Reasons You Need To Have Personal Accident Insurance

Accidents are unfortunate for many people each year, but nobody wants to be involved in one. Although you can’t plan for where and when accidents will happen, you can prepare if they occur. A car accident is an example of the type of incident when a
personal accident insurance
 policy can be beneficial. The policy compensates victims of violent accidents for their disabilities, injuries, and deaths. This policy offers benefits that are quite different from those related to health
insurance
 or life insurance. You can buy the policy for yourself alone or the whole family, as the name implies. It provides worldwide and round-the-clock protection, which is one of the best aspects of the insurance plan. Here are five
reasons you should have a
personal accident insurance
 policy
, but first, let’s talk about the policy’s benefits.

Benefits Of Accident Insurance

A
personal accident insurance policy
 offers different benefits. Below are the most important ones:

Accidental death: In the event of the policyholder’s death in an accident, their nominee will collect 100% of the
sum insured
.

Permanent total disabled: A policyholder who is partially disabled because of an accident may receive 100% of their insurance payout.

Temporary total disability: Accidents that temporarily disable the policyholder may result in them receiving a 100% payout of their insured amount. It may be the case if, for instance, the policyholder gets a broken bone and must recuperate at home.
Insurance for personal accidents
 may provide coverage for medical expenses and lost wages.

Here are the reasons why you should purchase personal accident insurance:

1. Medical Expenses Coverage

A person who has health insurance or
personal accident insurance
 has quite a few options. The former policy covers medical expenses to some extent. Should you still be unable to pay off the remaining payments, you may use the latter’s coverage. In addition to paying for the remaining medical expenses, it will also cover rehab costs.

2. Less Burden On The Family

Personal accidents can change people’s lives. With the
financial
 burden of paying for medical expenses, especially for a typical salaried person, it becomes challenging to cope with the loss of a loved one or the care of someone who becomes disabled. Personal accident coverage comes in handy in such situations by providing a range of benefits such as accidental hospitalization coverage, permanent or temporary disability coverage, etc.

3. Affordability

Personal accident insurance policy
 is relatively low compared to other types of health and life insurance. People with high occupational risks, such as industrial workers, should opt for these types of plans. If you choose such an
insurance policy
, your savings will be less likely to be affected during an emergency. A policy purchaser’s occupation usually determines the premium amount.

4. Choice Of Plan

A personal accident policy can be purchased individually or through a group plan. A single person has its coverage, but a whole family will be under the latter. Employers generally offer their employees group accident coverage. There are some limitations, however, to group accident insurance policies. Therefore, it is crucial to check the features before purchasing.

5. No Medical Underwriting Is Required

As mentioned earlier, this insurance policy only covers severe injuries, which is why you don’t need any medical record to prove your injury. You can obtain protection and several benefits by purchasing this policy, even if you are not eligible for a life insurance policy.

Be sure to check the exclusions of any personal accident insurance coverage you purchase. In many cases, there is no coverage for pre-existing injuries or self-inflicted injuries. Thus, buyers should evaluate their needs before buying an accident insurance policy, consider the above factors, and read all policy documents thoroughly.

Tags:
Medical
Personal Accident Insurance
Personal Accidents
Underwriting
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Things Every Woman Who Wants To Travel Solo Should Know

As solo traveling among women becomes more popular, there’s never been a better time for you to unleash your sense of adventure and take on the world as a woman. Being one of the most empowering ways for a woman to see the world,
traveling solo
 is an opportunity you shouldn’t pass up on if you can! But before you pack your bags and jet off into the sunset, here are a couple of things you should know first.

Have a peace of mind for your next holiday with travel insurance

1. You’re Not Alone

While you will be going on your trip independently, you can take solace that there are thousands of other women all over the country who have already done what you’re planning to do or intend to do so very soon. Apart from the sense of camaraderie that this gives you, it also means that you have access to a wealth of information about planning the perfect solo trip! All you have to do is access the Internet, and you’ll find a host of influencers and bloggers who’ve likely covered everything that concerns you.

2. You Can Play It Safe And Still Have Fun

Travel media is rife with how every woman must prioritize safety and keep their adventure “authentic.” We’re here to tell you that you can do all that and still be a free spirit! All you need to do first is cover your basics extensively. Along these lines, some of the things that we suggest you do include finding answers to questions like;

Do women
travel solo
 to the location I have in mind often?

What’s the best way to stay respectful of the culture of where I’m headed?

What’s the best accommodation facility to get as a woman?

What does the crime stats say about where I’m headed?

What areas are safe and unsafe for travelers in these regions?

By finding answers to questions like this, you’ll be able to protect yourself without getting paranoid or spoiling your fun.

3. Be Prepared

You’re
traveling solo
. That means you have to do some things differently. For instance, you’ll probably have to pack light as the last thing you want is to drag multiple suitcases across several yards of cobblestone streets! You also need to make sure you get “street-smart” while you’re on the move. Make sure you have multiple copies of all your essential documents and some cash stashed in various luggage areas. You’re a little better prepared if things should go awry.

4. Maintain Focus

If
travel solo
 has one downside, it’s the fact that it can get incredibly lonely! Reduce the chances by making sure you set reasonable goals before you head out. Whether it’s learning a new language or how to be more self-reliant, make sure that you have a good plan of action before heading out! With these little tips, you’re sure to have a pleasant solo adventure you’ll fondly remember for years to come!

Tags:
Travel
Travel Solo
Women Traveller
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Memandu di mana sahaja di dunia ini (dan khususnya di Malaysia) perlu disertakan dengan sikap tanggungjawab bersama. Dengan mengetahui tanggungjawab ini dan apa yang perlu dijangkakan daripada anda akan membantu anda untuk mempersiapkan diri untuk masa depan. Sebagai seorang pemandu yang aktif mahupun pasif di negara ini, anda pasti sudah tahu tentang betapa pentingnya perlindungan asas insurans kenderaan dan mengapa anda memerlukannya. Namun, ada beberapa aspek penting dalam
perlindungan insurans auto
 yang mungkin anda kurang ketahui. Salah satu daripadanya adalah Liabiliti Undang-undang Kepada Penumpang atau singkatannya LLTP.

Apa Itu Liabiliti Undang-Undang Kepada Penumpang?

Dalam istilah asas, Liabiliti Undang-undang Kepada Penumpang atau LLTP boleh didefinisikan sebagai sejenis perlindungan khas yang boleh anda ambil sebagai tambahan kepada perlindungan biasa insurans auto anda. Tujuan untuk membuat penambahan spesifik ini adalah bagi melindungi anda dalam situasi liabiliti undang-undang yang diakibatkan oleh penumpang anda, sekiranya anda terlibat dalam kemalangan yang disebabkan kecuaian anda. Walaupun situasi ini kedengaran agak keterlaluan, tapi ia berlaku lebih kerap berbanding apa yang anda fikirkan. Jadi, adalah sangat sesuai untuk membuat penambahan untuk perkara ini.

Kenapa Anda Perlu Mendapatkan Liabiliti Undang-undang Kepada Penumpang (LLTP)?

Pada peringkat awal, anda mungkin merasakan tidak perlu untuk mengambil
perlindungan tambahan
 Liabiliti Undang-undang Kepada Penumpang. Lagipun, jika anda pemandu yang mempunyai perlindungan insurans komprehensif, anda sudah pasti telah dilindungi bukan? Salah! Walaupun
polisi komprehensif
 melindungi anda dalam pelbagai senario, ini tidak termasuk melindungi anda daripada tanggungjawab undang-undang yang ditanggung oleh penumpang anda sendiri. Polisi anda ada menyatakan tentang perkara ini secara ringkas di Bahagian B dokumen perlindungan
insurans auto
 anda. Maksudnya, seandainya anda mempunyai kawan atau kenalan dalam kenderaan anda, dan berlaku kemalangan kerana kecuaian anda. Jika mangsa
membuat tuntutan
 terhadap anda, dan anda tidak mempunyai
perlindungan Liabiliti Undang-undang Kepada Penumpang
, segala perbelanjaan tersebut perlu dikeluarkan daripada poket anda sendiri. Tahukah kenapa anda perlu mendapatkan
perlindungan Liabiliti Undang-undang Kepada Penumpang
? Tunggu, ada lagi!

Adakah Polisi – Polisi Perlindungan Liabiliti Undang-undang Kepada Penumpang Wajib?

Jawapan kepada soalan ini bergantung pada ke mana anda merancang untuk memandu. Sementara negara seperti Singapura menuntut agar anda mengambil perlindungan tambahan itu sebelum dibenarkan memandu tanpa halangan, Malaysia masih membenarkan pemandu memandu di jalan raya dengan bebas tanpa Liabiliti Undang-undang Kepada Penumpang. Bagaimanapun, jika dilihat dari luar sudut perundangan sama ada anda perlu mengambil Liabiliti Undang-undang Kepada Penumpang atau LLTP sebagai pemandu atau tidak, ada beberapa perkara yang perlu dipertimbangkan. Sebagai contoh, walaupun anda tidak akan mendapat sebarang ganjaran wang atau pampasan untuk menumpangkan kenalan dan rakan sekerja dari satu tempat ke tempat yang lain, anda masih bertanggungjawab untuk memastikan mereka selamat bermula dari saat anda menjemput mereka sehingga anda menurunkan mereka. Jadi, jika sesuatu berlaku kepada mereka semasa mereka dalam jagaan anda, mereka berhak untuk membuat tuntutan terhadap anda di mahkamah, terutamanya jika mereka merasakan kemalangan itu berpunca daripada kecuaian anda. Dari perspektif ini, mendapatkan LLTP merupakan satu kepentingan.

Kunci Utama

Tidak ada siapa pun yang ingin berada dalam senario yang tidak menyenangkan seperti yang dinyatakan di atas. Walau apa pun yang terjadi, kita haruslah sentiasa bersedia untuk menghadapi sebarang kemungkinan. Secara umumnya, kos
LLTP
/Liabiliti Undang-undang Kepada Penumpang biasanya tidak melebihi 25% dari apa yang anda bayar sebagai premium untuk polisi asas Insurans Pihak Ketiga. Jadi, hubungi
syarikat insurans anda
 dan lihat polisi
LLTP/Liabiliti Undang-undang Kepada Penumpang mereka hari ini!

Tags:
Insurans Auto
LLTP
Pelindungan Insurans
Perlindungan Liabiliti Undang-Undang Kepada Penumpang
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How To Make Travel Insurance Claim?

Filing a
travel insurance claim
 means you’ve had an unfortunate experience that you’re going to have to pay out of pocket. A claim for
travel insurance
 means that something has gone wrong on your trip, maybe the trip you’ve been waiting for a long time. These steps will simplify the
travel insurance claim
 process and increase your chances of receiving a prompt reimbursement.

The Proper Way To File a Travel Insurance Claim

Documentation is critical to ensuring that your travel insurance claim is processed efficiently. Most
claim
 processing delays are caused by a policyholder’s failure to provide the necessary documents to prove their actual financial loss, allowing the insurer to assess the claim entirely. There is a chance of a
travel insurance policy
 if you purchase
comprehensive coverage
 consisting of a trip delay benefit. Let’s say you get to the airport the morning of your trip and find out that your flight was delayed. According to your policy, ensure you know the delay time required to get reimbursement. The length of time can range between three and twelve hours, depending on the plan. At this point, any extra expenses you incur, such as food or hotel stays, can be covered by
insurance
, says Page. The capped amount of that benefit may be reimbursed if you provide documentation for those covered expenses. If you lose money due to prepaid or non-refundable expenses, your
travel insurance
 will reimburse you for that amount.

In addition to the types of
coverage contained in a
travel insurance
 policy, you will need documentation for claims on medical expenses, lost baggage, and lost or damaged belongings. You must keep all receipts so that you can submit an appropriate claim. You may also need to file a loss report with the airline or local authority in cases such as lost luggage. You can expedite the claim process by
submitting your claim
 documentation online.

Supporting Documentation You Will Need:

Receipts and itemized bills are required for all expenses (trip cancellation).

Tickets that have not been used, proof of payment (trip cancellation)

“Physician’s Statement” or the explanation of diagnosis of the doctor

Theft of luggage or
car accidents:
 police reports

Airline proof of delayed baggage

What To Do If You Need To Claim Travel Insurance

You should check the following things before you send off your claim for a
travel insurance policy
:

Check if they claimed within the time limits.

The claim you’re making is covered.

The amount of the
excess
. Essentially, the lot is the amount taken off the claim by your insurance company. If you claim an amount less than this, it will not be worth making a claim.

Details. Check that the terms and conditions do not prevent you from claiming.

Check the above to see if there’s anything you’ve overlooked, and contact your insurer right away. Insurers can email this to you to expedite the process. You should carefully complete the form and retain a copy for your records. Include documents such as receipts and medical certificates in your claim. Keeping copies of the original documents is advisable if your claim is questioned or denied. Your insurer may ask if you have any other insurance plans to cover the claim. Any other
insurance coverage
 you may have, like home contents coverage, needs to be disclosed to them.

Travel Insurance Claim Do’s

To ensure that your travel insurance claims are successful, be sure to consider the following factors:

Fill out the claim form with complete and relevant information about the incident. It will help understand the scenario and speed up the processing of claims.

Ensure you retain and collect all the original receipts of purchases you made abroad. These will be needed when filing a claim with your
travel insurance
.

Get discounts on hospitalizations or medical consultations because it will be required when claiming reimbursement.

If you are hospitalized or experience a medical emergency, inform your insurer.

Send the insurer an email as soon as you receive payment emails from overseas hospitals or recovery agencies.

Please inform the insurer immediately if you need to be repatriated or evacuated for medical reasons. That way, they can assist promptly.

Your insurer should always have an alternative contact number of a friend or family member in case of an emergency.

Travel Insurance Claims Don’ts

If the recovery agency emails you, do not ignore them

Avoid direct negotiations with service providers.

Do not do medical evacuation and repatriation without notifying the travel insurance company.

Tags:
Insurance Claims
Lost Luggage
Travel Insurance
Travel Insurance Claim
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Pre-Departure And Post-Departure Benefits In Travel Insurance

If you plan on traveling,
travel insurance
 is an important consideration, and understanding the benefits of the different plans is critical. In general,
travel insurance benefits
 can be classified into two categories — pre-departure coverage protects you before you depart, and post-departure coverage provides coverage after you arrive. Together, these benefits can cover lost or damaged personal items, medical expenses, non-refundable prepaid expenses, and others. This article will discuss the differences.

What Are The Benefits Of Pre-Departure Travel Insurance?

The most common
pre-departure
 benefit relates to trip cancellation insurance, which can reimburse you 100% for prepaid, non-refundable expenses, including airfare, hotel rooms, and guided tours. If you want to maximize the value of your
pre-departure

travel insurance
 plan, get your policy when you pay the first deposits toward your trip. Typical reasons for trip cancellations include death, serious illness or injury to you or your traveling companion; severe weather; jury service; unexpected unemployment;
business
 failure of the travel supplier, or acts of terrorism. In addition, there are several reasons for canceling an
insurance
 policy, so check your policy to find out what yours says.

What Are The Benefits Of Post-Departure Travel Insurance?

As part of the post-departure benefits, travelers can
claim
 baggage delays and losses, travel delays, trip interruptions, and medical emergencies. In addition, a post-departure gift covers anything that may occur after you depart and during your trip. A comprehensive
travel insurance policy
 typically includes the following post-departure benefits, which are paid up to your policy limits:

Trip Delay

The trip delay coverage can compensate you for the money spent on travel expenses if you are delayed reaching your destination for a specified reason. For instance, it could be a severe weather event or an airline maintenance issue. During the layover, you can claim if you need a hotel room, food, and a change of clothes due to your flight being delayed. In addition to reimbursement for prepaid, non-refundable expenses, travel delay insurance can also cover activities you will not be able to attend.

Trip Interruption Insurance

You can claim trip interruption benefits if you miss a portion of your trip because of an insured event. For instance, if you do not use your prepaid or non-refundable hotel nights or excursion bookings during your trip. In addition, additional charges such as booking a new flight, booking extra hotel nights, and airport taxi fares may be reimbursed. Furthermore, trip interruption applies to any trip shortening caused by a
covered COVID-related
 medical condition. In this sense, trip interruption insurance is a post-departure benefit since it kicks in after taking off on your trip. There is a list of reasons for coverage in every policy, but those reasons are usually unforeseen or extraordinary. For example, it might be an illness, an injury, the death of the traveler or a companion, severe weather, terrorist action, or losing your job.

Emergency Medical Evacuation

Comprehensive travel insurance
 should cover the cost of medical evacuation to the nearest medical facility that can treat your illness or injury. However, it may be necessary to return to Malaysia if your condition is severe enough. Travel insurance companies can also arrange transportation through their emergency assistance teams.

Baggage Loss

The baggage loss coverage in your travel insurance policy can reimburse you if your luggage is lost, stolen, or damaged in transit. Additionally, it can cover your personal belongings while traveling if they are lost or stolen. Ensure you know the maximum coverage limits on each item and the exclusions such as cash or expensive jewelry in your policy.

Tags:
Emergency Medical Evacuation
Post-Departure Travel Insurance
Pre-Departure Travel Insurance
Trip Delay
Trip Interruption Insurance
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Repatriation Of Mortal Remains In Insurance

It is essential to
purchasing travel insurance
 covering mortal remains’ return when traveling outside Malaysia. If a death occurs while traveling, the costs and logistics of preparing and returning the remains home may become an additional burden for relatives or friends. It is often necessary to prepare for the worst possible outcome when planning a trip, even though no one likes to imagine the worst-case scenario. Even if the individual involved is killed, medical bills and other expenses should be the last thing on the minds of family members or friends.

Have a peace of mind for your next holiday with travel insurance

What Is Repatriation Of Remains Insurance Policy

A
repatriation
 benefit provides coverage for transporting a covered individual’s body back to their place of primary residence if they die from a covered illness or injury. The following benefits are also typically included in
repatriation
:

Coordinating post-mortem examinations with local authorities

Transport of the body to medical facilities, the coroner, and the airport

Coffins or appropriate containers for the transport of remains

Coordinate services, authorizations, and approvals for transportation with government agents

Expenses associated with air and ground shipping

How Does The Repatriation Of Remains Insurance Work?

Repatriation of remains benefit
 would be available if the death occurred abroad outside the insured visitor’s home country. In the unfortunate event of a visitor’s death, visitor insurance with repatriation benefits is beneficial since it alleviates the financial burden on the visitor’s family. However, the language barrier between the two countries makes it challenging to understand how to recover the visitor’s body. Moreover, local laws and regulations, health standards, and transportation arrangements can all become overwhelming for a family that is already grieving. However, the repatriation policy eases all of these concerns. There is no need for the deceased family to worry about the transportation back home, the cremation costs (at the place of death), and other necessary formalities. The
insurance company
 handles this. Their responsibilities include:

Addressing the health regulations to prepare the body or the ashes for transit.

Arranging for appropriate containers (embalming).

Managing customs requirements or government authorizations.

In addition, the insurance company will cover the costs associated with a funeral or returning the body remains. The visitor insurance does not cover burial costs (at an additional charge). Ashes or remains of the deceased insured are usually transported to an airport or moved by ground transportation to the terminal closest to their primary residence in their home country.

Local Burial Or Cremation

Instead of repatriation of remains, the insurance company will pay for the burial or cremation of the insured person in the country of death, up to the specified policy maximum. The local tomb or cremation benefit cannot be used in conjunction with the Emergency Evacuation or
Repatriation of Remains benefit
 and excludes coverage for death in a member’s home country. We at
 Fincrew Insurance
 understand that repatriating remains is a sensitive topic, yet we believe it is an essential
benefit of travel insurance
. For more information about this coverage, please feel free to contact us.

Tags:
Embalming
Emergency Evacuation
Repatriation
Repatriation Benefit
Repatriation Of Remains benefit
Visitor Insurance
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Can Unmarried Couples Share Car Insurance?

If you are in a relationship and you started living today, you might be wondering if you can share the same car
insurance policy
, even though you are not married yet.

Will an insurer extend an unmarried couple’s
car insurance
?

How does the process work?

What are your options?

What stipulations does every insurer place for this to happen?

One standard requirement every insurer will make of you when offering you auto coverage is that you tender a list of every individual capable of driving living in your place of residence, regardless of marital status. Insurers do this because they operate on the assumption that people who live in the same place you do are more than likely to drive your car at one point in time or the other. As a matter of fact, should your
car insurance
 provider discover that you did not give them an accurate list of all the occupants in your home, you could face an immediate spike in your insurance rates, to cancellation of your policy, at worst. When it comes to getting mutual
insurance
 for an unmarried couple, only one option is available.

The first is only applicable if you are operating more than one car. For instance, all you have to do is list each other on your respective policies for each vehicle. Option two is for the automobile owner to list their partner as an
additional driver
 on their policy. Needless to say that going for either of these options has various implications, especially with regards to whether you are qualified for a specific discount option. Your choice also directly impacts just how much you will be expected to pay as a premium.

Savings up to RM300 + Road Tax Deliver To Your Door Step

Ultimately, before choosing what type of joint
car
insurance policy
 you will go with, it is crucial that you go for one that facilitates more straightforward claim resolution, offers you as many discounts as possible, and overall helps you make the best use of every Ringgit.

Tags:
Insurance Policy
Insurance Premiums
Insurance Rates
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Apakah Jenis Perbezaan Dalam Perlindungan Insurans Auto?

Insurans kenderaan merupakan sesuatu yang sangat penting bagi pemandu di negara ini. Lupakan seketika bahawa ia merupakan kewajipan menurut undang-undang bagi membolehkan anda memandu kenderaan anda itu di atas jalan raya, tapi pertimbangkan implikasi kewangannya. Tidak ada siapa pun yang berharap ia akan berlaku, tapi bayangkan sekiranya anda terlibat dalam kemalangan. Tanpa
insurans auto
, anda perlu menanggung segala kos yang besar itu dari poket anda sendiri! Memiliki insurans merupakan satu bentuk pelindungan kewangan yang dapat membantu sekiranya anda terlibat dalam masalah. Benar, insurans adalah penting. Tapi, jenis insurans yang anda ambil juga sangat penting. Apakah
jenis-jenis insurans
 yang ada untuk anda hari ini? Kenapa penting untuk anda
memilih insurans
 yang tepat? Ketahui tentangnya dan banyak lagi sekarang!

Helo! Saya Yuna, duta jenama Fincrew dan dalam episod Siri Insurans 360 kali ini, anda akan menemui pilihan
insurans auto
 yang tersedia untuk anda serta keperluan setiap satu daripadanya. sebelum kita teruskan, cepat ‘Subscribe’ ke saluran kami dan aktifkan notifikasi. Terdapat beberapa pilihan yang boleh dipilih dari insurans auto yang ada pada hari ini. Perlu diingatkan, skop
pelindungan insurans
 berubah dari polisi ke polisi. Dari pelindungan yang paling sikit, inilah
polisi insurans auto
 yang boleh anda temui!

Perlindungan Pihak Ketiga

Setiap pemilik kenderaan tahu bahawa mereka perlu memiliki insurans sebelum mereka boleh memandu secara bebas. Mereka yang ingin membelanjakan jumlah paling minimum sekadar memenuhi syarat tersebut boleh memilih polisi pelindungan Pihak Ketiga. Seperti namanya, apabila anda memilih pelindungan insurans ini, anda hanya akan diinsuranskan untuk kos pembaikan untuk kenderaan atau harta benda individu lain. Sekadar itu sahaja pelindungan untuk polisi ini. Jika anda mahukan pelindungan yang lebih lagi, anda perlu bersedia untuk mengeluarkan wang yang lebih banyak. Berikut merupakan pilihan lain yang boleh anda ambil:

Perlindungan Pihak Ketiga, Kebakaran Dan Kecurian

Ini boleh dikatakan sebagai pilihan pertengahan yang mana ia sering diambil berat dalam
polisi insurans auto
. Ia lebih mahal daripada polisi pelindungan sebelum ini, dengan menawarkan skop pelindungan yang lebih luas. Di bawah pelindungan polisi ini, anda bukan sahaja dilindungi dari segi kewangan sekiranya anda merosakkan kenderaan pihak lain, tapi anda turut dilindungi jika kereta anda mengalami kerosakan akibat kebakaran. Sekiranya ada bahagian kereta anda dicuri, atau keseluruhan kereta anda dicuri, insurans ini akan melindungi kerugian anda!

Perlindungan Komprehensif

Ini boleh dikatakan sebagai pelindungan insurans paling mahal yang boleh anda ambil. Namun, ia menawarkan semua ciri pelindungan dalam kedua-dua polisi tadi dengan tambahan pelindungan lain yang lebih banyak. Sebagai contoh, dengan
insurans kenderaan
 komprehensif, jika anda terlibat dalam kemalangan, polisi ini akan merangkumi kos membaiki kereta anda disamping menanggung kos membaiki kenderaan atau harta benda individu lain. Paling menarik, terdapat beberapa pelindungan tambahan yang tak mungkin anda dapat manfaatkan sekiranya anda tidak menggunakan pelan insurans Komprehensif. Akhir sekali, polisi mana pun yang anda pilih, ia perlu dipilih berdasarkan keperluan anda.

Savings up to RM300 + Road Tax Deliver To Your Door Step

Tags:
Insurans Kenderaan
Insurans Kenderaan Komprehensif
Pelindungan Pihak Ketiga
Perlindungan Komprehensif
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Is Motorcycle Insurance Mandatory?

Do you own a motorcycle and love riding it? Whether you are heading to work or the nearest market for some fruit, motorbikes are a convenient way of finding your way through traffic. You can avoid traffic jams and get to your destination faster. But what about
motorcycle insurance
? Is it mandatory, and are there any consequences of not having it? Keep reading to find out why having a motorcycle policy is critical!

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Does the Law Require Me to Have Motorcycle Insurance?

If you take a look at the
Road Transport Act
, you will find that Section 90 says that “motor vehicle users are to be insured against third-party risks.” According to the same section, if you don’t have road tax and insurance, you are subject to a jail punishment of up to three months. On top of that, you could pay a fine of up to RM1,000! A valid
insurance policy
 is required to get a road tax. If you don’t have a
road tax
, the fines can increase up to RM 3,000. Not wanting to pay a fine or spend time in jail might be the main reason why some people decide on
motorcycle insurance
. However, if you look at some statistics, you will find that your safety and peace of mind are crucial reasons you need
motorcycle insurance
.

Motorcycle Riders Frequently Suffer the Most Damage in Accidents

If an accident between a motorcycle and a car occurs, the odds are that the motorbike rider will suffer more significant damage. That is because the
car driver
 is protected by the airbags, while the rider might end up falling off the motorcycle and hitting the road. Everyone should be responsible while on the roads in their vehicles. But what if you do everything right and still suffer an injury? It might be muscle damage, skin burn, or a broken bone, and there might be significant vehicle damage, too. That is where a
motorcycle insurance policy
 comes into play. Its task is to offer financial protection for any damage caused to your vehicle from a
third party
. You don’t have to pay damages for the motor to ensure that you don’t get into financial difficulties.

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Theft Protection

The statistics, when it comes to motorcycle
thefts
, are not encouraging. For years, there have been more thefts of motorbikes than cars. For example, a total of 6,502 bikes were stolen in 2015, which is a large number. A
motorcycle insurance policy
 protects in case of theft. If you do everything that you can to protect your motorbike and it still gets stolen, you can expect financial coverage.

The Time for a Motorcycle Insurance Is Now

If you are a motorcycle owner, it is time to get that insurance policy now. Why would you risk paying a fine if the police catch you driving without the required documents? But even if you put that aside, motorcycle insurance is a safety mechanism. You will feel peace of mind because you are financially protected if your motorbike gets stolen. Additionally, if a third-party
causes an accident
 you are involved in, you won’t need to pay for the damages. Make sure to find an
insurance
 policy that meets your needs, and you can continue riding your motorcycle without worrying about fines and financial difficulties!

Tags:
Accidents
Fire and Theft Cover
Motorcycle Insurance
Road Transport Act
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Driving Under The Influence (DUI)

The dangers and outgrowths of
driving under the influence
 (DUI) are well-known. Even so, there are some people who still continue to drink and drive. You should know that your driving history plays a crucial role in determining what you pay for
car insurance premiums
. And if you have a past conviction for
DUI
 or driving while intoxicated (DWI), you will be required to pay higher premiums because you pose a greater risk. We’ll explore how a
DUI
 conviction affects
car insurance
 premiums
.

Premium Will Rise

At the point when your insurance company discovers you have a DUI, various things can occur. Your
insurance company can drop your policy
, but if they choose to keep your business, your premiums will go up. Try not to assume that since you don’t see an instant increment that nothing will occur – the premium rise will regularly happen at the first renewal after the conviction is conclusive. This implies if your
policy renews
 December 1st and your last conviction is December 2nd, you likely won’t see a rate increment for probably another six months.

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For How Long Does A DUI Affect Insurance?

Insurance company rules dictate to what extent your rates will be influenced by a DUI conviction. As with most slight or significant convictions, a DUI will raise your vehicle insurance rates for three to five years. An insurance company may make it, so you are qualified to get insurance with them after the conviction is three years of age, in any case, you will still be paying an extra charge for an additional two years. Insurance companies each make up their guidelines for how they handle DUI convictions. The standard is that DUI will affect your vehicle insurance rate for five years or more.

How Much Will My Premiums Increase?

This question might be a little bit tricky to reply to. It will have a significant effect depending upon your prior driving history. If you are moving out of a preferred driver status into this new high-risk driver status, you will see a tremendous change. You could be paying as high as doubling your present cost and perhaps even higher in some instances. Assuming you are already a high-risk driver, you may not see a very remarkable change in cost. It’s just that your high-risk status will be beginning once again, and you will be paying the high rate for much longer.

What to Do If My Insurance Goes Up After DUI Arrest?

Auto insurance
 is a serious business. Numerous insurance firms are vying for your
business
, regardless of whether you have a DUI conviction on your driving record. If your insurance rates go up after your DUI capture, you might want to search for other cheaper
insurance premiums
. You should also note that several factors could also impact your rate after
driving under the influence
. Factors such as age, driving history, make and model of your car, time, where you live, etc. could impact your
car insurance
 rate after a DUI. Knowing these factors can help you find the right
insurance
 and limit your cost.

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Though comparing rates can get you less expensive insurance, however, in the end, driving responsibly and mindfully will be the best way to get your rates back to normal. The best thing you can do is to be straightforward with your insurance company and don’t get another DUI.

Tags:
Driving Under The Influence (DUI)
Driving While Intoxicated (DWI)
Insurance Premiums
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Factors To Consider Before Early Loan Repayment

Jayss got some good news today!

Her hard work finally paid off, and she just got a pay raise! But this leaves her in a bit of a dilemma; she doesn’t want to trust her money to fixed deposits as the reduced interest rates mean she won’t be making anything worthwhile in return. Similarly, she isn’t ready to enter the investment world just yet. One line of action that’s attracted her attention, though, is repaying her
loans
 early.

Should she do this?

Short answer, yes. The person’s benefit from such a move will largely depend on the type of loan she’s trying to pay off. It is because different loans come with other terms and are therefore affected differently by
early repayments
. Here’s what we mean.

What Happens When You Make Early Repayments For Hire Purchase

When you make
early repayments
 for this type of
loan
, you get to clear your loans earlier and get a rebate on your interest from the
financial
 institution you took out the
loan
 with. It is because these loans’ calculations use a flat interest rate. By extension, the amount you should pay as interest is established from the beginning and doesn’t change the farther you get with your repayments. The higher
monthly payments
 you make go into clearing the principal and the interest simultaneously.

What Happens When You Make Early Repayments For Housing Loans

In this instance, you’ll not only become debt-free earlier, but the higher monthly payments you make will ensure you save on what you’d have paid as interest. The situation is different here because housing loans use the reducing balance method. As a result, the more you reduce the principal amount, the lesser you have to pay on interest.

What To Remember When Settling Loans Early

While the idea of paying off as much of your loan as possible when a new income stream appears is enticing, you should move with caution here. The primary reason is that some loans usually come with a penalty or fee that you must settle if you intend to clear your entire loan early. So, if you’re like Jayss and you’re intent on clearing your debt, you first need to speak with your bank or financial institution to ensure that you completely understand the specifics of your loan terms. Only move forward with your plans if you’re 100% certain that clearing your loan is the more financially prudent option.

Takeaway

Paying off your entire loan when you can is great. It enhances your cash flow and gives you more financial freedom. However, if you can’t afford to do that just yet, there are other great ways to manage your loan and enhance your income stream.

Tags:
Hire Purchase
Loan Repayment
Loan Term
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Used Car Versus New Car

That shiny new car has caught your attention, and you are considering going for it. They are always tempting if you are looking to replace your old car or add it to your garage. But do you need a new car? Of course, it has all the attractive features, and financing is often more straightforward, but what other options do you have?

Used Cars

No matter how you look at it, there are many reasons why buying a
used car
 is a smart decision for you to take. Purchasing a
used car
 can save you lots of cash and give a similar satisfaction and fulfillment as a new car. In this post, we would highlight some reasons why buying a used car is a smart choice for you to make.

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New Cars Depreciate Immediately

In case you’re attempting to decide whether to purchase new or used cars, you should know that the second you take your new car off the lot, it goes down in value. Customers whine about how rapidly a new car devalues—when they drive it off the lot. The estimation of a new vehicle can drop 11% on the drive home. This implies that your $20,000 car is worth just $17,800 once it leaves the lot. The vehicle proceeds with depreciation as weeks, months, and years pass. With used cars, the heft of the depreciation has already occurred. A few vehicles do hold their value over others, and new cars do last longer today than they used to. Be that as it may, new cars can lose as much as 30% of their value in one year. Additionally, consider that you’ve, in all likelihood, borrowed money to
purchase that new car
, and you’re now losing as much as 30% of its real worth making installments on it, including interest. Regardless of how you see it, purchasing a new car can’t qualify as a wise venture when it loses such a lot of cash so rapidly.

Certified And Meticulously Inspected

Certified Pre-Owned cars guarantee used car purchasers they’re getting a quality, wholly examined car that’s also a bargain. Certified Pre-Owned cars have been reviewed, renovated, and certified by the producer or other certifying authority, guaranteeing the vehicle is of high quality. They regularly have a service agreement, special financing and other benefits. New cars basically hold the affirmation that they are new.

Cut Your Insurance Costs

At the point when you’re deciding to choose to purchase a new or used car,
car insurance
 cost is another factor to consider. Usually the more worth a car has, the more the
insurance firm
 needs to pay if the vehicle is damaged. A used car will cost less to replace than a brand new car. Depreciation won’t mean a lot to an
insurance firm
 if the new vehicle is destroyed around the same time it was purchased. Normally, the
insurance firm will pass this potential expense
 onto you, the driver. In any case, a model that has just depreciated and is three years of age won’t cost as much to replace, and this way, it won’t cost as much for you to insure.

Other reasons include:

Reduced registration fees

Getting more value for your money

Detailed data on car history are available

Lower customization cost

Tags:
Used Car
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Does Liability Insurance Cover Theft?

Leaving your car safely in the parking lot as you run out to the grocery store, you return to find it burglarized, and your belongings are nowhere around. The first question you ask yourself after having been the victim of theft is, “Does my auto insurance cover it?”. The answer to whether or not auto insurance covers theft depends on the situation and the type of insurance you have. A
comprehensive policy
 will typically cover thefts, as well as damage caused by break-ins. Since
liability insurance
 usually covers bodily injury and property damage from accidents,
theft is unlikely to be covered
. In case of car theft, you’ll want to know what your insurance will cover. Let’s examine a few different scenarios.

Car Theft And Insurance Scenarios

Scenario 1: Car Damages Are Due To a Break-In

As long as your coverage is comprehensive, you’re in good shape. In general, comprehensive
insurance
 covers your vehicle’s repair costs, including:

Broken door locks;

Smashed windows;

Broken ignition system

Scenario 2: Stolen Car

It also depends on the type of
auto insurance
 you have. The policy will cover the value of your vehicle if you have
comprehensive coverage
 or third-party
fire and theft coverage
.

Scenario 3: There Were Stolen Items In Your Car

Is
car insurance
 going to cover stolen goods? Sadly, it does not. The
comprehensive coverage
 only extends to the parts and components that are permanently attached to the car. The insurance does not cover any personal belongings you may leave inside, like an iPod or a wallet. However, homeowners’ or renters’ insurance policies are likely to cover these items. For a stolen vehicle,
file two separate insurance claims
, one with your auto policy and the other with your homeowners’ insurance.

What To Do With Stolen Vehicle Or Truck

You should contact the police immediately if someone stole your car or truck. By all means, the police will be interested in basic information like the make, model, plate number, and possibly even the VIN. You can then contact your insurer to find out if you are covered. Contact your homeowners or renters insurance carrier if you believe personal items were in the car when
stolen
. Do these things as soon as possible. Your claim process will be faster, and the chances of finding your car will increase. If you successfully
file a claim
, many insurance companies will use your vehicle’s actual cash value (ACV) in determining your payout. You will also have to consider the terms of your policy when calculating the total. Insurance company adjusters determine the value of your vehicle based on its age, model, make, and regular wear and tear. You can also consider upgrades such as premium seats or wheels you have made, but not additions like a premium stereo or music player you can remove. Usually, if the adjuster comes up with a value for your car, you’ll receive a check for that amount minus any
deductible
 you have on your policy.

Savings up to RM300 + Road Tax Deliver To Your Door Step

In a Nutshell

Remember that not all policies offer coverage if your vehicle is broken into or stolen when choosing car insurance. Collision and
liability insurance
 aren’t enough to protect you. Comprehensive and third-party fire and theft insurance cover car theft, but it doesn’t cover your personal belongings inside the vehicle. For this, you must contact the company that issued your homeowners’ or renters’ policy to expedite the process, file a police report and
insurance claim
 as soon as possible. It will allow you to replace your vehicle as quickly as possible.

Tags:
Actual Cash Value (ACV)
Collision Insurance
Comprehensive Coverage
Liability Car Insurance
Liability Cover
Theft Coverage
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Travel Insurance Coverage

It doesn’t matter if you will go on a vacation of a lifetime or make a cross-country trip for your cousin’s wedding; you may wonder when or if it’s worthwhile to
buy travel insurance
. People are familiar with the car, home, and health insurance, but not everyone knows how
travel insurance
 works. Having a good understanding of what
travel insurance
 covers will allow you to make the best decision about whether to purchase it. This guide explains what travel insurance is, what it covers, how it works, etc.

What Is Travel Insurance?

A
travel insurance policy
 protects you from monetary losses and risks that may occur while traveling. Among these risks are inconveniences such as missed airline connections and delayed luggage, and more severe issues, including
illness
 or injury.

What Does Travel Insurance Cover?

A variety of possible damages and losses can be covered by travel insurance, depending on the type of coverage you choose:

Injury Or Sickness

Your health
insurance
 typically does not cover medical expenses abroad. Travel insurance can help protect you. Unlike many other health plans, most health
insurance providers
 do not cover foreign countries in total. You can supplement healthcare costs if you become ill or injured while traveling with travel insurance in addition to your regular health insurance.

Lost Luggage

A
travel insurance policy
 can help cover the costs of lost or stolen luggage. It can be beneficial when an airline loses your bags since it can be challenging to pay.

Last-minute Cancellations

Travel insurance can help cover the costs of canceled trips. Typically, resorts and cruise lines won’t refund your total amount in the event of a cancellation. Most resorts and
cruise lines
 will charge you a cancellation fee if you cancel two weeks or more before your trip. Many cruise lines will only give you a 25% refund or provide you with partial credit for another cruise.

Coverage Beyond Your Credit Card

Certain credit cards offer limited coverage
, with restrictions for cancellations and interruptions (if the card covers such events at all). Travel insurance, however, can cover the most expensive risks associated with travel: medical expenses or emergency evacuations.

Compare and apply for the best credit cards

How Does Travel Insurance Work?

Travel insurance will typically reimburse you for your covered financial losses after submitting and approving a claim. To
file a claim
, you must provide proof of your failure to your insurer so that they can verify what happened and reimburse you for covered losses. If, for instance, you purchased the OneTrip Prime Plan, which includes cancellation benefits, for your upcoming trip to Barbados, then you would be covered. During the two days before your departure, you suffer from a high fever and chest pain. The doctor diagnoses you with bacterial pneumonia, so you must cancel your trip. Upon contacting the cruise line, they inform you that it is too late to receive a refund. If you don’t have travel insurance, you’ll lose the money you spent on your vacation. In a severe and disabling illness, you can reimburse your non-refundable and prepaid trips. When you feel better, gather all necessary documents – such as your airfare and cruise line receipts – and
file an insurance claim
.

Tags:
Cancellation Benefits
Health Insurance
Travel Insurance
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Apa Yang Akan Berlaku Bila Insurans Kenderaan Anda Dibatalkan?

Anda sedang memeriksa email anda seperti yang anda lakukan setiap hari, dan tiba-tiba! Syarikat insurans anda membuat kejutan dengan mengatakan bahawa mereka tidak akan memberikan pelindungan kepada anda lagi! Ke mana anda harus pergi selepas ini? Apa yang boleh anda harapkan bila sekarang kereta anda tidak lagi mempunyai pelindungan
insurans kenderaan
? Apa yang perlu anda lakukan seterusnya?

Hai! Saya (nama), duta jenama Fincrew dan hari ini, saya akan membantu anda menguruskan
insurans kenderaan
 anda yang dibatalkan. Apabila ini berlaku, banyak perkara yang perlu anda uruskan secepat mungkin. Saya akan membimbing anda untuk melalui perjalanan yang agak sukar. Sekiranya anda memerlukan bantuan untuk menguruskan
insurans kenderaan
 anda, maka anda tidak boleh terlepas walau satu video pun dari siri Video Insurans360 kami! Kami akan menghuraikan setiap aspek insurans kenderaan dan akan memberitahu semua yang anda perlukan bagi menikmati polisi anda! Klik butang ‘Subscribe’ sekarang dan aktifkan notifikasi jadi anda dapat menonton video kami segera!

Sekarang kami sudah meluahkan apa yang kami mahukan, mari kita ke isi utama hari ini. Jika anda tertanya-tanya bolehkah
syarikat insurans
 membatalkan polisi anda? Jawapannya, YA! Mereka boleh. Tapi, mereka tidak boleh melakukannya tanpa alasan yang kukuh dan perlu memaklumkan kepada anda terlebih dahulu. Anda tidak boleh memandu kereta anda tanpa insurans yang sah, ini bermakna setelah insurans anda dibatalkan, anda bakal menghadapi kesukaran untuk memandu ke mana-mana! Lebih teruk lagi, semakin lama anda membiarkan kenderaan anda tanpa insurans kenderaan anda, anda boleh menjangkakan caj yang lebih tinggi bakal dikenakan oleh
syarikat insurans
 lain apabila anda cuba mendapatkan pakej insurans lain.

Oleh sebab ini, bertindak pantas adalah penting! Ingat bahawa membatalkan insurans kenderaan anda tidak sama dengan mengeluarkan notis pembaharuan. Untuk kes terakhir, pelindungan anda tetap aktif sehingga tarikh yang sepatutnya berakhir. Setelah itu anda tidak akan diberi peluang untuk memperbaharui pakej insurans dengan syarikat yang sama. Biasanya
syarikat insurans
 hanya akan membatalkan polisi jika:

Anda belum
membayar premium
 anda atau terlewat bayar

Lesen memandu anda dibatalkan atau digantung kerana satu sebab atau pun

Mereka menyedari bahawa anda tidak melengkapkan maklumat permohonan

Dalam situasi ini, perkara pertama yang perlu anda lakukan adalah melihat kembali notis pemberitahuan yang dihantar kepada anda untuk mengetahui alasan mengapa polisi anda ditamatkan. Sekiranya tidak dinyatakan, anda perlu segera menghubungi syarikat insurans anda bagi mendapatkan maklumat tersebut. Setelah mengenal pasti masalah tersebut, anda boleh cuba berbincang dengan syarikat insurans anda itu.

Dalam sesetengah kes, ia akan berakhir dengan baik dan pihak insurans akan membatalkan notis pembatalan tersebut. Walau bagaimanapun, sekiranya syarikat insurans anda itu tidak berganjak dengan keputusan mereka, anda perlu mula mencari pelindungan daripada syarikat insurans lain! Walaupun pelindungan anda tidak dikira tamat sejak anda tarikh anda menerima notis, pembatalan, anda sudah tidak mempunyai banyak masa lagi! Lebih-lebih lagi jika insurans anda dibatalkan disebabkan alasan yang dinyatakan tadi.

Anda mungkin berasa sukar untuk mendapatkan syarikat insurans yang baru kerana syarikat insurans lain akan melihat notis pembatalan anda sebagai tanda amaran dan menganggap anda pelanggan berisiko tinggi. Bila anda menjumpai syarikat insurans yang baru, premium anda juga akan menjadi lebih tinggi daripada yang sebelumnya. Oleh itu anda dinasihatkan jika boleh, tidak membiarkan polisi anda dibatalkan. Tetapi jika berlaku juga perkara yang tidak diingini ini, sekurang-kurangnya anda tidak rugi semuanya.

Lihat pautan di bawah untuk mencari syarikat insurans yang boleh dipercayai. Sekiranya anda mendapati video ini bermanfaat, tinggalkan ‘Like’ serta ‘Subscribe’ dan aktifkan notifikasi supaya anda tidak terlepas episod yang akan datang dari siri Video Insurans360 ini! Bye buat masa ini!

Tags:
Insurans Kenderaan
Insurans Kereta
Syarikat Insurans
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Insurance Claim For Stolen Car

It’s a nightmare situation- you park your car safely in the parking lot – you run into the grocery store – you get to the parking lot, and you realize there is a space where your vehicle should be. Gradually it dawned on you that it has been
stolen
. Don’t panic, be calm,
stolen
 vehicles are usually covered by auto insurance companies, mainly if it includes Third Party, Fire, and Theft or Comprehensive coverage. This article tells you what you need to know when your vehicle is
stolen
.

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My Car Was Stolen – Report To The Police And Your Insurer?

First, you must report your car as stolen to the police then your insurance company. Ensure you have all your vehicle details nearby, such as the registration number, make, model, color, and car keys. The car keys? The car keys are essential because if you
claim insurance
 for your stolen car without the car keys, you may not get your
insurance claim
. This is because the
insurance policy
 covers theft but not negligence. If you leave your keys in the car and it was stolen, the
theft
 is viewed as your carelessness. Delivering the keys proves there isn’t any carelessness on your part. More so, it serves as proof of no foul play or the intention to swindle the
insurance company
.

Making A Claim If Your Car Is Stolen

If your car is stolen and you’re paying your premium by installments, you may need to continue paying until your policy is expected for renewal. Your insurance company may hold back to check whether the vehicle is found. If, after settling, you and the car were found, then they will keep the vehicle. But if the vehicle isn’t found, your insurance company should pay you. It’s reasonably estimated worth, which is the amount that you could have sold it for. You might probably not be satisfied with how much your insurance company is offering you, then you need to prove the car was worth more. Try checking online to evaluate the car or using car price guides. An insurance pay-out may end your policy; however, this relies upon the policy. If you paid everything forthright, you possibly won’t get the remainder of your premium refunded.

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Delays In Settling Claims

Sometimes, your claims might take a while to resolve. However, the Malaysian law states that your insurance provider must make a sensible proposal of settlement within three months of filing a
insurance claim
. There can be delays in settling the
claim
 if neither one of the sides concedes liability or isn’t thoroughly evaluated. This implies there isn’t sufficient written proof to
help the claim
. You or the other driver may, thus, be approached to send in more proof. This may imply that the
insurance claim
 takes longer than three months to settle. As soon as liability has been conceded and enough proof has been created for the claim to be evaluated, your
insurance
 company should settle it within the stipulated three months. Safeguarding your vehicle should be possible with a little bit of caution and good judgment. You ought to consistently be constraining the amount of a risk you leave yourself to theft. Never leave your keys in the vehicle, or your doors opened.

Tags:
Fire and Theft Cover
Insurance Claims
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i-Sinar – A Good Idea Or Bad Idea?

In the past, you had to meet specific requirements if you wanted to touch your EPF Account 1. However, thanks to a new government policy that took effect on the 8th of March 2021, all applications for
i-Sinar
will be promptly approved if the applicant meets three (3) criteria.

Criteria For i-Sinar Approval

Under the new regulation, three criteria to meet for approval are;

The applicant must be an EPF member.

The applicant must be under 55 years of age.

The applicant must have a minimum savings balance of RM 150 in their
EPF
 Account 1.

However, this access to your
EPF savings
 raises a fundamental question; should you access your account first? Here are things to remember when making a decision here.

Choosing To Or Not To Use
i-Sinar
 To Withdraw Your EPF Savings

Even now, many Malaysians are still reeling from the impact of the
pandemic
. This policy might be a god-sent gift for these people who may have lost their sources of income and yet have to pay utility bills, rent, feed themselves, and take care of other expenses. However, if you’ve still got your job, can quickly pay all your bills, and don’t need to tap into your emergency funds, then you might be better off leaving your
EPF savings
 as it is. One thing you need to always remember down this road is that
withdrawing from your EPF
 for whatever reason automatically diminishes the amount of reserve you can call on when it’s finally time to retire. While that mightn’t seem like a big deal now, time flies, and no one knows what tomorrow holds. As such, it’s always better to play things safe and keep as much as possible to take care of yourself even in your old age.

Is Taking Money Out Of Your EPF To Invest a Smart Play?

Everyone knows that leaving money to sit there is always a waste. As such, it’s only natural to consider digging into your EPF so you can put money into something more rewarding. But, before you take this step, consider the possibility that your money is already in the best investment stream possible!

What Do We Mean?

In 2020, the EPF declared a whopping 5.2% dividend! Nine years before, they paid an average bonus of 6.1%. The most that other safe and reliable investments like ASB and fixed deposits have been able to pay in the same time frame is 4.25%. And while you can always get more profit in the stock exchange market, remember that even professional brokers and investors often suddenly lose it all.

Our Opinion

This access to a stream of funds can seem enticing to capitalize on, but you should leverage it with caution, if at all. While survival today is essential, you should also try not to jeopardize your future.

Tags:
Amanah Saham Nasional Berhad
ASB
Employees Provident Fund
EPF
i-Sinar
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Common Car Insurance Frauds

As scary and unpleasant as it might be to hear, car
insurance frauds
 happens. Besides the fact it can happen to anyone at any time, it is most often perpetrated by the most unexpected individuals. Car
insurance scams
 have always been around. Recently, however, the cases of people who’ve fallen victim to these
insurance scams
 have been steadily increasing. The methods of duping unsuspecting individuals have become more advanced, so it becomes essential you stay on guard. There are several antics that these nefarious individuals employ. We’ll be highlighting the most popular ones in this post. Without further ado, here goes:

The Vehicle Theft Scam

This is one
car insurance
 scam that you have to be very careful of. It’s incredibly difficult to detect because it doesn’t occur in a manner you can easily spot. What happens here basically is that a fraudster reports your vehicle as burgled or stolen to use this to validate a claim from your
insurance
 company. It requires that they work with law enforcement agencies to pull this off and don’t be surprised that they do! To protect yourself against this, the moment you discover your vehicle has been stolen or broken into, contact your insurer right away. As an added precaution, be careful of lodging your complaint in a setting with unfamiliar people. Also, fill out the police report yourself. Don’t accept assistance from anyone with that.

The Towing Scam

Here, what happens is that they stage a team that looks out for accidents. As soon as one happens, the fraudsters swoop in with a
tow truck
, pose as legit individuals and pressure you into using their services. There isn’t any doubt that the authorities are as proactive as they can be. Nevertheless, always beware when the timing seems too good to be true. As such, even though you’ve just been involved in an accident, be sure to try to keep yourself balanced. Once you’ve managed to get your bearing after the accident, endeavor to get in touch with your insurer immediately and have them sort out the details of moving your
damaged car
.

Exaggerating Loss/Damage When Filing Claims

We’ve been discussing the
insurance frauds
 that amoral people may perpetrate against you so far. However, exaggerating the loss or damage done to your vehicle is a fraud you may easily commit as a vehicle owner. Inflating the price of repairs a little here and there might seem only fair to you. After all, you’ll be undergoing a significant amount of stress as a result of the repairs your vehicle will have to go through. What’s the harm in making something out of it? The fault with that logic is that lying while
filing your claim
 is a fraudulent act and can have some profound legal implications.

More than that, it could lead to your entire
claim
 being rendered invalid. To that end, it’s always best you stick with the truth and not deviate from it. There you have it! Knowing these things for what they are now, you can devise easy measures of countering them. In the same vein, if you suspect
insurance frauds
 is afoot, don’t hesitate to contact the appropriate authorities!

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Insurance Frauds
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Car Maintenance Checklist

I don’t think anyone wants his/her car to be in and out of the mechanic workshop all the time. That’s why taking good care of your vehicle and keeping it in proper running order with regular DIY
car maintenance
 is the key to its longevity. Aside from longevity, keeping your car in great shape with standard
car maintenance
 methods additionally expands safety. When your car is running smoothly and performing at an optimal level, there would be less strain on your vehicle engine and different parts. More so, your driving capacity won’t be impeded by a compromised vehicle. The good news is, you don’t have to be a mechanical prodigy to keep your vehicle in great shape. You only need to be aware of what’s required in order to be done, how it’s done and when it should be done. To help you with these needs, we’ve compiled a DIY car maintenance checklist that will help you in ensuring your car is in top running condition.

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Change Your Oil And Oil Filter

Motor oil is your engine’s life-blood. It serves a lot of functions- it serves as a lubricant, which helps keep engine parts from grinding against each other and destroying the engine, helps act as a sealant against debris, cools the engine, and helps prevent engine corrosion. Making sure the oil is squeaky clean is crucial for the health of your engine. Though changing the oil and oil filter depends on your car, the type of oil you use (petroleum-based or synthetic), how much you drive, your driving style, weather factors, and vehicle mileage. However, many experts recommend following your
vehicle’s owner’s manual
 recommendation or change the oil & oil filter as much as every three months or 3000 miles (ca. 4,828 km). For your vehicles other fluids, you should ultimately follow the
vehicle’s owner’s manual
; however, we recommend the following general guidelines:

Brake Fluid
: Change every two years or 24,000 miles (ca. 38,624 km)

Power Steering Fluid
: Change every two years

Transmission Fluid
: Change every 30,000 to 60,000 miles (ca. 96,561 km)

Tire Pressure, Rotation And Tread Depth

Since your tires are your car’s only contact with the road, it’s imperative to regularly maintain and check them for a safe, fuel-efficient ride. Failure to take good care of your tires can bring about significant safety concerns for you, your passengers, and fellow drivers on the road.

The rate at which you carry out maintenance on your car tires depends mainly on the service area you’re focusing on. For instance, you need to check the air pressure in your tires once a month, before long trips or carrying extra load. More so, it will help if you get a tire rotation every 5000 miles (ca. 8,047 km), and it’s recommended you replace your tires when your treads reach 4/32 of an inch. However, you might want to try a penny test to determine the amount of wear on your treads!

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Spark Plugs

Spark plugs ignite the gas and air mixture to get your vehicle started. It also provides it with a spark to help it stay powered and running smoothly. If your spark plug is faulty, your
car engine
 won’t run at optimal capacity; the more reason why it’s essential to make sure they’re functioning correctly. When you start noticing engine misfires, poor gas mileage, trouble starting your vehicle, poor acceleration, and a vibrating or noisy engine, you should know your spark plugs need replacement, but most experts recommend replacing your spark plugs about every 30,000 miles (ca. 48,280 km).

Check These Areas Too

In addition to the areas mentioned above, you might want to check the wiper blades, the battery, the air filter, and the belts and hoses to keep your vehicle in top gear.

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Brake Fluid
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Spark Plugs
Tire Pressure
Transmission Fluid
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RTI (Return To Invoice) In Car Insurance

In Malaysia, owning a motor vehicle comes with a lot of responsibilities. Not only do you have to take care of your automobile and ensure that it is in perfect working condition, but you also have to make sure that you have insurance on your vehicle. Broadly speaking, there are three
different types of insurance
 available to vehicle owners in the country. There is the Third Party, Third Party, Fire and
Theft
 and the Comprehensive package. According to the law, you need to have at least the Third-Party Coverage, if you want to put your vehicle on the road freely and without inhibition. However, if you really want the best and most extensive coverage for your automobile, then you want to get
Comprehensive policy coverage
. One great thing about taking out a Comprehensive coverage policy on your vehicle is that it affords you the opportunity of taking on several add-on policies that can help you further protect your vehicle. One of such add-ons is the
Return To Invoice
 (RTI). What exactly is the
RTI
, and why might it be a great addition to your Comprehensive
Insurance policy
? Let’s find out.

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What Is RTI (Return To Invoice) Exactly?

Essentially, a
Return To Invoice
 add-on coverage is a special policy that your insurance provider may extend to you. What makes this add-on potentially valuable to you is that it helps you cover the monetary disparity between the insured value of your car from the invoice value of the automobile. The benefit of an
RTI
 is that with it, you can get a full payout for the complete cost of the vehicle if it gets damaged, lost or even stolen.

Things To Take Note About RTI (Return To Invoice)

The RTI is a special package, even among add-ons. To that end, there are a few things worthy of mentioning. Some of which include:

Price and Duration of Viability

The first thing you need to know about RTI is that you cannot get it on just any vehicle. First, the vehicle you want to get RTI for must be brand new. Second, the viability of the add-on lapses after three years at the most. Also, in terms of price, RTI can be a bit expensive as it costs roughly 10% more than you would pay for a Comprehensive basic package.

Car Theft Protection

If you live in an area with an increased rate or theft, or you do not park your vehicle in secure locations, RTI can be very good for you. Should your new
car get stolen
, you would be reimbursed for the full price of the automobile.

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Added Protection Against Accidents

As was mentioned earlier, RTI can also provide you with some added
insurance coverage
 if your vehicle is damaged beyond repair. What RTI does is that it complements your comprehensive insurance package to help you get full reimbursement for your car. Perhaps the biggest benefit of getting RTI for your automobile is the fact that it gives you that complete assurance that your vehicle is fully covered. As such, getting it can go a long way in helping you ensure that your precious vehicle is safe, even in the face of any eventuality. However, you must bear in mind that this benefit only lasts the first three years of buying and owning your car.

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Comprehensive Coverage
Fire and Theft Cover
Insurance Policy
Return To Invoice
RTI
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How To Make Your Financial Life Simpler

Fiscal matters can be complex to manage, even at the best of times. This fact is made even more pronounced because most people tend not to have a good grasp of the field to begin with. Yet, if you don’t make conscious efforts to understand and simplify your
financial
 life, you may quickly find that you won’t be able to use money as efficiently as you should. And while it’s true that most
financial
 services firms in the country don’t make this process any easier for you, you still have many great options you can explore down this road. As long as you’re willing to be objective and dedicated to the process, the strategies we’re about to highlight will help you easily make more of your funds.

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Loans

For better or worse, at the moment, taking loans is an important aspect of the financial lives of most Malaysians. But if you’re going to take a
loan
, you need to make sure that it’s not only worth it but also getting the best deal possible. The one way to ensure this is to do extensive research before finally settling for any one bank or financial institution. Sadly, because most people are so occupied with managing other aspects of their lives, they don’t give this exercise the due attention it deserves. Thankfully, platforms like FinCrew are now available. With the wide array of loan tools and financial resources available, you can
compare the offerings of different loan providers
 in minutes. Armed with this information, you’ll be able to find the best deal for yourself and subsequently make the most of it.

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Insurance

Like when taking
loans
, most people don’t look twice when getting an
insurance
 policy. Often, they either rely on word of mouth or simply get the first insurance package that comes their way. However, neither of these approaches takes into account your unique lifestyle and needs. But with the aid of accurate insurance comparison tools, you not only get to seek out better terms, but you also get a clear bird’s eye view of what to expect from the coverage.

Credit Cards

Arguably one of the most indispensable resources in our daily lives, how you use your credit card(s) can make or break your
finances
. It all starts with your selection process. If you don’t pick the right credit card(s), managing your spending and
finances
 can become infinitely harder. So, apart from using tools like the FinCrew
Credit Card comparison
 tool to carefully weigh your options, make sure that you only opt for cards with benefits you can take advantage of.

Compare and apply for the best credit cards

Automating Your Financial Processes

The best way to manage your finances today is to automate your fiscal affairs. Having recurring bills automatically debited from your bank account can have several advantages. For instance, it ensures you never have to pay any penalties for
late payments
. Also, it frees up your time to do other, more productive things. Another benefit of this approach is that you’ll easily track your spending habits and see what you could be doing better.

Bottom Line

The above are only a few areas where you can streamline your financial activities. However, the effect of taking these steps can be profound. It’ll not only make your financial processes faster, but it can also help you reduce costs, too. You can see more efficient ways to manage your money here.

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Credit Cards
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Financial Services
insurance
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Some Examples Of Contingent Liabilities

The term contingent liability refers to a penalty that may arise depending on a specific event’s outcome. Depending on how a future event unfolds, this may or may not become a requirement. It will estimate recorded
contingent liabilities
; otherwise, disclosure of the amount will happen.

Understanding The Concept Of Contingent Liability

Contingent liability is a liability that becomes a potential loss if a specific event occurs in the future. Some examples of contingent liability include pending investigations, product warranties, and potential lawsuits. They estimate the amount and will use it to pay the liability when it occurs. Companies are not the only ones exposed to contingent liability, as it also applies to individuals. For instance, if you were to take an educational loan of $10,000 to help your child with their higher education. If your child failed to make payments after getting a job, that amount could become a contingent liability. Since you took a
loan
 from your bank, you might have to repay the amount.

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Examples Of A Contingent Liability

Below are some examples of
contingent liabilities
 –

Lawsuit

Product Warranty

Pending Investigation or Pending Cases

Bank Guarantee

Lawsuit for
theft
 of Patent/know-how

Lawsuit

Think of a scenario where a company is being sued for patent infringement by a rival company. The company’s legal department believes the rival firm has a good case, and if it loses, it will suffer a loss of $2 million. The company posts an accounting entry on the balance sheet to debit (increase) legal expenses for $2 million and credit (increase) accrued expenses for $2 million because the liability is probable and easy to estimate. Using an accrual account, the firm can post expenses without needing to make a cash payment immediately. If the lawsuit results in a loss, they will debit the accrued account (deduction), and the cash account is credited (reduced) by $2 million. It is possible but not probable that there will be a lawsuit and that the dollar amount will be around $2 million. In these circumstances, the company discloses the contingent liability in the financial statements’ footnotes. It is not required for the company to disclose the potential liability if it determines its slight risk.

Product Warranty

Some companies offer warranties on their products, such as company X. Selling a car and providing a three-year contract on the car’s engine, which costs around $1000. Suppose the company sells 5000 units. In that case, the company has to estimate how many vehicles need repairs during the warranty period, and accordingly, the financial statements must provide contingent liabilities.

Pending Investigation Or Pending Cases

The company’s books must mention contingent liabilities if there are pending investigations, pending court cases, pending income tax assessments, or any other tax.

Bank Guarantee

Let’s assume there are two companies; one is B Ltd, and the second is C Ltd. Assuming C Ltd is taking a
business loan
 of $1000 million, and company B is giving a guarantee on behalf of company C. In that situation, if company C defaults in making payment, then company B has to make the payment to the bank; therefore, company B has to disclose this
contingent liability
 in their accounts books.

Lawsuit For Theft Of Patent/Know-How

Suppose ABC company is developing medicines to cure diabetes simultaneously as XYZ Ltd sues ABC Ltd for $1000 million for theft of patents. ABC Ltd feels they will lose the case, so they should make payment to XYZ Ltd. As a result, ABC Ltd records the
contingent liability
 in his books of accounts.

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What To Do Before Your Car Factory Warranty Expires

Car warranties are usually not thought about until there is a problem with the vehicle. Nevertheless, after your contract expires, every repair becomes your responsibility. You should start planning for life beyond coverage if you get to the end of your car warranty. Keep reading and check to learn how to keep your car costs low if your contract is about to expire – and how to use it now.

Understanding Your Coverage

There is no one
factory warranty
 program that is the same for every driver. Depending on your make and model, a
factory warranty
 may include a powertrain, maintenance, corrosion, and emissions coverage. Also included will be an expiration date, which designates a specific number of months and miles after which the warranty will end. Your responsibility as the owner is to know what your factory warranty coverage includes and excludes. Here are two places you can find all the details:

Your vehicle purchase documents, and

The vehicle registration documents. Visit the Brands website.

Make Sure You Know When Your Factory Warranty Expires

You should double-check the start date of your warranty, even if you remember the exact day you picked up your vehicle at the dealership, to determine when it expires. You can check your factory warranty by VIN (vehicle identification number). The number is on your registration card,
insurance
 card, or vehicle title. When you find the VIN, you should contact the service department servicing your brand to track your warranty by VIN.

Keep Your Vehicle In Good Condition

The best way to use your warranty is to follow a regular maintenance schedule, even if your contract is still active. The warranty is a contract between you and the manufacturer or dealer. As part of that contract, you must take care of your car to reduce the likelihood of something going wrong. When something goes wrong, your car will be repaired by the manufacturer or dealer. If you fail to follow a maintenance schedule, you will have a void warranty. You should maintain records of all
maintenance and repair
 work.

You May Want To Consider An Extended Warranty

A new car
buyer can purchase an extended warranty
 to enhance the factory warranty. Often, these Extended Warranties cover items that the standard Factory Warranty does not, for an extended period or both. You can decline the
extended warranty
 upfront when you take your vehicle’s delivery, but you can still pick one up before your factory warranty expires. Nonetheless, it would help if you decided whether the
benefits of an
extended warranty
 will outweigh the costs.

Is It Time To Trade-In?

As your warranty security net disappears, you may want to assess whether your driving car still meets all your needs. Since taking possession of the vehicle, something may have happened that makes it no longer the right choice for your family or your budget. The
used car
 market is currently booming, so you may be able to get even more trade-in credit towards a new car or CPO model that would meet all of your ‘must-haves.’

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Car Warranty
Extended Warranty
Factory Warranty
Vehicle Identification Number
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Driving Your Parents Car Without Insurance

You acquired a driver’s license, but the problem is that you still don’t have a vehicle. That is why it crossed your mind that you could try driving your parents’ car. However, the problem is that the vehicle doesn’t have any type of
insurance
. Should you drive a car that doesn’t have
insurance
, even if it belongs to your parents? We carefully analyzed that topic, and here is what we discovered!

You Shouldn’t Drive a Car without an Insurance Policy

The law in Malaysia is very clear – it doesn’t allow driving a car that doesn’t have insurance. That means the answer to this question isn’t related to the fact that the vehicle belongs to your parents. The only thing that matters is whether it has insurance. If you drive a car without insurance, you risk a hefty penalty. Furthermore, if you participate in an accident, you might face substantial damage bills. That is why it’s just not worth the risk – it is better and safer to acquire an
insurance policy
. While we are on the topic, let’s mention that it is legit to drive your parents’ car, but under these conditions:

The vehicle has an active
insurance policy
.

You have an active
driving license
.

Your parents agree with you using their car.

What Is Car Insurance Mandatory in Malaysia?

According to the law, you need to have at least third-party car insurance. If you own a vehicle, it is compulsory to have an active insurance policy for it. Those who drive someone else’s car should confirm that there is a valid insurance for that vehicle before sitting behind the wheel. The Malaysian authorities allow you to choose the desired insurance plan. The minimum required is a third-party policy, and that is the most affordable option. You can take things one step further and go with a comprehensive policy. That will secure all-around protection if an
accident occurs on the road
.

Why Is Car Insurance Mandatory?

You must pay the road tax for any vehicle that you own. However, you cannot apply for that tax if you don’t have an active insurance deal for your car. That means a policy is a pre-requirement for the road tax, which the law requires you to pay.

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What If I Don’t Want to Purchase Car Insurance?

The Road Transport Act clearly specifies that a single fine for driving without road tax is up to RM3,000. That is a large sum to pay, which is why car insurance and road tax is a way to secure peace of mind. And that is only the beginning because driving without
car insurance
 is also subject to a fine. According to the Road Transport Act (RTA), you could face up to three years in prison and be paid up to RM1,000.

The problems pile up if you participate in a road accident. If no
insurance covers
 you, and you are not the blame, you will still end up paying for the damage on your vehicle. And if you are the one who caused the accident, you will need to pay to fix other people’s cars, too. If you employ common sense, it is not only about what the law requires. Getting a
car insurance policy
 for your vehicle protects your finances and provides peace of mind. That is why you should only enter your parents’ (or any other) vehicle if it has an active insurance deal.

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Car Insurance
Insurance Policy
Road Transport Act
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Buying Auto Insurance Online Versus Offline

The year is 2022. Two decades ago, consumers used to browse online and buy offline. However, things are rapidly changing now, and everything is now instant. Millennials are changing the digital landscape, and multinationals are channeling their resources towards catering to their demands and wants. Companies are mining an ocean of data to find actionable insights into getting consumers to click the Buy Now button. The
auto insurance
 industry is also caught in the middle of this digitization-powered paradigm shift. Amidst all this, buying
auto insurance
 can sometimes be confusing and tedious because of the many options available to you. Purchasing your auto insurance can either be done online or offline. But which is better, online or offline auto insurance? Read along as we compare both
buying insurance online
 versus offline based on several factors.

Cost

Purchasing your auto insurance
 online is a lot much cheaper than buying it offline. An online insurance purchase eliminates agent commission or brokerage cost, usually passed on to you as a discount. More so, to attract more customers, online insurance companies offer new user discounts, end of the year discounts, and other festival offers that are difficult to get in the case of offline insurance. It is advisable to
compare auto insurance quotes online
 before actually purchasing the insurance. Several comparison websites are available that you can use to compare
policies and premium costs
 of different insurers to make the best decision.

The Process

The process of purchasing auto insurance online is much easier and faster when compared to buying offline. With the latest cutting-edge technology, all the information needed is available with a click of a button, and the entire process of comparing the coverage, selecting the plan, going through the terms and conditions, and confirming payment can now be done in a few minutes. Most importantly, you bounce the tedious and boring task of filling different policy documents. Moreover, suppose you are
purchasing your auto insurance
 offline. In that case, you probably will spend most of your time meeting the agent, deliberating on the policy, deciding on the policy, paying for the plan, and finally, receiving your policy documents at your desired location. All these processes may last for at least 2-3 days.

Transparency

It is a very crucial factor in helping you decide on your preference of buying auto insurance online or offline. On the one hand, in buying auto insurance online, you have the opportunity to read the terms and conditions of the policy you want to purchase and
understand the policy wording even before buying the insurance
. You have the option of saving the policy details for future reference while assuring you get what you see and what you are willing to pay. On the other hand, if you purchase your auto insurance offline through an agent, you only get to see the actual terms and conditions of the policy after making payment. A dealer might mold his wordings to win the deal.

Claim Settlement

Most auto insurance companies deliver a superb feature of filing your claims online and quickly checking the status of your claim. Online filing also makes the process of settlement very fast and secure. If you purchase your auto insurance offline and want to make a
claim
, you will have to get in touch with the offline dealer at every step of the claim settlement process. Sometimes, you might be required to physically visit the agent to submit the claim documents and other documents. It will require more time to process.

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Auto Insurance
Buy Insurance Online
Insurance Claims
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IDV Or Insured Declared Value

As a driver in Malaysia, you very likely understand the gravity of having
insurance
. Setting aside the fact that it is a mandated requirement by law, if you want to use your vehicle in the country, it provides a certain level of financial security you can’t afford to do without in today’s world. As such, understanding all that goes into your car insurance policy is very important. When you take out an
insurance policy
 on your automobile, you are expected to pay a premium. Several factors determine what amount you pay as your
insurance premium
. One of these variables is
Insured Declared Value
 or IDV.

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What Exactly Is Insured Declared Value?

Basically, the IDV (
Insured Declared Value)
of your vehicle is the estimated current market value of the automobile you took out insurance on. As a driver, you know that occurrences like vehicle breakdowns, repairs and even accidents are a part of owning and operating an automobile. In some extreme cases, your vehicle could even end up stolen or vandalized beyond repair. When these accidents occur within the parameters of your insurance policy, the amount stipulated as your
IDV
 is what you can expect as a payout. For example, if at the start of your insurance policy, your
IDV
 was established to be 10, 000 MYR, should your
car get stolen
 or damaged beyond repair, your payout or compensation will be exactly 10, 000 MYR.

Why Is IDV Important Yo You?

The value of your IDV has a direct bearing on what you pay as insurance. Broadly speaking, most
insurance companies
 will require you pay nothing less than 2 – 3% of what your IDV is valued at as your premium. In essence, the higher your IDV, the more you pay as premium. While this might tempt some drivers to declare a slightly lower IDV to save on premiums, note that should the worst happen, you may not receive up to what you should’ve as compensation. For this reason, it is important you keep your IDV as close to the real market value of your vehicle as possible.

How Do You Calculate The Insured Declared Value For Your Vehicle?

The
Insured Declared
 Value of your vehicle is calculated using various parameters which are then calibrated against the current motor tariffs in the country. Some data used by insurance companies to evaluate your IDV include but aren’t limited to:

Your car registration information

The location where you carried out your car registration

The make, model and manufacturer of the automobile insured

The current description of your vehicle.

All things being equal, the older your vehicle gets, the lower you can expect your premium to become.

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Key Takeaways

The first and perhaps most important thing to note is that if you want to enjoy the full benefits of your IDV, never under-state the value of your IDV under any circumstance. In the same vein, do not overstate your IDV as this may be counterproductive for you in the end. Lastly, when making claims on your IDV, keep in mind that the way you lose your automobile also factors into your payout. If the manner in which you lost your car isn’t covered under your policy, getting compensation may prove challenging.

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IDV
Insured Declared Value
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Insurance Companies Redlining Car Insurance Policies

You might have searched
car insurance companies
 and policy specifics on the web and discovered clients talking about “redlining.” Although it might be the first time you came across that term, it can be important for all vehicle policy owners out there. In this article, we will talk about
redlining
 details and are there legal
redlining
 mechanisms that a car insurance company might use.

What Is Redlining With Car Insurance

If we are talking about a general definition, it is intended denial or adjustment in the pricing of specific services to particular clients. We first encountered this term in the United States during the 1960s. At the time, the local banks avoided investing in local communities where black people were the dominant group. They refused to issue
loans
 and provide other services to clients of color. The experts indicate that there is also the term “reverse redlining.” That involves providing services to particular clients, but only at a higher price than usual.

Are Car Insurance Companies In Malaysia Redlining?

It is hard to talk about redlining and not mention discrimination. These two go hand in hand, but some discrimination types are not allowed by law. Malaysia is a multi-ethnic country, but you won’t see
car insurance companies
 getting involved in racial discrimination. However, if we scratch below the surface, it is easy to find redlining characteristics among the services provided by
car insurance policies
. The best example of redlining is the practice of determining the cost of car premiums.

Males Will Pay More Than Females

The statistics indicate that males are riskier drivers than females. According to experts, men cause a bigger number of accidents than women, a red flag for car insurance companies. Based on these statistics, they increase the cost that males pay for their premiums. Living in urban areas and crowded cities might also be the reason why you pay more for your
car insurance policy
. That is because there is a higher risk of
accidents on roads
 with high-intensity traffic.

Young Drivers Are Riskier Than Older Ones

If you only recently acquired a
driving license
, you can expect to pay more for the car insurance policy than an older person. However, that only applies if the older person didn’t cause any accidents and didn’t have a poor driving history. Young drivers start from scratch, but instead of offering them a clean slate,
insurance companies
 take the safe path. That is why they might increase the premium cost when compared to standard prices.

Is It Legal For Car Insurance Companies To Redlining In Malaysia?

Let’s take a look at things from the perspective of
vehicle insurance
 providers. For starters, they will rarely refuse to approve an
insurance policy
 to a car owner (unless it’s a justified decision). Next, the agency will consider your gender, age, and other potential risk factors when determining the
insurance
 rate. That might seem like the companies are discriminating against some drivers, but it is also an opportunity to reward others. For example, those with a
No Claim Discount (NCD)
 will have a lower price from the second year. As for the legality, it seems that the vehicle insurance providers are doing everything by the law at the moment. If you have any suspicions, there are legal mechanisms for complaining. However, including age and gender in risk factors has become common since there is no alternative to accurately determining the driver’s risk.

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No Claim Discount (NCD)
Redlining
Reverse Redlining
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