Malaysia Auto Insurance, Malaysia Car Insurance, Malaysia Auto Car Insurance

By: EconomyWatch   Date: 25 May 2010

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Malaysia auto insurance protects against financial loss to the policyholder in the event of an accident, fire or theft. Malaysian law requires every car driver to own an auto insurance policy. It is a guarantee that the car owner has enough liability cover to pay for damage to other another person by the insured car.

Types of Malaysia Auto Insurance

Insurance companies offer three basic types of Malaysia auto insurance policies:

  • Third party insurance pays for damage or bodily injury to other people caused by an insured vehicle.
  • Third party, fire and theft cover offer benefits of the earlier policy plus added coverage in the event of fire or theft.
  • A comprehensive Malaysia auto insurance policy is highly popular among individuals. It provides basic third party coverage, along with a lot of additional and optional covers.

What does a Comprehensive Auto Insurance Policy cover?

Auto insurance is not just about protecting the vehicle against damage due to an accident, it is also essential to secure the people sitting inside the car. A third party cover or fire and theft cover will not protect the individual against personal injuries or losses. Thus, a comprehensive insurance policy is a must buy for all car owners. Additional benefits included in a comprehensive Malaysia auto insurance policy are:

  • Unlimited liability coverage against death or injury to other people.
  • Covers loss or damage to car stereo, phone, route navigator.
  • Extended fire and theft cover
  • Coverage for travel trips to foreign countries
  • Guarantee on repair work and automobile parts.
  • Breakdown assistance.

An individual has the choice to buy any of these covers as per one’s individual requirements. The cost of the policy rises with the extent of cover. An individual can opt for several measures to lower down the policy premium. By raising the deductibles, the premium can be curtailed. Deductibles are the share of the claim that the policyholder has to pay before the insurance company starts paying. Having a good driving record and following the traffic rules earn discounts for the driver.

Standard Malaysia auto insurance has certain exclusions to the policy cover. These exclusions include liability against the people sitting in the insured car other than the policyholder, damage due to natural disasters, such as floods or storms, and acts of vandalism.

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