Whether your private car is new or old, the method to calculate insurance premium is the same and is base on Malaysian Traiff Rate for the three types of coverage. Â See my explanation on the car insurance premium calculator.
Type 1 – Comprehensive
Type 2 – Third Party Fire & Theft Only
Type 3 – Third Party Only.
However, the age of your vehicle matters when it comes to accident damage claim for repair and replacement of car parts damaged beyond repair situations.
If your private car age is less than five (5) years old, and is involved in an accident irrespective of collision with another vehicle Â or third party property or self recklessness, any of your car parts that are damaged in an accident, you are entitled to claim for full cost of replacement of the old parts with a new franchise part.
After the repair is completed, you may be required by the car insurance company appointed panel workshop to confirm a checklist of items repaired and replaced. Â You can then proceed to test drive your car to detect any faulty parts or defect that is not done to yourÂ satisfaction.
When you are satisfied with the job done, you need to sign a discharge letter of settlement of claim from the insurance company. Â If you are not satisfied, you can bring it to the panel workshop attention. Â They shall reinspect and redo the work for you without any extra cost and you have the right to refuse to collect your car.
If there is no agreement reached between you and the workshop, you or the panel workshop should inform the claim external adjuster or the internal adjuster of the insurance company to reassess the damage and repair works with a view to reach a full settlement.
Usually the car insurance company and the appointed panel workshop will have a mutual undertaking to repair your car first and then file your claim for reimbursement for the cost of repair and replacements of the damaged parts and labor charge with a marked up margin of profit for the services rendered from the towing service to the police station and to the workshop and any other Â roadside emergency assistance without you having to pay for any of the billings from the workshop.
The car insurance company together with panel workshop will usually extend six (6) months warranty for any of the car FRANCHISE NEW parts repaired and replaced. Â What it means is that you can send you car back to the workshop for inspection if you have come across any of those NEW parts are not fixed or running properly. Â The panel workshop shall do the fine tuning for you until you are satisfied that it has been taken care of.
You can also request the insurance company and the panel workshop to send the car for independent inspection by third party such as PUSPAKOM for car road worthiness and safety.
Now, you learnt or already knew that buying a car insurance policy in Malaysia is less complicated at the inception for age of private cars or commercial vehicles less than 5 years old.
If the age of car is more than 5 years old, Â there areÂ issues which we need to address under another topic – we shall refer to it as BETTERMENT.
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