or renewed beginning 23 February 2015. The revisions are only applicable to private cars, public taxis and express buses. The rates for other types of vehicles remain the same.
The New Motor Cover Framework is a positive step towards promoting a liberalised insurance sector with further measures taken to improve the motor insurance and claims settlement processes. Moving forward the industry will play a more active role in improving road safety by working jointly with MIROS and other stakeholders to inculcate good driving behavior and practices among all road users.
PIAM has also implemented the Accident Assist Call Centre (AACC) service to provide emergency assistance to the motoring public involved in road accidents. The 24 by 7 hotline 1300-22-11-88 offers accident towing services and attends to claims enquiries to help accident victims nationwide.
The Association advises members of the public who have any queries relating to the New Motor Cover Framework to email their enquiries to the PIAM Secretariat at email@example.com. Enquiries can also be forwarded to individual insurance companies and approved insurance agents.
The General Insurance Association of Malaysia (PIAM)is the national trade association of all licensed direct and reinsurance companies for general insurance in Malaysia. Currently, PIAM has 29 member companies.
About General Insurance Association of Malaysia (PIAM)
PIAM is the national trade association of all licensed direct and reinsurance companies for general insurance in Malaysia. Currently, PIAM has 30 member companies. More information on PIAM can be obtained from its website: www.piam.org.my.
For your ease of reference and motor insurance premium calculation, you may download a copy of the revised motor tariff 2015 here below in .pdf format. New Tariff 2015
“The first phase of the Liberalisation of the Motor and Fire Tariff was introduced on 1 July 2016. During this initial phase, insurers and takaful operators were given the flexibility to offer new motor products and add-on covers that were not defined under the existing tariff.
From 1 July 2017 onwards, premium rates for Motor Comprehensive; and Motor Third Party Fire and Theft products will be liberalised where premium pricing will be determined by individual insurers and takaful operators.
However, premium rates for Motor Third Party product will continue to be subjected to tariff rates. ” Source from PIAM