Motor Insurance

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Motor Insurance

Motor insurance is a policy that covers your vehicle in the event of an accident, robbery, and damages. There are three types of motor insurance offered by an insurance company.

This is being provided whether in Malaysia and elsewhere, though the terms and coverage may differ slightly from company to company.  Its primary use is to give financial protection against real damage or physical injury happening from transportation crashes and against liability that could also arise from that place.

Motor Insurance Coverage Policy

Motor insurance coverage policy may additionally allow financial protection against as robbery of the transport, and facing loss to the vehicle sustained from accidents other than transportation accidents, such as keying and damage provided by clashing with stationary objects.  The particular terms of motor insurance vary with legal regulations in each region.

3 Types of Motor Insurance

Third Party

Third Party plan is the most basic motor insurance cover that you can find offered by any insurance company.  Protection for this plan is limited. Therefore, the premium plan for this is the lowest compared to other policies.

In Malaysia, it is mandatory to have at least one Third Party plan if you own a motor vehicle, including a motorcycle. When a vehicle is purchased, you must also purchase a motor insurance plan for your new vehicle, without which it is not allowed on-the-road.

Third Party Insurance coverage

Third Party Plans protect you against third parties or other people claiming to be from injury or death caused by them. It also covers loss or damage to third party property caused by your vehicle.

Third Party Fire and Theft

Third Party Fire and Theft policy, as the name suggests, covers a little more than just a third party claim.

Third Party Fire and Theft Insurance Coverage

Apart from ensuring you against third party claims against injuries or death and losses or damages, Third Party Fire and Theft policy also covers your vehicle against damages or losses due to accidental fire and theft.

It is good to understand here that Third Party Fire and Theft cover for loss or damages due to accidental fire and theft, but not due to the accident itself.

So, what does this mean? This means that you are only able to claim for events such as:

  • Stolen car

  • Damages due to fire

  • Damages as a result of an attempted theft such as broken windows

Comprehensive Coverage

Comprehensive coverage offers the widest coverage for motor vehicles. In Malaysia, if you have purchased a car with a bank loan, you will be required to purchase this insurance coverage for the new car.

Insurance for your vehicle

Comprehensive insurance policy not only covers you against all claims mentioned in previous two policies, but it also ensures you against loss and damages on your own vehicle during an accident.

One of the most common advice you’ll hear is if you have a new car or expensive car or luxury, you may want to buy Comprehensive Protection for your vehicle. Because the cost charged for repairing this vehicle is quite expensive.

Therefore, you may want your motor insurance policy to repair bills.   However, if you have a cheaper version or older vehicle model, and you will not care about some dents from bender fenders, or where the cost may not be your savings, then you may want to stick to the third party insurance.

Contact our AIA Life Planning Advisor to get in touch with us and start your personal coverage or choose your plan now. Get covered correctly. Be advised correctly. Call today to be advised on the best insurance protection personalized for you. Or send us the form below on your interest.

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