What Does ERM Means In Insurance?

ERM
 requires corporations to assess all risks and decide which ones they will actively manage; however, it also allows top managers to make executive decisions regarding risk management, regardless of whether a particular segment benefits from it. As a result, isolated risks within an individual business unit do not know or see the bigger picture.

What Is ERM?

ERM
 is a method used by banks, insurance companies, and corporations to manage risk holistically. The top-down strategy involves assessing, preparing for, and finding ways to prevent losses, dangers, hazards, and other potential damages that can interfere with operations or objectives and lead to losses. An enterprise resource management system requires management-level decisions that benefit a specific segment or business unit. Rather than having each business unit
manage its risk
 on its own, firm-wide surveillance takes precedence. For example, if a risk manager discovers that two trading desks in different parts of the firm have
exposures
 to the same risk, they may force the less important desk to eliminate that risk exposure. They are deciding with the entire firm in mind (not with the individual trading desk).

Understanding ERM

ERM requires corporations to assess all risks and decide which ones they will actively manage; however, it also allows top managers to make executive decisions regarding risk management, regardless of whether a particular segment benefits from it. As a result, isolated risks within an individual business unit do not know or cannot see the bigger picture. The distributed risk plan also often appears in an annual report to all stakeholders. ERM is present in industries as diverse as aviation, construction, public health, international development, energy, finance, and insurance. For years, companies have managed risk. By tradition, each business unit evaluates and contains its risks and reports back to the CEO later. During the past few years, corporations have increasingly begun to recognize the importance of taking a holistic approach.

Enterprise Risk Management In Insurance

The adoption of effective ERM allows
insurers
 to identify, measure, accept, control, report, and monitor all material risks more efficiently. For ERM to work, it must be a core component of the
insurance company’s
 business, integrated with its corporate culture, and aligned with its strategic goals. As part of their corporate governance frameworks,
insurance
 supervisors ensure that directors oversee risk management functions properly. Ultimately, they implement enterprise risk management by an insurer’s board of directors per the firm’s business model, size, and complexity.

A critical component of risk-based supervision is the supervisor’s assessment of how well
insurers
 manage their risks. For supervisors to be effective, they must be knowledgeable about risks arising from insurance operations and insurer risks in general. As a result, they can adopt a principles-based approach rather than a one-size-fits-all approach. In this way, insurers with low-risk profiles are less burdened with unnecessary regulations. In contrast, insurers with large and complex operations give regulatory incentives to take additional measures to mitigate more significant risks.

Tags:
All Risk
Enterprise Risk Management
ERM
Risk Evaluation
Risk Management
Strategic Risk Management
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How Going Bankrupt Affect Your Existing Insurance Policies

Many factors determine your insurance eligibility, including your financial history. Bankruptcies are seen as a risk by insurance companies because they suggest that you might not be able to pay your premiums. In bankruptcy, your credit score will be lowered significantly, resulting in a higher insurance rate until your credit improves.

What Is Bankruptcy?

Bankruptcy refers to a legal process involving a person or
business
 unable to repay its outstanding debts. The debtor usually files a bankruptcy petition; however, the petition can also be filed on behalf of the creditors. All of the debtor’s assets are analyzed, and some investments may repay a portion of the outstanding debt. The bankruptcy process allows individuals or businesses to resume their
financial
 lives by forgiving debts they can no longer repay while giving creditors a chance to receive some measure of repayment based on the liquidated assets they have available. As a whole, bankruptcy benefits the economy by providing companies and individuals another chance to access credit and creditors with a portion of the debt they are owed. When bankruptcy proceedings are completed successfully, the debtor is relieved from the debt obligations incurred before filing for bankruptcy.

What Will Happen To My Existing Insurance Policies If I Go Bankrupt?

When you declare bankruptcy, you may lose some of your
insurance coverage
. It is more likely to happen if you pay your insurance monthly. The insurer may cancel your coverage if you declare bankruptcy, or you may be given a short period to pay off the remainder of the year’s installments if you go bankrupt. You will be unable to renew the cover if you don’t do this. Generally, any insurance would apply, but it’s essential to check:

Vehicle insurance – you can’t drive if you don’t have a valid policy

Insurance for buildings and contents

As a self-employed person, you will need general
liability insurance
 as well as any other guidelines you need

We recommend checking your insurance policy before going bankrupt, even if you pay your premiums in total each year, to make sure you are covered in the event of other conditions.

What To Do If Your Insurance Is Canceled?

Several options are available if you have to pay off the rest of the insurance installments if you go bankrupt:

You should declare bankruptcy now and pay the remaining installments in your insurer’s timeframe. It might be possible if the monthly payments are small and there are not many left. If you have high monthly payments or a lot of remaining payments, it’s not very realistic.

Wait until you can afford to pay your insurer after bankruptcy before filing for bankruptcy. If you have 9 or 10 months left to pay, for instance, it will make more sense to wait until there are only 2 or 3 payments left to make to keep the policy if you go bankrupt now.

Nothing needs to be done if the
insurance coverage
 is no longer needed. In some cases, this might be possible if it relates to a vehicle that will be retired or a job that you’ll be completing.

Is It Possible To Get A New Insurance Policy During Bankruptcy?

Renew any
insurance policies
 you hold since
bankruptcy
 lasts for at least 12 months.
bankruptcy
 will affect your standing and make it harder for you to obtain a policy in the future. Your application may be rejected, or your premium may increase.

Final Thought

Insurance policies
 may be affected if you go bankrupt. To ensure that you are still protected, you should check what impact going bankrupt will have on your insurance.

Tags:
Bankruptcy
Insurance Policy
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Situasi Yang Menyebabkan Anda Tidak Layak Mendapat Pelindungan Insurans

Di Malaysia, menjadi satu kewajipan untuk para pemilik kenderaan mendapatkan
pelindungan insurans
 kenderaan setiap kali mereka ingin memperbaharui
cukai jalan
. Jika berlaku sesuatu yang tidak diingini contohnya kerosakan akibat kemalangan, pemilik kenderaan boleh membuat tuntutan kepada syarikat insurans. Tetapi terdapat juga situasi tertentu yang menyebabkan pihak insurans tidak meluluskan tuntutan tersebut.

1. Rusuhan/Perang

Kita semua bersyukur kerana tinggal di negara Malaysia yang aman tanpa perlu risau tentang peperangan. Tetapi, sebagai sebuah negara, kita tidak dapat lari daripada percanggahan pandangan sehingga menyebabkan berlakunya rusuhan. Sekiranya kenderaan anda dirosakkan oleh para perusuh, pihak insurans tidak akan menanggung kerugian yang anda alami. Jika anda mahukan pelindungan yang lebih untuk kenderaan anda, anda perlu memohon pelindungan tambahan daripada syarikat insurans dengan membayar lebih bagi pelan insurans kenderaan anda.

2. Aksesori Dicuri

Sekiranya anda merupakan seorang yang gemar mencantikkan kereta dengan aksesori tambahan seperti ‘sports rim’, ‘sound systems’ dan sebagainya, kami nasihatkan anda untuk mendapatkan polisi tambahan untuk kenderaan anda. Ini kerana
polisi insurans
 yang biasa tidak akan memberi pelindungan daripada kecurian aksesori.

3. Bencana Alam

Untuk pengetahuan anda, pihak insurans juga tidak akan menanggung sebarang kerosakan akibat bencana alam seperti banjir, ribut, tanah runtuh dan sebagainya. Jadi, bagi yang tinggal di kawasan yang sering mengalami banjir atau berpotensi mengalami tanah runtuh, anda digalakkan untuk memohon polisi tambahan bagi kenderaan anda.

4. Kenderaan Dipandu Orang Lain

Pihak insurans juga tidak akan membayar apa-apa tuntutan kepada anda sekiranya sewaktu kemalangan tersebut berlaku, kenderaan ada itu dipandu oleh orang lain walaupun ahli keluarga anda sendiri. Tetapi jangan risau, anda masih lagi boleh mengemukakan tuntutan dengan cara membayar beberapa ratus ringgit kepada
syarikat insurans
. Kemudian mereka akan menguruskan segala urusan tuntutan anda itu. Terdapat cara yang lebih mudah iaitu dengan menambah nama pemandu lain ke dalam
polisi
insurans kenderaan
 anda sewaktu memperbaharui atau
membeli insurans
 tersebut. Setiap nama pemandu yang dimasukkan di dalam polisi, anda cuma perlu menambah RM10 sahaja. Jadi mana yang lebih baik?

5. Liabiliti Undang-undang Untuk Penumpang Dan Kepada Penumpang

Sekiranya berlaku kemalangan, pihak insurans cuma akan memberikan pelindungan kepada pemandu sahaja. Penumpang yang berada di dalam kenderaan semasa kemalangan tersebut tidak akan mendapat apa-apa pampasan daripada syarikat insurans. Jika anda mahu memberikan pelindungan yang lebih menyeluruh kepada penumpang kenderaan anda, anda perlu mengambil polisi tambahan iaitu Liabiliti Undang-undang Kepada Penumpang. Jika penumpang kenderaan anda yang menyebabkan kerosakan kepada kenderaan lain, sebagai contoh penumpang kenderaan anda membuka pintu kereta sehingga membuatkan kereta yang berada di sebelah calar, anda juga tidak akan dilindungi oleh insurans. Untuk lebih selamat, anda digalakkan untuk menambah polisi Liabiliti Undang-undang Untuk Penumpang.

6. Kerosakan Total (Total Loss)

Katakanlah, kenderaan anda yang rosak teruk akibat kemalangan tadi masih lagi mempunyai baki pinjaman dengan pihak bank. Syarikat insurans cuma akan memberikan bayaran pampasan mengikut nilai semasa kenderaan anda ketika itu. Selalunya jumlah pampasan yang diterima adalah lebih rendah berbanding dengan baki pinjaman disebabkan oleh faktor
susut nilai
.

7. Kecederaan Dan Kematian

Ramai juga yang masih belum tahu bahawa
polisi insurans
 anda tidak akan memberikan pelindungan kepada anda sekiranya berlaku kecederaan dan juga kematian. Apa yang berlaku, jika kemalangan tersebut disebabkan oleh kecuaian individu lain, polisi insurans yang di ambil oleh individu terbabit yang akan membayar ganti rugi ke atas kecederaan dan kematian anda. Tetapi sekiranya kemalangan tersebut disebabkan oleh kecuaian anda sendiri, segala kos perubatan yang anda alami perlu ditanggung oleh diri anda sendiri.

Disebabkan sesuatu kecelakaan itu tidak dapat diramal, lebih sekiranya kita bersedia. Pandu dengan berhati-hati. Selain itu, tidak salah jika anda mengeluarkan lebih belanja untuk mengambil
pelindungan insurans
 yang lebih menyeluruh bagi mengelakkan masalah yang lebih berat di masa hadapan.

Tags:
Insurans Kenderaan
Pelindungan Insurans
Polisi Insurans
Total Loss
Tuntutan Insurans
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汽车保险有保汽车引擎吗？

其实普遍的
汽车保险
是不包括汽车引擎的维修费的。除非你的引擎的故障或损坏是由交通意外引起的，比如说两车相撞，伤到引擎，那这样的情形大部分的全面车险都会保，但要注意，很有可能有些保单的条款内会列明最高索赔限制或更常见的是车主本身需要付一定的最低数目，超过该数目的款项才会由
保险公司
代垫。这些都是常见的模式。

至于单单针对汽车引擎的保单设否存在？答案是有的。之前我们为大家讲解过
汽车保险
与汽车维修的保险，这两个当中就包括了引擎、空调系统、刹车等等的机制性能的维修。但是要留意这些维修费的保险到底有没有什么条件性的限制。比如说如果你的汽车并没有定期送到车厂去维修导致引擎报废，那
保险公司
可能因此而不理赔的哦。

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

除此之外，还有可以加购的另一种保险，叫延长保固期，这类型的保险是常见于新车，当我们买新车时，我们可以加购延长保固，从原厂的3年保固期，延长至5年甚至更久，当然买的越长，费用就越高。至于这类型的保险有没有包括引擎的部分，也请车主们仔细研究保单内容哦。不过如果你购买的是进口的欧洲车，汽车维修保险其实是一个明智的选择呢。因为时间越久，车的损耗越大，到时任何零件包括引擎问题都得以索偿，可以说是买个安心吧！

Tags:
保险
汽车保险
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Evs (Electric Vehicles) Have Cheaper Maintenance But May Cost More To Repair

When purchasing a vehicle, many consumers overlook maintaining and repairing the car. It is certainly possible to reduce this significant expense by choosing a very reliable vehicle. Still, even the most reliable machines tend to malfunction or need maintenance sooner or later.
Electric vehicles
 are known to have a higher upfront cost compared to traditional cars. On the other hand, a study found that the maintenance cost of an EV is lower than for an automobile with an internal combustion engine over the long run.

Why Is Evs Cheaper To Maintain

Because
electric vehicles
 do not require oxygen sensors, spark plugs, motor oil, or timing belts, they need fewer parts to maintain. Andrew Burnham of the Argonne National Laboratory estimates that fully electric vehicle maintenance is about 40% cheaper than gas-powered vehicles. “Electric vehicles save a substantial amount of money over their lifetime compared to gasoline ones,” he says. In addition, CR survey results show hundreds of thousands of members maintain their EVs or plug-in hybrids for half as much as their gas-powered counterparts. According to CR’s study, an electric car can save consumers an average of RM4,600 in
maintenance
 costs.

But Why Is Evs Costlier To Repair

Due to the newness of
EVs
 in the automotive landscape, We Predict found that service centers and mechanics worked longer hours when dealing with
EVs
. The reason is that the technology is so new that it takes longer to diagnose problems, let alone fix them. On average, EVs require 1.5 times as many labor hours as traditional vehicles, and the labor rate is 1.3 times higher. Electric cars require additional certifications for
service and repair
 that may contribute to the higher rates.

Instant credits to repair your car from RM1,000 to RM5,000

Final Thought

There is no doubt that the “industry in launch” is still ironing out more refined details, which at least temporarily drives up costs. Nevertheless, maintenance costs are helping close the gap: While servicing an EV costs more today, the actual cost of maintaining a battery-powered vehicle is less than half what it costs to keep a
car with an internal combustion engine
. In the first year of owning an electric vehicle, owners spend an average of RM30 on maintenance, while gas-powered car owners spend an average of RM70.

Although the situation looks short-term, we won’t have more reliable long-term information until EVs have been on the way for a more extended period. The upshot is that EVs will require some extra cash for repairs, but they may be more cost-effective in the long run.

Tags:
Car Maintenance
Car Repair
Electric Vehicles
EV
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What Financial Assistance Programs Are Available for Bankrupt Individuals?

If you’ve been declared bankrupt, then, right now, your priority is likely to find the best ways to source as much cash as you can. Along these lines, we’re happy to bring you some good news! The government launched the PEMERKASA aid package in March 2021. It offers
bankrupt
 Malaysians significant funds and makes these resources more readily accessible! Here’s what you need to know.

What The PEMERKASA Is Offering (and Who’s Eligible)

Only two groups of people can currently benefit from this government cash aid program. The first group has lost its income source for one reason and falls in the B40 category. People in this group will get a sum of RM 500 under
PEMERKASA
. The second group of people eligible for
financial
 aid here are recipients of the Bantuan Prihatin Rakyat (BPR) program and currently earn RM 1 000 or less. In this case, you have the opportunity to claim another RM 500 from the government.

Ease Of Accessing These Funds

As you may know, the Malaysian government isn’t a stranger to helping people who have been declared
bankrupt
. However, the old way of getting the government’s cash aid was cumbersome. The primary reason is that you always had to physically present yourself at a Bank Simpanan Nasional Branch before you could hand in the cash aid. The new
PEMERKASA
 program makes life a lot more convenient for you as you can receive the money as a direct deposit into your bank account! It eliminates the need to drag yourself to any physical location to secure this assistance.

How The PEMERKASA Program Works

You first need permission from the Malaysian Department of
Insolvency
 (MDI) to leverage this resource to open an account. But you don’t have to worry; the process isn’t as tasking as it used to be. Now, you have to reach out to the branch handling your case via email and put in a request. In a short time, you will get the request approval. As proof, the MDI will present you with a letter of acceptance. They do most of the work; you only need to show this to your bank, and you’ll be allowed to open an account physically or via their online platform. With that out of the way, you need to wait patiently, and you’ll get your government assistance aid! The best part is you can use every ringgit for your needs here, so there will be no
deduction
 towards the payment of any debt!

Takeaway

Now that you know some of the financial resources you can access from the government don’t waste another moment. Start working towards getting your government cash aid now!

Tags:
B40
Bank Simpanan Nasional
Bankruptcy
Bantuan Prihatin Rakyat
Debt Repayment
PEMERKASA
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How Does A Motor Policy Protect You?

Are you planning on purchasing a new car, and you are wondering whether getting a
motor policy
 is a smart move? It is not only about
vehicle insurance being mandatory by the law
. It is about financial protection and other benefits that come from having a
motor policy
. The primary purpose of acquiring
car insurance
 is to secure financial protection if you or your vehicle are
involved in an accident
. Depending on the plan you choose, you might expect financial protection for the following:

Third-party injury and death claims
 – your vehicle participated in an accident caused by a third party. If they are to blame, you get financial protection for both
bodily injuries
 and death.

Third-party property damage
 – did the other party cause damage to your or their vehicle? If that is the case, you can claim against the insurer. Depending on who caused the accident, the claim will be either against your or their insurer.

Own property damage
 – if your vehicle suffered damage, you can file both no-fault and your fault claims. The degree of
financial
 protection might vary.

Fire and theft
 claims – did your vehicle get stolen? Was there a fire or another natural disaster that damaged your car? A motor policy can protect you financially in case this happens.

If you apply for a
car insurance
 plan
, you can pick between three different extents of cover:

Third-party

Third-party, fire, and
theft

Comprehensive

Add-On Covers

Here are some additional premiums you can add to a motor policy:

Legal liability
 of and to passengers – what if your passenger or people in the other vehicles sue you for their injuries?

Assessed repair time compensation – you might not be able to use your vehicle for a while, and this should
cover your expenses
 over that period.

Windscreen – if the windshield breaks, and it was not the result of a road accident.

Flood – if a flood damages your vehicle, this will have you covered.

A Peace of Mind

Finally, you can’t put a price on having
peace of mind
. It might not be a direct way how a motor policy protects you, but it is crucial. Being aware that you have an
car insurance plan
 will help you sleep well at night. That is especially true if you are not the only one driving the vehicle. If an accident occurs, you can rest assured that the
insurance
 will cover the repairs necessary. That way, you will ensure that the family doesn’t enter a rough financial patch due to an accident.

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What If You Cause an Accident?

Nobody is perfect, and you might have caused an accident while driving your car. Did a
misfortunate
 event cause damage to someone else’s property? If that is the case, having a motor policy might provide some protection mechanism to keep you from losing everything you own over a lawsuit. A
comprehensive motor insurance policy
 allows you to make your damage claim against your insurer. If you participated in an accident, it is crucial to stay calm. Once the time to discuss the damage comes, it is not wise to offer payments or settlements immediately. Instead, do everything the law requires you to, such as making a police report or filing an accident notification form to send to the insurer. To
file any claim
 as soon as possible, make sure to stay within the deadline specified by the law or your insurance company.

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Tags:
Car Accident
Comprehensive Coverage
Fire and Theft Cover
Flood
Legal Liability
Third-Party Coverage
Windscreen
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Is Auto Insurance Deductible?

Because auto insurance is such a crucial and vital part of every vehicle owners’ life, there is a lot to it that remains unknown to the everyday driver. For instance:

Is your
auto insurance deductible
?

How does that even work exactly?

Do you want to opt for a high
deductible
 or a low one?

What are the factors to consider when picking the best
deductible
 option for your auto insurance?

Hi there! I’m Jun, and by the time you’re through watching today’s video, you would have a clear insight into one of the most hidden aspects of your
auto insurance policy
. After watching this, you will make the best decisions where your auto insurance deductibles are concerned.
Auto insurance costs
 constitute a major expense for most vehicle owners in the country. Finding out all you can about your vehicle insurance usually goes a long way in helping you make better use of every precious Ringgit. This is where the Insurance360 Video Series comes in! As one of the foremost experts in
auto insurance in Malaysia
 today, we regularly unveil helpful tips so Malaysian drivers can easily handle their vehicle insurance policies better! All you have to do to get in on the action is Like this video, Subscribe to our channel, and don’t forget to set up notifications. That way, you won’t miss any of our awesome updates! If you’ve done that already, just keep watching!

Compare and renew car insurance

What Exactly Is a Deductible?

In essence, a deductible is the portion of your car repair expenses that you have to cover out-of-pocket before your insurance policy kicks in and your insurer covers the rest. Before moving forward, keep in mind that the kind of deductible you get with your auto insurance is somewhat different from what you get with other types of insurance. For instance, your deductible isn’t paid annually with auto insurance. Usually, you have to pay a deductible only after you must’ve filed a claim for a payout. By inference, you only pay a deductible after your vehicle must have suffered an accident or damage of some sort. So, if, for example, your deductible is 1, 000 Ringgit and your vehicle has suffered damage worth 10 000 Ringgit, you would have to personally put down 1 000 Ringgit before your
insurer covers
 the remaining 9, 000 Ringgit.

This means that if your car suffered damage worth only 800 Ringgit, you would have to cover all the expenses out-of-pocket because it falls under your deductible. Of course, this is restricted to only vehicle owners with a
Third Party
, Fire, and Theft or a Comprehensive policy. As a vehicle owner, you can choose to have either a high or low deductible when taking out your policy. With a higher deductible, your
car insurance rate
 is automatically lower. However, what you will have to pay out-of-pocket will be much higher. Inversely, with a lower deductible, your
auto insurance rate
 is higher and comes with a lower out-of-pocket cost. When choosing your deductible, it is always helpful to factor in your vehicle’s overall cost and the likelihood of your
filing a claim
.

If you need more help figuring out your
auto insurance deductible
, don’t hesitate to leave us a comment down below! Be sure to Like and Subscribe to our channel, and enable notifications too! Catch you in our next video!

Tags:
Accidental Damage
Accidents
Deductible
Fire and Theft Cover
Insurance Deductible
Third Party Insurance
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When Is The Best Time To Purchase A Travel Insurance Plan To Protect Your Trip?

Think about it. Your trip was planned early, paid for, and you shopped around for
travel insurance
. You decided to wait before buying a plan, thinking you had plenty of time before you left. Then, when you attempt to purchase an insurance policy to help protect your trip, you realize that you can no longer qualify for coverage because of your preexisting medical condition! A key factor to avoiding such a situation is timing when to purchase travel insurance. To maximize your
coverage
, you need to understand some time-sensitive aspects of
travel insurance
 plans.

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

Travel Insurance Is Best Purchased Immediately

Take the example of going on a Rhine river cruise to see the famous Christmas markets of France and Germany. It is required that you book the cruise, any excursions, your airfare, and your hotel for two extra days in Zurich post-cruise. As soon as you’ve nailed down all those arrangements, you’ll know your total pre-paid trip costs – and then you’re in a great position to
purchase travel insurance
. Why? If you
purchase travel insurance
 with cancellation and interruption benefits, your total travel costs are needed for an accurate quote. In this way, it will safeguard all of your travel costs. It’s a good idea to buy travel insurance as soon as you book your trip for two reasons. The first is that you won’t forget! There are vast numbers of travelers who postpone buying travel insurance before they realize after it is too late how foolish they were.

Second, the sooner you buy
insurance
, the larger the window of coverage you have. For example, if you cancel your trip or
file a claim
 before receiving your premium, the cancellation benefits begin on your plan’s effective date. So the more early you order insurance, the sooner you will be covered. Therefore, if you have already booked your flight, don’t wait!
Request a travel insurance quote today
 from Fincrew. If you have not bought travel insurance yet, the second-best time is 14 days of submitting your first payment. When you purchase travel insurance, the 14-day mark is crucial because it will cover your existing medical conditions. Several of our plans cover this benefit, meaning that you, your traveling companion, or a family member can have a medical condition and still qualify for all applicable benefits and assistance.

What if you cannot figure out the total cost of your trip in the next 14 days after making your first deposit? No problem! You don’t have to wait. Instead, you should purchase travel insurance within that 14-day window, making sure you select a plan that includes coverage for existing medical conditions.

Last Minute Travel Insurance

Travel plans aren’t always meticulous. Even though many of us tend to book our hotels and flights months in advance, making sure each detail is in place well before our trip, there’s no denying that some trips don’t work out that way. There are times when unexpected travel opportunities come our way – whether out of pure spontaneity or for a more serious reason that requires us to make quick arrangements. Although the planning period has to be cut considerably, that doesn’t mean travelers should be any less proactive about buying last-minute travel insurance if something goes wrong. We often remind travelers to purchase their travel insurance as soon as their first deposit is made so that they can
take advantage of all the benefits
 and options available.

Final Thought

When booking your trip and boarding the flight for your vacation, a lot can go wrong. However, a travel insurance plan purchased at the same time as your first booking ensures that you’re covered for any unforeseeable events and helps you realize why you’re buying it in the first place.

Tags:
Pre-Departure Travel Insurance
Pre-Existing Medical Condition
Travel Insurance
Travel Insurance Benefits
Trip Cancellation
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Things To Do Before Renewing Your Car Insurance Policy

As a Malaysian driver, you’re most likely already quite familiar with the concept of car insurance policies. Since having valid
insurance
 coverage is a crucial part of driving and regular drivers can’t possibly know all there is to know about their policy all at once, it is very important you stay apprised of any new developments, insurance-wise. By and large, from the moment you sign on to take a specific
car insurance policy
, the package kicks in and remains active and functional for the agreed duration of time. During this time, you can’t review or make amendments to the workings of the
car insurance policy
. The only time you are given free rein to adjust that policy is when it has expired/ almost expired, and it’s up for renewal. The process of renewing your policy is a very delicate one because the moment you do so. Once again, you can’t change anything until the next renewal stage. That is all the more reason why you should be on top of your game so you can make the smartest decisions for yourself financially.

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During the process of renewal, you can improve the quality of service you get from your insurer through any number of ways. With that in mind, we have highlighted three important things to do before finalizing the process of renewing that car insurance policy. The sole purpose of this is to help you get the most value for your insurance. Here goes:

Step 1– Review Your Options

The fact that your insurance agency and the policy you’re right now were the best for you when you took out the policy initially, doesn’t in any way indicate that they’re the best choice for you now. Before entering into another long term commitment, take a while to survey the lay of the land. A lot of might have changed since last you took out your policy. In addition, review as many insurance policies and agencies as you can. Broaden your scope. Weigh each of those policies on as many scales and standards as you can. Look beyond how attractive the premium value looks and pick what’ll work best for you.

Step 2–Check Your Renewal Notice And Ensure Timely Renewal

It’s certainly easy to go shopping for the best
insurance rates
 and services and forget you’re on the clock. For example, review the
renewal notice you receive from your insurer
 thoroughly. It is usually a detailed document that contains all the information about the policy that’s going to expire. On occasion, it might contain discrepancies. Make sure you review it at length and point your insurer towards any red flags you spot, so they can fix it in time for your
policy renewal
. Don’t forget you’re on a clock. There’s a renewal deadline that incurs sanctions, should you fail to meet it. So don’t delay unduly! Through it, all, don’t forget these basics.

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Step 3–Review Your Coverage

As we mentioned earlier, things change. Your insurer might’ve upgraded or downgraded certain services. Now would be the best time to go over
coverage terms
, make the necessary amendments and initiate it to take effect upon your
policy renewal
. Once you’ve done this and you’ve dealt with every other aspect to your satisfaction, you can then proceed to make your declaration!

Tags:
Coverage
Insurance Policy
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Understand Professional Liability Insurance

Professional liability
 is a type of insurance that covers you if a client files a claim against you due to a mistake or a nasty piece of advice.
Professional liability
 insurance is generally recommended for anyone providing services to clients.

Understanding Professional Liability Insurance

Your professional liability insurance protects your business against lawsuits arising from advice or services you offer. However, if you provide professional services to a customer, client, or another party, you risk being sued because of negligence, error, or omission on your part. In general,
professional liability insurance
 is not part of homeowners insurance, business owners’ insurance, and in-home business policies. This insurance type pays for the cost of your defense and any damage awards.
Professional liability insurance
 should cover individuals in professions that provide expert advice, recommendations, or a professional service to clients, customers, or other parties.
Insurance companies
 have developed a variety of specialized forms of insurance to address the risks of particular professions and services, including:

Accountants

Architects

Attorneys

Engineers

Providers of health care services

Financial
 Services and Banking Firms

Companies in the technology industry

As part of some professional liability policies, computer security and privacy breaches are also covered. Losses of this type are not limited to high-tech companies. Many companies consider their
exposures
 to be primarily a result of manufacturing or selling products. Still, they are pretty surprised when they discover that outsourcing, online commerce, and intellectual property issues expose them to professional liability risks as well. Due to their complexity, a high degree of expert scrutiny is required to identify and quantify professional liability risks.

What Are The Common Types Of Claims Made And Their Benefits?

Here are a few typical examples of claims-made coverage:

Fraudulent legal activity

Fraudulent medical practices

EPLI (employment practices liability insurance)

Fraudulent acts or omissions by brokers

directors and officers liability

Liability for media

Cybersecurity – includes data breaches and data protection

If you have claims-made coverage, you will be able to
lower your premiums
 and get coverage for acts and omissions that occurred before the policy began. Among the benefits for the insurer is a greater underwriting risk that allows them to lower prices.

The Wording Of a Professional Liability Policy

Professional liability policies are different depending on the company. In several cases, policy wordings are designed to meet a stated minimum requirement, making them easier to compare, but the coverage they provide differs substantially in other cases. It would include a breach of duty if the policyholder reported the incident to the insurer during the policy period. Non-lawyers may find it difficult to distinguish between legal terms with significant differences. For example, “
negligent act
, error, or omission” indemnifies policyholders against loss/circumstances arising solely from professional errors or omissions. However, a more restrictive policy denies coverage to a lawsuit alleging negligent acts, negligence errors, or negligence omissions.

Professional Liability Insurance Example

Professional liability insurance includes, among other things, medical malpractice insurance. Professionals in the medical field face the not inconsiderable threat of lawsuits for alleged malpractice, which is a medical provider’s act or omission that results in patient injury or death. Medical malpractice insurance can help providers offset the cost of such lawsuits, even though most medical malpractice cases are treated as civil torts.

Tags:
Medical Malpractice Insurance
Professional Liability
Professional Liability Insurance
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没有车，可以买保险吗？

欢迎收看保险360, 我是 Cassandra。在前几集视频，我们都了解很多关于汽车
保险
的咨询，也明白购买车险的好处。那么，你可能会问，如果没汽车，我也能
购买保险
吗？我也需要吗？没有人能预知未来，
购买保险
是为了做保障未来，未雨绸缪，以防万一。 所以今天我们就来简单介绍一下，马来西亚最常见的
保险
。

第一、人寿保险 （Life insurance）

就是为了你提供死亡、完全或是永久残障的保障。我们永远不会知道什么时候会发生意外事故，或是遇上自然灾害， 又或是各种威胁着我们生命的情况。人寿保险的用意就是在不幸的事情降临在我们的身上后，提供保险人和被保人的家人经济上的损失。人寿保险可以为你解决养老、医疗、意外事故等各类型风险的保障。 因此，许多了解人寿保险好处的年轻人，都为自己寻找一份适合的人寿保险，以为自己的老年做准备。每家保险公司提供不同类型人寿保险配套，你可依据本身的消费能力购买适合的人寿保险。

第二、医疗保险（Health Insurance）

就是一个为你分担医疗费用的保障。 在马来西亚，我们有政府和私人医院。如果病人在政府医院就医，医疗费用会比在私人医院便宜许多。尽管政府医院的医疗费比较低，但是许多人还是比较喜欢到私人医院就医。 这是因为私人医院的医护人员和病人比例极好、等待时间较短、更好设备等。因此，私人医院的医疗费也相对于的比较高。假设今天，你拥有医疗保险，当你入住私人医院时，你无需先缴付现金，你只需凭着医疗卡入院，待你出院，你的保险公司为你承担费用。但是如果费用超出，你只需要支付超出的费用。

第三、房屋保险 （Home Insurance）

就是指屋主为自己的房子购买保险， 这是一个基本的保险，就像我们的车险一样。 主要是为了保障屋主在屋子发生意想不到的意外或是火灾等，可以向保险公司理赔来降低事故发生后的财产损失。 在你购买你的房屋保险前，记得一定要看房屋保险配套的覆盖范围，因为一般上的保险范围只含房屋的建筑结构，并不包括屋内的财产。因此，如果你也想要为屋内财产投保，可以询问你的保险公提供一些附加保险选项。

希望通过今天视频，你了解了不同类型的保险。如果你喜欢我们的保险360系列，记得按赞与分享！记得订阅我们的频道还有开启小铃铛，这样你就不会错过新影片的通知。我们下次见！

Tags:
保险
保险公司
合性保险
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Adding a Non-Family Member As a Car Insurance Liability

Having solid, all-around
financial
 protection for your automobile is an intelligent play under any circumstance. It means you want to make sure that your car is fully insured, regardless of who is driving it, how, and when. But that being said, how do you go about achieving this exactly? What does the rule book say about adding someone who isn’t an immediate member of your family to your policy? What are the relevant things you should know about this process?

So, ever wondered if you can add a non-family member to your
auto coverage
 policy? Short answer; Yes, you can! It’s effortless too! What’s more, most times, it is even in your best interest that you do this!

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Sadly, many vehicle owners aren’t aware of this little fact. One possible reason for this may be the common misconception that auto insurers follow the driver. In reality, your insurer follows the car, not the driver. What matters most to your car insurance provider is the type of person behind the wheel of your car and the driving history that they have managed to accrue. How you know the person or people in question is actually of little consequence. However, where things become a little more complicated is determining when to add the non-family member. For the most part, you are okay with letting a friend or colleague drive your car once or twice every few months without adding them to your
policy
. However, adding that friend or neighbor takes on a greater level of importance if you let them have your car with any measure of frequency. It is only reasonable as the more often they drive your vehicle, the higher the chances of an accident.

With this in mind, all you need to do to get that non-family member on your
policy
 is reach out to your insurer and inform them that you would like to add someone. Of course, this would lead to your
car insurance rates
 being reviewed. If the person has a worse driving record than you do, you can expect to start paying more for
car insurance
. If the person’s driving record is better than yours, your rates might be reviewed downwards. And with this, you’re ready to add anyone to your
car insurance
!

Tags:
Car Insurance
Insurance Policy
Legal Liability
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Importance Of Risk Management In Insurance

Risk management
 in insurance involves analyzing and quantifying the changes and associated financial impacts of events occurring in a customer’s world and potentially requiring settlement by the insurer and then spreading the risk across multiple insurers in the market. The practice of identifying potential risks, analyzing them, and reducing the risk is called
risk management
 in insurance. Risk management is primarily concerned with identifying potential threats before they occur to mitigate the adverse impact to achieving project objectives. Consider numerous risk factors into account during a project’s lifecycle. Doing so can protect a project from potentially harmful environmental, cultural,
financial
, or other risks. Risk management ensures a smooth flow of projects to maximize profitability and productivity. There are five steps to the
risk management process
. Together, these steps deliver a practical and straightforward
risk management process
. In brief, they are as follows;

Risk Identification

The process involves identifying, uncovering, and describing the risk factors that could impact a project. In this stage, use several techniques to identify potential risks and prepare a project risk register.

Risk Analysis

Following the identification steps, this is the next step. Risk analysis involves identifying how the risks registered might affect the project’s goals and objectives.

Risk Evaluation

It helps to determine the likelihood, magnitude, and consequences that risk may have on a project. In addition, it helps to assess which chances are severe enough to justify treatment.

Risk Treatment

Developing a risk response plan is an
essential step
 in the process. It is the stage at which an organization can assess the highest rated risks and decide what treatment method to use to achieve acceptable levels of risk. Furthermore, it assists in creating strategic mitigation strategies, prevention plans, and contingency plans. Consequently, this minimizes risk
exposures
 and negative consequences.

Monitoring And Review

Use a risk register which you developed in your earlier risk management steps. Risks can be monitored, tracked, and reviewed in this way. Putting a framework around it reduces project risk in most cases because the risk is all about uncertainty. Managing risk helps prevent problems from occurring. By doing so, they can avoid impulsive reactions to problems encountered during a project. As a result, stakeholders and project teams are happier.
Insurance involves risks
 between an individual or entity and the insurer. To maximize their performance, insurance companies must therefore develop a very robust and elaborate risk management policy. It helps insurers develop a solid and effective risk management strategy. An insurance company evaluates a company’s risk management processes in five key areas:

Risk Management Culture

It refers to considering the extent to which risk and risk management in all areas of corporate decision-making. An effective risk management program encompasses the policy aspect. Furthermore, it aids in determining the company’s philosophy regarding risk, its appetite for risk, and the governance and organizational structure of its risk management procedures.

Risk Control

Insurance companies
 use some form of assessment to determine the importance of the insurer as far as credit, market, insurance, and operational risks are concerned. They can evaluate an entity’s quality risk management, risk monitoring, and limits for retained risks.

Extreme Event Management

The process includes analyzing crisis scenarios and performing stress tests to visualize the possible impact of disasters. It enables you to assess the potential company’s reputation, liquidity, and financial strength.

Risk And Capital Models

Most credit, market, and insurance organizations do not have easy access to information about their level of risk exposure from their accounting systems. In light of this, these organizations are charged with monitoring, controlling, and managing risk exposures, indicative, predictive, and sensitivity risk measures.

Strategic Risk Management

It refers to the risks associated with the changing technological processes. Therefore, a company should create an action plan to consider risks that may disrupt operations due to technological shifts.

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Tags:
Risk Analysis
Risk Evaluation
Risk Identification
Risk Management
Risk Management Culture
Risk Treatment
Strategic Risk Management
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3 Insurance Plans To Protect Yourself As You Age

The importance of insurance is well known to many of us. How soon you decide to purchase insurance is also essential. As you age, your insurance costs and abilities change significantly. Since you will probably be sick more frequently as you age, you will also likely have more health issues. It is why insurance isn’t a guaranteed option at any moment. Being sick may also prevent you from buying insurance quickly due to
exclusions
 and higher premiums. Is there any
insurance
 you need to consider to ensure your protection when you age? Below are the top 3
insurance plans
 you may want to consider:

Hospitalization/Medical Card

The last thing to worry about is if high medical bills could lead to bankruptcy in the event of illness, an accident, or injury. A hospitalization policy or a medical card will cover your medical expenses from illnesses or damages covered by the policy. Also, you may be able to pay for expensive private hospitals if you prefer to use them. In addition, you may choose to add hospital income, which provides you with a daily allowance while confined.
Medical and hospitalization insurance
 costs are usually between RM33 a month and RM340 a month, depending on the limits and coverage chosen.

Personal accident insurance from as low as RM8 per month.

Life Insurance

If you have this, you will receive a lump sum payout upon death and cover any final expenses you may have. You can also use your
life insurance
 policy to pay off any loans you have taken after you pass away, allowing you to keep providing for your loved ones.

Life insurance comes in three forms:

Term Insurance

Whole life insurance

Investment-linked whole life insurance

The following table below explains the differences between these forms of life insurance.

Term Life Insurance

Whole life insurance

Investment-linked whole life insurance

It is one of the most popular
life insurance
 in Malaysia. Providing only a limited coverage period is appropriate if you have young children you wish to protect until they can handle their own needs. Shorter coverage periods result in lower premiums, making it more affordable than other types of
life insurance
. It provides coverage for your whole life along with a savings component. You can withdraw the savings or use them to pay your future premiums whenever you need them. It costs more than term life insurance for the same level of coverage for an investment-linked policy combined with a whole life policy. Depending on the performance of your investment product, you may receive part of your payout. Typically more expensive than term or whole life insurance.

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Critical Illness

You will receive a lump-sum payout under a
critical illness
 policy if you have a diagnosis that could kill you. A condition may be a stroke,
heart attack
, cancer, or organ failure—payouts from this type of insurance cover medical expenses. This type is also to recoup income. The
replacement of income
 is crucial if you are the sole breadwinner of your family or if they depend financially on you. Critical illness can have lasting effects that affect your ability to work. Your health typically determines an illness insurance premium when you sign up, as well as how many illnesses the plan covers and its benefits. Plans can start as low as RM10 per month to cover three diseases.

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How Do You Buy Insurance?

When
buying insurance
, you’ll usually need to follow these steps:

Contact Fincrew to find a plan that suits your budget and needs. It is also a good idea to compare insurance policies to get the best coverage for your budget.

Once you have chosen a plan, the staff will guide you through the application process. If you have a medical or family history, you might need a medical check-up. You’ll be able to get the coverage you want and pay the premium you need based on the results of your check-up.

When you sign up, you will need to pay your first premium. After that, you’ll have to pay monthly or annual premiums.

Are You Prepared To Protect Your Ageing Self?

Before choosing an insurance plan, you should balance your insurance costs with your monthly or yearly budget and other
financial
 goals. In the end, insurance financially protects you and your family in medical emergencies. Therefore, you should obtain at least a basic
insurance plans
 now that can ease your financial burdens in the future.

Tags:
Critical Illness
Life Insurance
Medical Card
Term Life Insurance
Whole Life insurance
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Is Robo Advisor Suitable For Beginner Investors?

A recent trend in financial advising is the growth of
Robo advisors
. As people see the benefits of having a computer algorithm manage their money instead of a financial advisor, they’re warming to the idea. Many investors are young, which is not surprising, and young investors tend to be computer savvy and love technology. As a result, brokerage firms and
financial
 firms target Millennials, Generation X, and Generation Y.

What Is a Robo Advisor?

Considering that bots are brand new to the investing world, you might still wonder what a
Robo advisor
 is. A
Robo advisor
 provides you with investment management by using computer algorithms to create your portfolio according to your objectives and risk tolerance. In addition, since
Robo advisors
 handle portfolio management via software rather than by a financial advisor, the fees are lower, which translates into higher long-term returns. Robo advisors typically require clients to take a test to determine their risk tolerance and financial goals before joining. Then, the computer will choose how to manage your money depending on your age, income, and savings.

Robo Advisors: How Do They Help Beginner Investors?

Robo advisors can provide beginners with a streamlined, cost-effective way to build and manage their investment portfolios. They automatically created, operated, and maintained their portfolio by automated investment services based on parameters that investors set. Getting registered takes just a few minutes and requires only personal information such as name, birth date, current address, and social security number. Any financial information is not required. There is no pressure on you if you do not feel comfortable with that part of the process.

Upon enrollment, you can access other devices such as discussion boards and chat rooms. Other investors can ask questions about their investments, and advisors will immediately respond to their questions. This community aspect allows you to stay on track towards meeting your goals while having peer support.

Your Goals Are Taken Into Account By Robot Advisors

Robo advisors gather data from their clients about their financial status and future goals using an online questionnaire and use that information to make investment decisions on behalf of their clients. In general, robot advisors are very efficient since they can manage investments much cheaper than traditional investment professionals, who usually charge based on the number of assets they manage. Robot advisors provide the following services:

Creating an account is simple

Developing strong goals

Management of portfolios

Features that help protect your data

Customer service that pays attention

There is no shortage of
Robo advisors
 available today, most of which offer low to moderate fees and diversified portfolios based on index funds or exchange-traded funds (ETFs). For those looking for simple financial planning, some services also provide account rebalancing, tax-loss harvesting, and goal setting for their clients, making them a good choice for those seeking tax-loss harvesting.

Conclusion

It may be worthwhile to consider a Robo advisor if you are interested in investing but want to avoid managing your portfolio. The use of these products is straightforward, and no ongoing management is needed.
Robo advisors
 have a free investment calculator online that they can help you use if this sounds like something that might interest you. After a few minutes of work, you will receive a recommendation about which type of account is best for your needs and how much risk the Robo advisor should take when investing money on your behalf.

Tags:
Exchange Traded Funds
Financial Advisor
Investment
Robo Advisor
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Total Permanent Disability In Insurance Benefits Explained

Many unpredictable events in life, such as accidents, medical emergencies, etc., can significantly impact one’s life. These situations can be challenging if you are the sole breadwinner and are now incapable of supporting your family financially. In such a situation,
Total Permanent Disability
 (TPD) insurance may prove to be beneficial to you.

Personal accident insurance from as low as RM8 per month.

What Is Total Permanent Disability Insurance?

The term “total permanent disability” (TPD) refers to a condition in which a person cannot work due to injuries.
Total permanent disability
 describes a condition that prevents the individual from working again.

What Total Permanent Disability Insurance Covers

The purpose of
TPD benefits
 is to pay out a lump sum if you become totally and permanently disabled. There are different definitions of what is meant by “totally and permanently disabled” by each insurer. You may be covered for either:

You cannot return to your occupation – you cannot do the job you did before your disability.

You are not allowed to work in any occupation that fits your education, training, or experience. The plan is cheaper, but the
claim
 threshold is higher, so the chances of it paying out are lower.

How Does It Work?

When policyholders become permanently disabled, they will be entitled to the entire sum assured, depending on the policy terms. You receive a short-term loss of income from your insurance sum if you temporarily cannot work. The nature of an insured’s disability influences totals of disability coverage. Here are some examples of full disability coverage:

A total or irrecoverable loss of vision in both eyes.

Total or irrecoverable loss of both ears’ hearing and speech.

A complete or irreversible loss of speech and a loss of one limb or one eye.

The loss of sight in either eye and a limb is irrecoverable.

The loss of both hands or feet due to physical separation.

Loss of both hands or feet due to physical separation or total and permanent loss of use.

Incapacity to hear in both ears and see in one eye or lose a limb.

Benefits of Choosing Total Permanent Disability Insurance

The
insurance companies
 categorize disability as temporary or permanent and pay out benefits based on the condition. For example, if curative treatment is available, a person will not be eligible for
TPD benefits
. The policyholder may be excluded if they retire or resign for any reason other than illness or injury. Here are some benefits of total and permanent disability insurance:

A Standard Lifestyle And Financial Security

A total permanent disability policy offers financial security to you and your family should you become unable to work due to an accident. As a result, your basic needs can be met and the standard of living maintained. Claim amounts are typically calculated as a percentage of the average wage of the policyholder.

Bills For Medical Care Reimbursed

When a person is bedridden or ill, they will incur medical bills. An assured sum may help pay out medical bills and treatment charges.

Education Of Children Is Not Hindered

When you cannot earn a living, paying your children’s school/tuition fees can be challenging. However, due to TPD, you will be able to continue your children’s education without any hindrances.

Choosing The Right Insurance Policy For Your Needs

Lifestyle Needs

Your standard of living could be affected if you suffer a permanent disability due to a mishap. To decide how much to insure, consider how much money you would need to maintain your current standard of living.

Disability Types

Some disability health
insurance
 plans do not cover everything. You may need a program specifically designed for the conditions you may be at the highest risk. The cost of a broad-based insurance plan may be higher, but you are covered for any situation.

Terms And Conditions

Permanent disability plans vary widely in terms of their terms and conditions, depending on the insurer. It is, in turn, influences the amount of coverage and premiums.

A plan like this in your portfolio can protect your
financial
 assets against emergencies that can wipe out your savings and impair your earning potential.

Tags:
Disability
Insurance Benefit
Medical Care
Total Permanent Disability
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Langkah Yang Perlu Diambil Jika Motosikal Dicuri

Bayangkan, anda baru sahaja membeli barangan di pasar raya, bila anda sampai ke tempat letak
motosikal
, anda dapati
motosikal
 anda tidak berada di situ. Ia telah dicuri? Pastinya perasaan ketika itu bercampur baur di antara marah, susah hati dan juga takut bukan? Kalau anda mempunyai pelan
insuran komprehensif
 yang masih aktif, anda bertuah kerana anda boleh mendapatkan pampasan daripada syarikat insurans. Sekiranya anda berada di dalam situasi itu, cuba untuk tidak panik. Lakukan langkah-langkah di bawah.

1. Buat Laporan Polis

Perkara pertama yang perlu anda lakukan tentulah membuat laporan polis terlebih dahulu. Cari balai polis terdekat dan pastikan anda membuat laporan kecurian tersebut dalam tempoh 24 jam setelah anda menyedari tentang kehilangan tersebut. Bawa bersama salinan geran motosikal dan juga polisi
insurans motosikal
 anda. Semasa membuat laporan polis, pastikan terangkan situasi kejadian dengan teliti bagi membantu pihak polis. Setelah itu simpan laporan polis tersebut bagi memudahkan anda untuk membuat
tuntutan insurans
 selepas ini.

2. Buat Tuntutan Insurans

Perlu diingatkan, untuk kes kehilangan motosikal, hanya pelan insurans Komprehensif sahaja yang akan melayan tuntutan anda itu. Pastikan juga
insurans motosikal
 anda itu belum tamat tempoh, dan laporan polis itu di adalah sah (jangan tunggu terlalu lama untuk membuat laporan polis). Langkah pertama yang perlu anda lakukan untuk
membuat tuntutan insurans
 ini adalah dengan mengisi borang tuntutan dan menghantarnya kepada syarikat insurans. Kemudian, ‘adjuster’ yang mewakili
syarikat insurans
 akan menghubungi anda untuk mendapatkan testimoni lisan selain daripada testimoni bertulis dari laporan polis tadi.

Proses selanjutnya mungkin akan mengambil masa agak lama iaitu antara 4 hingga ke 6 bulan bagi pihak insurans meluluskan atau menolak tuntutan anda itu. Sekiranya tuntutan anda diterima, anda akan mendapat surat tawaran yang bermakna mereka bersetuju untuk membayar ganti rugi. Pihak insurans akan memberi dua pilihan kepada anda iaitu ganti rugi tunai atau pun motosikal baru. Jadi terserah kepada anda untuk pilih yang mana. Setelah itu anda perlu menyediakan dokumen lengkap seperti:

Surat persetujuan tawaran (dilampirkan bersama surat tawaran)

Borang JPJ TM-AB (pengesahan kad pengenalan yang dicop sumpah oleh pegawai JPJ)

Borang JPJ K3 (2 keping)

Borang JPJ K8 ( 1 keping)

Borang pelepasan oleh syarikat sewa beli (sekiranya telah habis bayar) Tetapi sekiranya anda masih mempunyai baki pinjaman, anda perlu kepada pihak bank terlebih dahulu kerana takut berlaku masalah lain pula nanti.

Kunci kenderaan (surat pemberitahuan sekiranya kunci hilang)

Kad pendaftaran kenderaan asal

3. Kes Kecurian Aksesori

Selalunya untuk kes kecurian motosikal, anda tidak layak untuk membuat tuntutan insurans. Bukan itu sahaja, pelan insurans motosikal yang biasa juga tidak akan memberi perlindungan terhadap kerosakan yang dialami akibat bencana alam seperti banjir, mogok, rusuhan, atau kekecohan awam. Sekiranya anda mahukan perlindungan dari perkara-perkara di atas, anda boleh membeli perlindungan tambahan yang akan dimasukkan ke dalam
pelan insuran motosikal
 anda. Anda perlu mengeluarkan duit lebih bagi membeli polisi tambahan ini. Tetapi sekurang-kurangnya anda tidak perlu risau sekiranya berlaku sesuatu yang tidak dijangka terhadap motosikal kesayangan anda.

Bagi anda yang berminat untuk menambah polisi tambahan ini, anda boleh menghubungi pihak insurans anda atau layari laman web Fincrew untuk membandingkan polisi insurans yang sesuai untuk anda. Jadilah penunggang yang bijak dengan mengambil insurans bagi jaminan masa hadapan.

Tags:
Adjuster
Insurans Motosikal
JPJ
Syarikat Insurans
Tuntutan Insurans
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Gagal Membayar Premium Insurans Kereta

Insurans kenderaan wajib untuk diperbaharui pada setiap tahun setiap kali pemilik kenderaan ingin memperbaharui cukai jalan. Tetapi terdapat beberapa situasi di mana pemilik gagal untuk memperbaharui premium mereka disebabkan terlupa atau mempunyai masalah kewangan. Walau apa juga alasannya, pemilik perlu berusaha untuk menjelaskan
premium insurans
 mereka. Mujurlah, walaupun anda gagal membuat bayaran tepat pada masanya, pihak insurans masih lagi akan memberikan ‘grace period’. Tetapi ini juga bergantung kepada perjanjian di antara anda dengan
syarikat insurans
 tersebut. Ini tak bermakna yang anda masih boleh mengambil ringan terhadap tanggungjawab anda untuk membayar
premium insurans
 kenderaan. Berikut merupakan beberapa masalah yang bakal anda hadapi sekiranya anda gagal membuat bayaran
premium insurans
 anda:

1. Tidak Boleh Memperbaharui Cukai Jalan

Yang ini tentu ramai yang sudah tahu. Anda tidak dapat memperbaharui
cukai jalan
 sekiranya kenderaan anda itu tidak mempunyai pelindungan insurans. Apabila cukai jalan pun tak ada, kenderaan anda tidak dibenarkan untuk dipandu di atas jalan raya. Sekiranya anda memandu juga kenderaan tersebut dan ditangkap, anda boleh dikenakan denda sehingga RM3,000! Sekiranya ini berlaku, rekod pemanduan anda akan tercalar dan anda akan juga akan mempunyai rekod kesalahan trafik dengan pihak polis. Tak berbaloi mempunyai rekod buruk semata-mata memandu tanpa
cukai jalan
 bukan?

2. Pelindungan Akan Terbatal

Polisi insurans yang anda ambil sebelum ini juga akan dibatalkan. Ini bermakna kenderaan anda kini sudah tidak dilindungi sekiranya berlaku sesuatu yang tidak diingini seperti kerosakan akibat kemalangan, kebakaran, kecurian dan sebagainya. Kos untuk membaiki kereta bukanlah murah. Jadi, tentunya anda boleh membayangkan bagaimana seksanya ingin
menanggung kos baik pulih kereta
 anda dengan duit poket sendiri. Lebih teruk lagi, jika anda yang menyebabkan kemalangan yang mengakibatkan bukan sahaja kerosakan harta tetapi juga kecederaan terhadap pihak lain, pastinya lebih banyak wang yang perlu anda keluarkan untuk menanggung segala kos kerugian ini.

3. Insurans Luput

Kegagalan untuk memperbaharui insurans tepat pada masanya akan menyebabkan insurans anda luput. Ia akan membuatkan anda tidak mendapat pelindungan yang sepatutnya untuk satu tempoh tertentu sehinggalah anda memperbaharui polisi tersebut. Pihak insurans akan memberikan satu tempoh yang digelar ‘grace period’ sebagai satu peluang untuk anda menjelaskan
bayaran premium insurans
 tanpa sebarang caj penalti. Andai kata anda masih tidak menjelaskan bayaran premium selepas tempoh ‘grace period’ ini, barulah pihak insurans menamatkan polisi anda secara rasmi. Perlu diingatkan, tempoh ‘grace period’ yang diberikan mungkin berbeza di antara setiap syarikat insurans. Selalunya, tempoh ‘grace period’ yang diberikan adalah 30 hari. Sebaiknya, dapatkan kepastian tentang hal ini dengan pihak insurans anda.

4. Premium Baru Lebih Mahal

Kalau anda nak tahu, lewat membayar premium insurans boleh menyebabkan anda dikenakan bayaran premium yang lebih tinggi nanti. Bukan itu sahaja, anda juga bakal berdepan dengan kesukaran untuk membuat pinjaman di masa hadapan. Pihak bank akan melihat anda sebagai pelanggan yang berisiko tinggi berdasarkan rekod pembayaran insurans yang tidak menepati masa ini. Mereka akan menganggap anda sebagai seorang yang sukar menjelaskan bayaran tepat pada masanya.

5. Memberikan Kesan Terhadap Skor Kredit

Mungkin ada yang tidak tahu bahawa pembayaran
insurans kenderaan
 turut mempengaruhi rekod dalam CCRIS. Kelewatan membayar premium insurans tepat pada masanya akan mencacatkan skor kredit. Anda tentu tahu apa maknanya bukan? Rekod CCRIS yang kurang baik akan menyukarkan anda untuk mendapatkan apa-apa sahaja pembiayaan dari pihak bank.

Lihat, betapa banyaknya kesan negatif yang bakal anda hadapi jika anda gagal membuat
bayaran premium insurans
 anda. Sekiranya anda merupakan seorang yang sentiasa sibuk dan tidak mempunyai masa untuk melakukan pembaharuan insurans pada waktu pejabat, kini ada cara yang lebih mudah iaitu dengan melayari sahaja laman web Fincrew. Di sini anda boleh memperbaharui insurans anda sepantas 3 minit sahaja!

Tags:
CCRIS
Cukai Jalan
Insurance Premiums
Insurans Kereta
Skor Kredit
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What Is Liability Car Insurance?

Is it time to acquire a new
car insurance
 policy? If you consider the desired terms for the upcoming deal, you might have come across the term “liability car insurance.”  Are you wondering what this means? If you feel confused about this, you’ve come to the right place. Here is everything you should know about the term and whether you need this
type of insurance
 in Malaysia!

Liability Car Insurance

Let’s cover the basics first and start with the definition of
liability car insurance
. The odds are that you’ve heard about this expression under a different name.
Liability car insurance
 is nothing else than a third-party cover. The quick explanation is that it covers any damage caused by your car to other parties. However, it won’t make up for damages to your vehicle or the people inside it.

Is Liability Car Insurance Mandatory In Malaysia?

Yes, liability
car insurance
 is mandatory by law in Malaysia. It is the primary policy type that you can have in this country. While it is possible to add extras or take a
comprehensive policy
, every vehicle owner’s lowest insurance level should have this one.

What Does Liability Car Insurance Include?

Do you know why liability
car insurance
 is called a third-party? That is because it refers to third parties related to the accident. As the policy owner, you are the first party, while the
insurance company
 is the second party. Anyone else who participates in the incident is the
third party
. The third-party policy covers any damage to other people or another person’s property. That is a simple explanation, but let’s explain it with an example. Let’s say that you are driving around town, and you don’t see a car in front of you. You drive into it, causing significant damage to both vehicles. If this happens, the third-party insurance will cover any damage to the other car, but you will have to pay for those on your car. It is vital to note that liability vehicle insurance is also applicable to people in the other car and passengers who might have participated in the accident. That includes death and
bodily injuries
, which means your policy will cover any medical and other expenses.

What Doesn’t a Liability Car Insurance Include?

Here are the details of what a liability vehicle policy won’t cover:

Any medical and other expenses for the injuries to the driver

Damage caused to your vehicle.

Damage caused to your windscreen by the wind or storm.

Flood, fire, and damage caused by environmental factors

Vehicle
theft

It is important to note that you can choose a more detailed policy if you want a higher protection level. For example, there is an extra that protects your vehicle from theft and fire. That can play an important role if you live in neighborhoods with a high crime rate.
Comprehensive car insurance
 is a smart move when you want to include first-party coverage in the policy.

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When Can Liability Car Insurance Be a Smart Decision?

It is the basic policy you can get from providers in Malaysia. If your car is old, and the repairs are not that expensive, a third-party policy might be a wise move. You can also consider it if your car
loan
 and financing agreements expired or plan to purchase a new vehicle in the next couple of years.

Tags:
Car Insurance
Legal Liability
Liability Car Insurance
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Ketahui Perkara Penting Ini Sebelum Membeli Insurans Kereta

Setiap tahun, pemilik kereta diwajibkan untuk memperbaharui
insurans kereta
 mereka berserta sekali dengan
cukai jalan
. Ini bagi memastikan kereta anda dilindungi jika berlaku sebarang kecelakaan jalan raya. Tetapi, kami pasti ramai di kalangan rakyat Malaysia memperbaharui insurans mereka sekadar untuk memenuhi tuntutan undang-undang tanpa meluangkan masa untuk memilih
insurans kereta
 yang tepat untuk diri mereka. Pemilihan polisi insurans yang tepat sangat penting bagi memastikan anda bukan sahaja mendapat perlindungan yang sewajarnya tetapi juga berbaloi dengan duit yang anda laburkan itu. Berikut merupakan 5 perkara penting yang perlu anda ambil kira sebelum membeli insurans.

1. Jenis Perlindungan Yang Diperlukan

Terdapat 3 jenis insurans utama kereta iaitu:

Pihak Ketiga – Polisi yang paling asas dan hanya akan melindungi pihak ketiga yang terlibat dalam kemalangan. Jika kemalangan berlaku disebabkan oleh kecuaian anda,
polisi insurans
 ini akan menanggung segala kos kerosakan, kecederaan/kematian pihak lain yang terlibat dalam kemalangan tersebut.

Pihak Ketiga, Kebakaran dan Kecurian – Sama seperti polisi pihak ketiga cuma terdapat perlindungan tambahan jika kereta anda terbakar atau dicuri.

Komprehensif – Memberikan perlindungan seperti
polisi insurans
 di atas dengan tambahan perlindungan untuk kereta sendiri andai berlaku kerosakan akibat
kemalangan
.

2. Perlindungan Tambahan

Walaupun pelan perlindungan komprehensif memberikan perlindungan terbaik, tetapi anda mungkin tetap memerlukan perlindungan tambahan lain sesuai dengan situasi anda bagi mendapatkan perlindungan yang lebih menyeluruh dan sempurna. Sebagai contoh, sekiranya anda gemar menambah aksesori pada kereta seperti ‘sport rim’ dan sebagainya, anda mungkin perlukan polisi tambahan bagi melindungi kenderaan anda itu. Antara beberapa jenis perlindungan tambahan yang boleh diambil oleh pemilik kereta adalah perlindungan cermin hadapan, perlindungan dari bencana alam dan juga perlindungan dari rusuhan.

3. Bandingkan Polisi

Salah satu lagi perkara penting yang perlu anda lakukan sebelum membeli mana-mana pelan insurans adalah membuat perbandingan untuk setiap polisi yang ditawarkan oleh pelbagai syarikat insurans. Perbandingan ini dilakukan bukan sahaja untuk mencari premium yang berpatutan, tetapi juga yang memberikan perlindungan yang tepat dengan kemampuan dan juga keperluan anda. Terdapat terlalu banyak pelan insurans dari syarikat yang berbeza yang boleh dipilih. Untuk memudahkan urusan, kini terdapat pelbagai laman web yang menawarkan khidmat membandingkan sebut
harga insurans
 seperti Fincrew. Di Fincrew, anda boleh membandingkan bukan sahaja sebut harga dari pelbagai
syarikat insurans
, tetapi anda juga boleh memperbaharui insurans dan juga cukai jalan dengan mudah dan pantas pada bila-bila masa sahaja.

4. Baca Dokumen Perjanjian Polisi

Bila anda sudah memilih polisi yang bakal dibeli, jangan lupa untuk membaca dokumen perjanjian sebelum menandatangani dokumen tersebut. Baca dengan teliti dan cuba fahami setiap butir perjanjian tersebut. Terdapat peruntukan tertentu dalam polisi insurans yang tidak akan memberikan perlindungan kepada beberapa situasi tertentu. Sangat penting untuk anda tahu situasi yang bagaimana tidak memungkinkan anda untuk mendapatkan pampasan daripada syarikat insurans. Jika anda tahu tentang pengecualian ini, anda boleh mengambil langkah berjaga-jaga yang lain bagi melindungi diri anda dan juga penumpang dengan mengambil polisi tambahan dan sebagainya.

5. Elakkan Menggunakan Khidmat Ejen

Sebenarnya tidak salah untuk menggunakan khidmat ejen untuk memperbaharui premium insurans kereta anda. Tetapi di zaman yang serba maju ini, anda boleh menjimatkan lebih banyak wang dengan melakukan segalanya sendiri. Anda juga berpeluang untuk mencari dan membandingkan sendiri lambakan pelan insurans yang tersedia di luar sana. Apa yang penting adalah anda perlu bijak mencari laman web perbandingan insurans yang dipercayai. Mencari
insurans kereta yang terbaik
 boleh menjadi sesuatu yang meletihkan. Tetapi jika anda faham dengan setiap yang kami terangkan kepada anda di atas, percayalah urusan anda akan menjadi lebih mudah.

Tags:
Insurans Kereta
Komprehensif
Polisi Insurans
Syarikat Insurans
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Why Auto Insurance Companies Cancel Policies?

Under normal circumstances, an
auto insurance
 company can choose to cancel its policy with you at any point in time for any given reason. However, no good insurance company terminates its policy with a client without sound reasons. Here are a few. You wake up on a lovely morning. You’re having a nice hot cup of coffee and going through your mail and bam! There it is a notification from your insurance agency of the cancellation of your policy. What could’ve gone wrong? Why would your
insurance
 agency
 suddenly cancel your policy? Well, your
auto insurance
 agency can opt to discontinue your policy due to some reasons. One of the first things you need to do is go through the notification carefully and determine if you received a non-renewal or cancellation notice. Regardless of what information you received, below are a few possible reasons why your insurer might choose to withdraw their services.

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Violating your Auto Insurance Policy Terms

This is one of the easiest ways of having your
insurance agency
 revoke or annul your policy. During the process of taking out your
insurance
, you would have had to sign, and as such, be subjected to certain terms and conditions of use for the underwritten property (your car). If you violate any of those terms, your insurer may rightfully choose to cancel your policy outright or issue you a non-renewal notice (
DNR
). A classic example of violating the duration of your policy would be using a vehicle you had insured for personal use for your
business
. When using a car for business, it is usually
protected under a different kind of policy
.

Incidence of Fraud or Dishonesty

This is a very serious affair and can have some serious legal repercussions. As such, while taking out a new auto insurance policy, the importance of being as detailed and as truthful as you can be cannot be overemphasized. You stand to lose a lot otherwise. Should you take out a policy without informing your insurer of certain details, it could lead to more than just losing your policy. The insurance agency could use those grounds to deny your settlement, even when you have a valid
claim
. So do your best not to leave anything out. Ensure your insurer is clear on details like your mileage, who drives what in the house, and so on. It’ll go a long way in
preventing misunderstandings with your insurer
.

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Non-payment/Failure to Make Payments on your Auto Insurance Policy

Non-payment of your premium is perhaps one of the biggest reasons why most
insurance companies
 cancel their policy with insured individuals. Have you been making prompt and timely payment on your policy when due? If you haven’t, it just might be the reason you received the
DNR
. Making regular payments on your premium is how an insurer can effectively cover you in case of an accident. Failure to do this serves as a breach of the agreement between you. This is a sufficient reason for most insurers to terminate any policy.

In addition to the above, variables such as the current living conditions of the state you’re in, losing your
driver’s license
, and making excessive insurance claims can lead to losing your policy with an insurance company. The moment you receive the notification, do your best to get in touch with your insurance agency to see if it can be fixed. If it cannot, what you need to do next is to start shopping for another
insurance company
 as you cannot move freely without taking a policy.

Tags:
DNR
Insurance Policy
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怎么选择最好的汽车保险公司？

欢迎收看保险360, 我是 Cassandra。很多人都认为只要选最贵的车险就一定可以保障在你金钱上的损失， 这是一个错误的观念。最贵不一定是最好， 最好的车险是保险单的配套。除了选择适合的保险，车险公司也是非常重要的一环。一家好的车险公司会确保你所有理赔机会, 可以在发生事故时，提供在经济上的帮助。因此，在选择一家适合你的车险公司时，有两大要素。

第一、可靠的汽车保险公司。

一家可不可靠的
保险公司
，需要看的它的经营规模。规模比较大的
保险公司
，往往公司人力资源比较充足、各部门工作岗位细致、办事效率较快。因此，在保险理赔时，效率更高、更快、更方便。 相反的，规模较小的公司可能会因为人力资源缺少而导致办事效率偏低。

 第二、合理的保险

每家车险公司都有自己一套的保险配套，但是大部分的保险配套和价格可以说的大同小异。因此，你必须仔细检查车险公司的理赔覆盖范围。实力较好的车险公司，可能需交付比较多保险金，但所覆盖范围可能远远超过实力较小的车险公司。有时候，一些公司在保险配套上给予很多的折扣或赠品来吸引车主。但是，一旦事故发后，不仅理赔的金额少，还有可能所购买的保险配套并不覆盖在保险范围内。对于车主来说，给汽车买
保险
是必须做的事情。因此，慎重考虑及选择一家可靠和合理的车险公司绝对是必须。在购买车险时，切记一定考虑自身的消费能力与购买能力范围的
保险
。

希望我们今天的视频教会你一点点， 让你更懂得车险的咨询！如果你喜欢我们的保险360系列，记得按赞与分享！记得订阅我们的频道还有开启小铃铛，这样你就不会错过新影片的通知。我们下次见！

Tags:
保险
保险公司
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Exploring Microinsurance And Microtakaful: A Beginner’s Guide

Insurance is essential, but not everyone can afford it. Covid-19 has made us more aware of this.
Microinsurance
 and
micro takaful
 are products offered by insurance companies to help those who cannot afford regular insurance.

What Is Microinsurance/Microtakaful?

The purpose of microinsurance/micro takaful is to provide you or your family with a payout if you suffer an injury, illness, or worse, death. There are, however, lower premiums and coverage levels for microinsurance/micro takaful products. While these products don’t offer as many benefits as a standard insurance policy, at least you will have coverage in an emergency.

Who Is Eligible For Microinsurance/Microtakaful?

Microinsurance
 and
micro takaful
 products exist to assist low-income earners. The low-income group is households earning less than RM4,000 per month, but insurance/takaful companies decide whether an applicant falls into this category.

Are There Any Microinsurance/Microtakaful Products Available?

Below is a list of some microinsurance/micro takaful products available:

Type Of Insurance

Description

Coverage for
accidental death
 and critical illness

In the case of death or a critical condition, your family will receive a payment.

Utility Bills and
Credit Cards
 Coverage

You’ll be covered for your insured amount if you have insured your credit card or utility bills.

Travel Insurance

You will receive compensation if you incur medical bills or lose baggage or belongings while traveling.

Business
 Protection for SMEs

A business insurance policy provides you with compensation if anything happens to your business.

Daily Hospitalisation Allowance

In case of hospitalization, the policy will cover daily allowance.

Motorbike Insurance

This insurance policy covers your motorbike for theft, damage, and accidents.

In Malaysia, microinsurance is still in its infancy, so few companies provide these products. Many insurance companies have begun offering these plans by partnering with mobile providers, such as Sun Life and Great Eastern. You can quickly sign up for and manage a microinsurance or micro takaful plan via your phone.

How Does It Work?

A large majority of these plans are either pay-as-you-go or short-term in nature. Short-term goals usually last six months, and renewal is a must. You would pay monthly for pay-as-you-go plans, and you could subscribe or unsubscribe at any time. You can resubscribe in the future by submitting another application on the website if you want to unsubscribe.

What Should You Check?

1. Coverage

Make sure you know your coverage. You’ll also have a lower range when you pay lower premiums than with regular
insurance or takaful
. Based on your policy, you will only get coverage for the events described therein. Be sure you understand your scope.

2. Waiting Period

Microinsurance and micro takaful plans have the principle of minimizing the waiting period for claims. There is, however, a maximum waiting period of six months for most projects that cover natural death or disability. Therefore, you or your family member will have to wait up to six months for your benefits. So, before you think of canceling your
insurance plan
 to save money, or if you don’t have any insurance, consider microinsurance and micro takaful. But bear in mind that losing your insurance with better coverage has disadvantages!

Tags:
Daily Hospitalisation Allowance
Microinsurance
Microtakaful
Motorbike Insurance
Takaful
Travel Insurance
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Pros & Cons Of Car Extended Warranty

The cost of extended warranties can be just as burdensome as car repairs. Take a look at the pros and cons of extended car warranties for your vehicle before choosing one.

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What Is An Extended Warranty?

The likelihood of certain parts wearing out and stopping working increases as vehicles age. An
extended warranty
, sometimes called a vehicle service contract, can protect your
used car
 from potentially costly repairs after the factory warranty expires. When a vehicle breaks down due to normal wear and tear, an
extended warranty
 covers the cost of parts and labor for repairs. Extended warranties work similarly to the manufacturer’s warranty. The insurance does not cover misuse, neglect, or accident expenses.

The Pros Of Extended Car Warranties

Pro: Extended Warranties Can Be Tailored To Meet Specific Needs

Since the original warranties provided by auto manufacturers differ in terms of mileage and time limits, companies that offer extended warranties have a greater variety of products and services than in the past. The third-party warranty provider can only extend the shorter warranty coverage if, for example, a vehicle has an extended powertrain warranty but a short bumper-to-bumper warranty. Providing 24-hour roadside assistance to new vehicles without manufacturer coverage is another example.

Pro: Extended Warranties Cover Expensive Repairs

In today’s vehicles, expensive technology, wiring, and computerized equipment are more complex than ever. In cases like these, diagnosing, isolating, and repairing the problem can cost money. As new cars and trucks are more mechanically reliable than ever before, a vehicle’s technological systems make it necessary to obtain an extended warranty. Before purchasing a warranty, request a list of
exclusions
 from the warranty provider and ensure that the contract includes these technology features and other significant vehicle components.

Pro: Dealers Handle All Paperwork And Payments

Dealer-sponsored extended warranties tend to be more expensive. Still, in exchange for the extra cost, the dealer handles all the paperwork, and the auto manufacturer pays directly to the dealer for services rendered. Also, these warranties are usually backed by the manufacturer, allowing the car owner to go to any dealership with the same brand anywhere in the country to get the vehicle fixed, whereas other third-party warranties might include limitations.

The Cons Of Extended Car Warranties

Con: Extended Car Warranties Can Be Expensive

An extended warranty is a bet. You have to spend more on repairs than the warranty cost in most cases. The warranty provider is also betting on the outcome. The warranty provider believes you will not need to spend more on repairs than the warranty covers. Since there are so many extended warranty providers, the odds are not with you. However, negotiate an extended warranty’s price most of the time.

Con: Extended Warranties Don’t Cover Everything.

In some cases, consumers buy an extended warranty plan without reading its details and discover later that their
extended car warranty
 does not cover a needed repair. You should receive a list of exclusions on your warranty plan from a reputable provider. Be sure to read the list carefully before purchasing an extended warranty.

Final Thought

You may decide that an
extended car warranty
 is proper for you after considering the pros and cons of extended car warranties. Researching and comparing prices are the first steps to finding the appropriate deposit for you. It would help if you shopped around for the best price and coverage on your car from top third-party warranty providers.

Tags:
Car Extended Warranty
Car Repair
Car Warranty
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Do I Need a Will If I Own Almost Nothing?

Whether or not one needs
a will
 often arise among people who do not own many possessions.
A will
 is necessary for adults over 18, especially for adults with minor children. You should not delay drawing one any longer if you have little children. Even if you and your spouse/partner own all assets together, it does not matter. So, yes, a will is necessary whether you are married. An
estate plan
 is much more than the transfer of assets. Additionally, it is to convey your wishes to those left behind after you die, so they can be followed as you wish, for instance:

Who Looks After Your Estate

It is up to you to choose your executor(s). These people
will
 handle your estate and make all the decisions. It is possible to name up to four executors. However, fewer may be more practical since they must make decisions together. An executor must be older than 18 and may also be a beneficiary of the will. It is the executor’s responsibility to follow the instructions in your will to the best of their abilities.

Who Takes Care Of Your Dependents

A will can specify how you want your children to be cared for or what you want to do with vulnerable adults. The choice may include details such as who will take care of the vulnerable adults and where they will live. Decide while thinking of any potential carers since they must agree to accept the responsibility. It is only half the job to nominate someone to care for dependents. Ensuring those individuals have the
financial
 resources to provide the quality of care they require is paramount. It is, therefore, an excellent time to
make a will
 so that you can ensure that your life insurance coverage and your financial protections are adequate. Set up a trust to make sure the capital paid out on death is in the right hands. Include pets in your will. Nevertheless, ensure that whoever you nominate is prepared to take on the responsibility.

How Are Sentimental Items Handled?

Do not underestimate the importance of sentimentality, even if you do not have anything of financial value to pass on. You can specify which belongings you wish to give to specific people in your will. Perhaps you should include instructions on how to transfer your belongings in the future.

Take care of your loved ones by planning your legacy today

How To Spend Your Money?

You may not have any value in your
estate
 right now, but life is unpredictable, and you cannot predict how much will be left when you pass away. There is a story about a man who wins the lottery, only to pass away only 24 hours later. We realize it’s unlikely to happen, but many have heard the story. Settle your
estate
, i.e., rejection of some money may happen once they deduct costs from what you leave behind. You should provide instructions on what to do with that money.

Donating To a Charity

Once settled, you may decide that any money left should be donated to charity. But, again, contributing to the cause you are passionate about is the best way to ensure it continues. They exclude the value of your charitable donations from your estate for Inheritance Tax (IHT) purposes. Therefore, if you suddenly acquired enough money to exceed the threshold, a gift could prevent your loved ones from taking a big tax hit.

Tags:
Charity
Dependents
Estate
Inheritance Tax
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Does Getting Married Lower Your Auto Insurance Costs?

Every vehicle owner is constantly looking for a way to positively influence what they pay as insurance. Where possible, many drivers move to safer neighborhoods and even try to drive shorter distances. Location and driving distance are two well-known variables that influence your automobile insurance premiums. But does your marital status also affect your coverage? If so, how and why is such a detail relevant?

Hi there, and welcome to today’s episode from the Insurance360 Video Series! I’m Fincrew brand ambassador, Stella, and on the show today, you’ll be finding out how your
insurance coverage
 changes once you get married. The
insurance
360 Video Series by Fincrew constantly sheds more light on little known aspects of Malaysia’s automobile insurance world. So if you want to know how to get smarter and better coverage, make sure you hit that Subscribe icon and turn on notifications to our channel, so you don’t miss our valuable updates!

Now that we’ve got that bit sorted let’s jump right in. The first thing you need to know is that getting married does strongly influence what you pay as insurance in addition to factors like age. Now, you probably know that younger people pay more for
auto insurance
. This is because statistics show that they are more liable to get involved in accidents. Similarly, various studies lend credence that married people are less likely to get involved in auto accidents. Insurance is all about estimating risk and liability, which is why many auto insurers always check whether or not you’re married in addition to your driving history. Since married couples get involved in fewer auto accidents, many insurers will usually offer you a sizable discount once they know you’re married. There are multiple theories in circulation as to why married people seem to experience fewer auto mishaps. Some studies allude to the fact that married people tend to generally drive less than single people. Yet, others believe that it’s because people in marriages have more stability.

Whatever the case may be, the numbers conclusively show that unmarried individuals are more prone to accidents. In fact, the
insurance discount
 for getting married is so extensive that even young drivers under the age of 25 can enjoy it. What’s more, if the married couple both have good individual driving records, they could combine their policy to get an even better multi-car
auto insurance
 discount! Of course, the reverse is the case if one partner has an indictment on their driving record. Now, you may be wondering; If getting married positively affects your auto insurance, does getting divorced impact your policy as well?

Short answer, yes!

Not only do you immediately automatically forfeit your marriage discount, but any multi-car discount you’ve been enjoying would also be withdrawn. If the split requires that you change location entirely, you may expect what you pay for auto insurance to keep rising. Ultimately, while the multiple benefits of marriage discounts on your auto insurance aren’t enough reason to go and tie the knot, it is quite clear that this discount can do a lot to reduce what you pay for
insurance coverage
.

And that’s it!

If you enjoyed this video, please leave it a Like. Also, Subscribe to our channel, and don’t forget to turn on notifications, in order to stay tuned to all future episodes from this Insurance360 video series! Thanks for watching!

Tags:
Auto Insurance
Insurance Coverage
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What Is Own Damage Insurance?

Owning a car comes with its share of maintenance expenses. Maintaining a vehicle can be very expensive owing to the ever-increasing maintenance costs. So, investing in good
auto insurance
 coverage makes sense to protect you from those additional expenses arising out of any eventuality!

So What Is Own Damage Insurance Policy

As the name implies, an
Own Damage policy
 (OD) is a personalized
auto insurance coverage
 that protects you and your insured vehicle against damages due to accidents such as fire, theft, etc. In the event of an accident, an
own damage policy

pays for the expenses to repair
 or replace parts of your vehicle damaged in the accident. For example, let us say you
parked your car
 at its usual place and all of a sudden your neighbor’s cricket ball git one of its windows or probably a coconut falls on the windscreen and leaves not only shackles but dents too! You might be looking at hefty losses in retrospection, but in such circumstances, your damage insurance can get you out of such an unfortunate incident.

Who Should Get Own Damage Insurance?

When looking to purchase auto
insurance coverage
, you have the option to buy a limited cover or one with an extensive range. As for many, they go for the limited scope, which is the third-party liability policy. The main disadvantage of purchasing this type of auto insurance policy is that it does not offer you or your car protection. So if you are carrying third-party auto insurance coverage, you might also want to purchase a standalone Own Damage policy to protect your vehicle from damages and losses.

What Is Covered In Own Damage Insurance Policy?

Own damage insurance
 policy covers the cost of damages or loss to your car due to the following:

Natural disasters such as floods, earthquakes, typhoons, hurricanes, storms, hailstorms, frost, inundation, self -Ignition, lightning, cyclone, etc.

Artificial disasters such as
strikes
, vandalism, protest, riots, and terror attacks

Theft
 or malicious acts or fire.

What’s Not Covered In The Own Damage Insurance Policy?

Though an Own Damage insurance policy is excellent for your car’s protection, few things are not covered in the policy. These include:

Third-Party Liabilities

Own Damage Insurance
 policy is a standalone policy and, as such, will not cover your third-party liabilities. Your third-party auto insurance policy will instead take care of the same.

Drunk Driving

DUI or also known as Driving Under Influence
 (of alcohol), is against the law. Therefore, the Own Damage insurance policy does not cover claims for driving under the influence of alcohol.

Driving Without A Driver Licence

No insurance company will accept claims if you’re driving without a driver’s license. So, you can only file claims if you are driving with a valid driver’s license; as such, Own Damage insurance policy will not cover claims if you’re going without a valid driver’s license. Others include:

Consequential Damages

Contributory Negligence

Driving without a Licence Holder

Wear and tear and depreciation

Not having a valid
driving license

Mechanical or electrical breakdowns, failures, or breakages

Contractual liability

How Protected Are You In Your Damage Policy?

The amount that your insurer pays you for an own damage claim depends on your car’s Insured Declared Value, the deductibles you opted for, and the make/model of your vehicle.

Tags:
Consequential Damages
Driving Under The Influence (DUI)
Liability Cover
Own Damage Insurance
Own Damage Policy
Personal Liability
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