Ways To Identify a Loan Scam And The Best Steps To Take If Involved In a Scam

Money is in short supply, so understandably, people keep exploring various ways to access funds. However,
scammers
 have taken to capitalizing on this and duping unsuspecting Malaysians. There’s been a significant rise in cases like this since the pandemic. If you want to keep yourself safe, here are some quick ways to identify
scammers
 you should know.

1. They Request An Upfront Fee For Loan Application

In Malaysia, it’s against the law for a lender to ask you for an upfront fee before you can access a
loan
. This rule always applies, regardless of your
Credit Score
. So, you always watch out for red flags on platforms or individuals requesting an upfront fee (no matter how small) for “processing” your
loan
.

2. They Request The Details Of Your Credit Or Debit Card

Suppose any loan provider asks for your credit or debit card information; walk away as fast as possible. They’ll probably say that they want to use this information to verify your data and will credit your account as soon as they’ve confirmed it’s you. However, this is usually a ploy to withdraw your money or empty your bank account.

3. You Suddenly Get a Personal Loan You Didn’t Apply for

Some people suddenly get a call that they’ve qualified for a
personal loan
 with super-low interest rates that they didn’t even apply for in the first place. In other instances, they may even tell you that you’ll be getting a loan amount higher than what you initially put in for. In either case, this is a clear warning sign that you aren’t dealing with legitimate lenders, so break off communication as soon as possible.

4. You Get Unbelievable Loan Deals

Is a loan provider you’re talking to now promising a guaranteed approval rate? Or are they saying the loan comes with 0 interest rate? If the answer to all the questions is yes, then you’re probably dealing with a scammer. Don’t forget that, ultimately, loans are
business
 enterprises. So, if a lender is promising you loan schemes they aren’t benefiting from in one way or the other, then something’s wrong.

What Do I Do If Involved In a Scam?

If the worst has happened, don’t panic. Just follow these steps:

Contact The Police

Fraud or scamming is a criminal offense, so file a police report to let the authorities know you’ve been a victim. Be sure to include every detail in the message, so the police have a higher chance of catching the culprit.

See a Financial Advisor

If you lost a significant amount of money in the process, be sure to see a
financial
 advisor so they can walk you through the recovery process.

Let People Know

It is the best way to ensure people don’t go through what you’ve just experienced. It can even lead to catching scammers, too, so don’t be shy to tell your story, even if it’s only on social media!

Conclusion

To be safe than sorry, deal with only tested and trusted loan providers. It goes a long way to ensure your financial safety.

Tags:
Financial Advisor
Loan Application
Loan Scam
Personal Loan
Scam
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Managing a Startup Company During Pandemic Period

While the business industry is constantly in a state of flux, the advent of the COVID-19
pandemic
 made the terrain even more tumultuous. It affected various niches across multiple industries. However, one of the niches that were most affected was the tech space. Under how it has always been, the IT space requires a level of coming together and understanding for projects to complete quickly without sacrificing quality. But, with the lockdown protocol instituted all over the country, following the standard method of operation is essentially impossible. To understand more of this space that has been surviving in light of recent developments, we decided to interview Mr. Farah, the head of a tech startup, to share how he has been handling these changes.

Here Is How The Conversation Transpired

Interviewer
: Good day, Mr. Farah. Could you introduce us to your
business
?

Mr. Farah
: Thank you very much. I’m glad to be having this conversation. My tech company, SUPERIOR DIGITALS, specializes in creating e-commerce platforms and mobile apps for businesses. We also provide high-end tech solutions for companies looking to expand their presence online.

Interviewer
: Can you share the process of how you came about this idea and the impact the
pandemic
 has had on your business operation so far?

Mr. Farah
: Well,
businesses
 are always looking for new and different ways to make a profit. And, as everyone knows, the future is digitalization. I thought that by creating a platform that
businesses
 can stand on to tap into the potential of the Internet, I could help them achieve this. Before the pandemic, things moved quite smoothly, and there was a constant demand for our services. We were looking into expanding when the pandemic hit. While the pandemic has increased in the type of services we offer, the unique situation of working from home means that we can’t meet clients’ demands with a reliable level of consistency. It is because the work pace has slowed down considerably from what it used to be. That is until we made specific changes.

Interviewer
: Mr. Farah, what can you say is the biggest challenge of working through this pandemic?

Mr. Farah
: The truth is, in the past few months, there have been several of those. But perhaps the greatest is the fact that most of my staff had to work from home, instead of the office space. Due to this, it became increasingly difficult to monitor the progress of tasks efficiently. Also, maybe due to the sudden change in the work setting, we noticed an alarming increase in the number of reports of laptops stolen or damaged. Because we couldn’t let these factors delay work, we had to fix these laptops or even pay for new ones post-haste out-of-pocket. It cut into our profit margin and made things even harder. But thankfully, we were able to find a lasting solution to this in the form of FinCrew.my. With the numerous
insurance
 policies that we can leverage with this platform, we can cover most of these expenses to focus on what’s truly important to us; helping businesses grow.

Interviewer
: What can you say are the advantages of getting this coverage?

Mr. Farah
: As I said, while issues still come up with my team’s laptops and other electric appliances, it doesn’t impact our bottom line anymore. But, the most significant advantage of getting this coverage with an insurer like FinCrew is the ease and speed of the claiming process. It doesn’t disrupt the flow of my teamwork, and payout ensures that delays due to appliance issues will not happen.

Interviewer
: Thank you for your time, Mr. Farah.

Mr. Farah
: The pleasure’s all mine.

So, join the league of winners and get the
business insurance
 that can tide you through the pandemic!

Tags:
Business Insurance
Business Interruption Insurance
Pandemic
Pandemic Cover
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Understanding Deductible And Excess In Car Insurance

Research your car insurance options is best. The insurance you choose will also require you to pay an excess or a deductible, no matter what level of coverage you choose. Select a high quantity in exchange for lower monthly premiums. Still, you need to know your
deductible and excess
 to pay more than expected for an unexpected vehicle repair. Fincrew Insurance has put together a guide to help you work out your
deductible and excess
 for car insurance so you only accept a quote that suits your needs.

What’s a Car Insurance Deductible?

In a perfect world,
businesses
 and their customers would always be able to interact honestly to provide quality services for everyone. Unfortunately, this is only sometimes the case in reality. Car insurance providers need to ensure that they put in place measures that discourage their customers from making false claims by putting measures that prevent them from doing so. There is little difference between your car insurance excess and your deductibles other than that an excess refers to the amount you’ve agreed – in advance – to pay if you make a claim. In contrast, a
deductible
 only applies when you are in an accident.

What Is Excess In Car Insurance?

A policyholder’s
excess
 is the amount they agree to pay when they buy the policy towards a claim. In Malaysia, it is similar to a deductible but more common. The amount of your car insurance excess is determined when you purchase your policy. Your only chance of changing it is if you
file a claim
. Having an idea of your excess can help you prepare for future claims without worrying about how much you can afford. For example, if you choose
comprehensive car insurance
 with an RM4,000 excess and the damage to your vehicle costs RM6,500, you will have to pay RM4,000 of the excess, while your insurer will cover the remaining RM2,500.

Excess amounts vary depending on your risk profile and what you are comfortable paying. If you have limited driving experience or are a new driver, you are statistically at a higher risk, which increases your excess. How you drive your vehicle, where you live, how you use it, and the measures you have taken to prevent your car from being damaged or stolen can all have an impact. You can expect your excess to be lower if you have a tracking device and park it in a locked garage behind a locked gate than if you don’t have the device and park on the street.

There is also the possibility of being offered a percentage excess. You agree to pay a fixed percentage of the total claim cost. You usually have to pay a flat bunch if you get into an accident. Exchange a higher premium for a lower quantity in many cases. However, you should be aware that your premium may increase if the circumstances of your claim change.

How Does Car Insurance Deductible Work?

The amount of your deductible will vary depending on what type of policy you choose, but there are no annual deductibles in this policy. This cost will be your responsibility whenever you submit a claim to the insurance company. Upon payment of the deductible, your insurance company will pay the balance of the claim amount or the repair cost once you have paid your
deductible
. Here is an example of how a
car insurance
 deductible works:

There is a RM 5,000 deductible and RM 30,000 damage from covered accidental injury.

In the case of an
insurance claim
, the insurance company might pay RM 25,000 to repair your car, but you are responsible for the remaining RM 5,000 out of your pocket to cover the remaining cost of repairs.

How Much Excess On Car Insurance Should I Pay?

If you are considering paying an excess, remember there is no right or wrong answer. Ultimately, it’s a matter of personal preference. Consider paying a lower monthly premium and spending more on an excess payment. Additionally, you might prefer to pay more every month so that your extra income is low enough to pay without any problems if necessary.

It would help if you remembered that honesty is the best policy for car insurance, including your excess. When dishonest with your
insurance provider
 about who usually drives your car or other things, you may pay a higher quantity or have your claim denied.

Tags:
Car Insurance
Deductible
Excess
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Import Or Purchase A Car As An Expatriate

Living and working in a new country comes with a unique set of challenges. Outside more obvious ones like adjusting to the change of environment and so on, there is a need to also adjust to the way of doing things in the new environment you find yourself in. As an
expatriate
 in Malaysia, situations may arise where you will need to get yourself a private means of transportation to shuttle around wherever you choose to reside within the country. There are only two options available to you if you want a vehicle. You either purchase one or have it imported into the country for you. Here’s a brief rundown of how either of those processes works and what you need to do.

Purchasing A Car As An Expatriate

Before you can even consider getting a vehicle here in Malaysia, specific requirements must first be met. First and foremost, there’s an age bracket eligible for driving in the country. To be able to drive, you need to be within the ages of 23 and 65. In addition to this, you must be a driver who’s had his drivers’ license for no less than a full year. If you meet all the criteria cited above, this is where the real task begins. Because the country is home to various local car manufacturers, it’ll always be easier to get these vehicles, compared to foreign products. Besides, the vehicle’s cost is also likely to be very high due to the amount of tax this kind of activity commands. The only way this price can be significantly reduced is if you happen to have a particular type of visa; the
Malaysia My Second Home visa
, or MM2H visa, for short. This document exempts you from the tax commissions that you’d ideally have to pay to
purchase a car
.

Importing A Car As An Expatriate

By and large, the same principles that apply to
purchase a car
 also influence importing vehicles in Malaysia. There are, however, a few significant differences that you should take note of about these two processes. As we mentioned earlier, the government works hard to support the growth of local vehicle manufacturers. If you’re wondering what bearing that has on car importations, we’ll be revealing that now. Considering that there are several local alternatives available, it is challenging to get an imported vehicle into the country. Of course, as with purchasing a vehicle, owning an MM2H goes a long way in helping you expedite the entire process. It can also prove handy in helping you save costs.

Conclusion

While getting a vehicle as an
expatriate
 in the country might seem a bit of effort and resource-consuming initially, ultimately, it is likely to serve you better than renting a vehicle or shuttling about using public transportation. If you’d like to boycott all the hassle that comes with importing a car into the country, there is no shortage of top-quality local brands that will serve you very well.

Tags:
Expatriate
Malaysia My Second Home Visa (MM2H)
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Can Police Officer Pull You Over On Private Property?

You’re driving to your home after a stressful day at work, paying attention to traffic rules, suddenly you hear the sirens, and you quickly pull over on
private property
. Though you’re a bit tense and nervous, you feel the police can’t arrest you on
private property
. Either way, Malaysia police can execute traffic stops on “streets and highways,” but they can also on
private property
 with probable cause. Though you should note that you have rights that the police can’t violate, and knowing these rights can save you time and potential legal trouble.

Can The Police Stop Me On Private Property?

Generally, if the property is open to public access, for instance, a parking lot or a private street, you can be pulled over, but there must be a probable cause. The cause might be over speeding, reckless driving, or driving under alcohol or drugs. Many people think that if they violate a rule such as broken tail light and they can make it to a private driveway or a private property, they are home free. No, you’re NOT. If the police officer first observed your vehicle on a public road, he can chase you just about anywhere to make the stop and arrest.

Can A Police Officer Pull Me Over Without A Probable Cause?

A
police officer
 can’t pull you over without reason. They require a probable cause to pull you over, such as speeding or having a broken taillight, or they suspect you’ve broken a driving law. The
police officer
 will ultimately tell you why they pulled you over. However, if you ask you if you know why you were being pulled over, you might want to ask them to tell you why instead of admitting fault to avoid implicating yourself. After stopping, the police officer might check your license and registration to be sure you’re legally allowed to drive. They might interrogate you to find out what happened. If the police officer decides a driving violation, they might write you a ticket or give you a warning. This is up to their discretion. It’s also essential for you to know that just because the police officers pull you over or give you a ticket doesn’t mean they are right. You could try to persuade them if you weren’t violating any law or fighting the ticket later. Just because you accept the ticket doesn’t mean you’re taking fault.

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Do I Pullover Immediately Even If It’s Unsafe?

You don’t have to pull over immediately if you feel it’s unsafe. If you’re on a busy or dark road with no other cars around, you aren’t mandated to stop if you think it looks dangerous. However, that doesn’t mean you can speed on with a police officer trying to stop you. What you can do in that situation is to notify the officer with a hand signal and turn on your blinker or hazard lights. You can then proceed a short distance until you’re able to stop safely. The sooner, the better for you, though. You don’t want to upset the officer. At times officers might look for extra infractions if you made them angry and end up getting three tickets instead of one.

Tags:
Police Officer
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Strike, Riot And Civil Commotion In Auto Insurance

You use your vehicle every day, and it’s an integral part of your life. It serves for getting to work, cruising through the city, or running errands. Either way, you don’t want it damaged or destroyed. If that happens, you can check out your
insurance policy
 to see if you are eligible to ask for compensation. The
insurance
 deal can cover various situations, but that depends on the policies and add-ons you select. Did you notice the so-called S.R.C.C. add-on as an option in your
insurance policy
? This extra coverage serves for damages caused by
Strike, Riot and Civil Commotion
. Is it a smart idea to activate this add-on in your deal? Here is what you need to know before choosing it!

Strike, Riot And Civil Commotion Extra Coverage – Basic Overview

You might have chosen a
comprehensive auto insurance
 policy that covers your vehicle from theft and damage from floods and fires. You can also research more about the coverage in case of malicious acts and vandalism. However, Malaysian insurance companies often consider
Strike, Riot and Civil Commotion
 separate from other vandalism acts. That means you won’t be able to
claim
 and receive compensation unless you have the S.R.C.C. add-on in your policy. The
extra coverage’s
 name is relatively self-explanatory. It covers you in the case of the mentioned events. Now, it’s true that civil riots don’t happen often, but you can never be too safe. You’ll occasionally read the news about mob attacks, and we all remember the
Low Yat riot from 2015
. What if there is an important sports game and the fans go through the streets? If your car is in the way, they could damage or set it on fire. That’s where S.R.C.C. add-ons come into play.

Is It Smart To Buy The S.R.C.C.E Extra Coverage?

The crucial thing to pinpoint is the low price of this add-on policy. You’ll pay a premium of only 0.3% of the total sum insured. For example, if you insured the vehicle for RM50,000, the S.R.C.C. add-on will only cost 150RM. It’s not a hefty sum if you consider adding another layer of insurance to your car. You’re safe if Strike, Riot and Civil Commotion occur. If you frequently park in open streets, this add-on is strongly recommended. The same applies if you are living in crowded cities, park near stadiums and other busy areas. It’s much easier to get this extra coverage than follow the news for potential protests and sports events and looking for another place to park.

What To Do If Your Car Gets Damaged In A Riot?

Riots and strikes often end up in big damages to vehicles, stores, and other things in the way of the angry mob. It’s best to foresee if those events might occur. If you analyze the situation and find you have enough time, move your vehicle. However, if you notice that the rioters are already damaging your car, it’s better to run and wait in a safe location. You might not have anything to do with the matter they are protesting against, but your vehicle was there. So, try to protect yourself and find a safe place immediately. You can consider contacting the police from that location. Once the danger passes, return to your vehicle to assess the damage. Make sure to report everything to the policy within 24 hours. Don’t forget to take photos and ask someone to be your witness to what happened. The final step is filing a claim and receiving compensation for your
auto insurance
. At that point, you’ll realize the add-on for strikes, riots, and civil commotions have come in handy and protected you from a major budget hit.

Tags:
Coverage
Riot And Civil Commotion
S.R.C.C
Strike
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10 Travel Insurance Benefits

When you book a trip for hundreds or thousands of dollars, it makes sense to
purchase travel insurance
. An important feature of
travel insurance
 is that it provides
coverage
 against various risks associated with travel and unexpected medical expenses incurred during trips. The goal is to protect your investment if you have to cancel or cut short your journey due to weather, illness, or a government shutdown, among other factors. Other benefits may include reimbursement for lost luggage or medical care while abroad. The following are ten
benefits of Travel Insurance
 for travelers:

Trip Cancellation

As the name suggests, this benefit protects you from unforeseen events by reimbursing any non-refundable trip costs you have already paid. If you’re sick or injured, your flight is canceled due to natural causes, or you’re involved in a traffic accident, you may qualify for a cancellation benefit, but be sure to check your policy in detail.

Trip Delay

Should you be delayed on your way to or from your destination, the trip delay benefit will cover interim expenses such as accommodations and transportation.

Missed Connection

The missed connection benefit typically covers expenses needed to join departed
cruises
 when your flight is canceled or delayed if you have purchased a trip cancellation plan to cover the cost of your cruise.

Medical Expenses

In most cases, Travel Insurance is purchased to cover unforeseen medical expenses during the trip. The
insurance company
 reimburses expenses up to the limits specified in the policy in the case of an accident, dental treatment, or medical treatment. Some
insurance companies
 offer cashless therapy through a network of hospitals in different countries. In addition to providing help to the insured, the Travel Insurance company also offers assistance. It is one of the most significant
benefits of Travel Insurance
.

Personal Liability

Liability
insurance
 covers damage caused by the insured. This part of Travel Insurance provides compensation if a third party is injured during your travel, especially when traveling abroad. Liability can arise from
damage to property
 or injury to a person. There are different types of coverage available depending on the product.

Legal Expenses

Travel insurance plans include a legal expenses section that will help you cover the costs of legal advice if you are injured abroad by someone. A 30-minute complimentary phone consultation with a solicitor is often included with this section of your policy after you pay an
excess
.

Emergency Reunion

After suffering a severe illness or injury and being transferred to another healthcare provider, most travel plans will cover the cost of a round-trip ticket for a close relative to come to visit you for a short time.

Lost Luggage

You’ll be covered for the loss of your checked luggage with both trip cancellation and
travel insurance
 plans, but not necessarily for lost carry-on items like a cell phone.

Emergency Medical Evacuation

This benefit will provide transportation to a medical facility capable of caring for your condition when traveling to remote areas without adequate medical facilities. Therefore, you can go home, but it’s not guaranteed.

Accidental Death & Dismemberment (AD&D)

If you pass away or lose a limb due to an accident while traveling, this benefit will provide a defined amount of money to your beneficiary.

Tags:
Accidental Death & Dismemberment
Emergency Medical Evacuation
Emergency Reunion
Personal Liability
Travel Insurance Benefits
Trip Cancellation
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3 Reasons Why You Need Flood Cover For Your Car

It is not uncommon for floods to happen in Malaysia. In many areas, they are becoming more frequent and can have a devastating effect on your vehicle. So it is very important to protect your car against natural disasters such as floods before it happens. Does your
auto insurance
 cover flood damage? Why do you need
flood cover
 for your vehicle? Read on to know more.

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Does Your Auto Insurance Cover Flood Damage?

If the policy you are carrying is
comprehensive
, then you are covered for flood damage. In Malaysia, a complete policy is not mandatory, but it is recommended that you have it in any unforeseen circumstances such as flooding. Though the coverage can be pricey, it will protect you and your car from many of life’s uncontrollable events in addition to heavy rains and flooding, vandalism, theft, windshield damage, etc.

Reasons Why You Need Flood Cover For Your Car

1. Protect You Against Substantial Financial Loss

Comprehensive cover protects you from heavy
financial
 liability in the event of serious flooding. Floods or heavy rains can cause severe damage to a car, making
comprehensive
auto insurance
 a must-have to protect someone from huge financial losses. Rising water levels may get into your car’s engine and interior during heavy rain, potentially wreaking havoc on the vehicle. More so, hailstorms can lead to water damage if it breaks the windows of your car, allowing rain and hail into it. When these happen, your
flood cover
 will protect you from all financial loss resulting from the flood. If your car is declared totaled, i.e., damaged beyond repairs or cost more than the car’s worth, comprehensive coverage helps pay to replace the vehicle up to its actual cash value. Flooding can be disappointing, but having a comprehensive policy may help protect you against massive financial loss if your car is damaged by flooding.

2. Save You From Hassle And Time

The kind of experience one gets during and after flooding is frustrating and sometimes happens to be time-consuming. Having a comprehensive policy that protects you against flooding saves you time and the hassle of bargaining with the property owners, other drivers.

3. Protect Yourself And Other Third Party Involved

Carrying a flood cover ensures that you, your family, and other passengers in your car are well-protected. You definitely will not experience any doubt about compensation when the flood, which may cause damage to your vehicle, sometimes causes
bodily injury
 to you and your passengers.

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

Final Thought

We advise you to do what you can in advance to protect your car against flood damage. You need to Identify the danger level for a possible flood around there and weigh the value of your vehicle against the expense of comprehensive policy. Speak with Fincrew sale support team to determine the best approach for you and your family. You should note that even if you carry a comprehensive policy, you should take necessary precautions to protect your car to keep away from the exorbitant, time-devouring, and depleting process of
filing a claim
 and battling for the work to be completed. Leaving your vehicle inside or in an elevated area with excellent drainage can help you keep away from most flood damage.

Tags:
Comprehensive Coverage
Flood
Flood Cover
Insurance Broker
Insurance Claims
Natural Disasters
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Term Life Insurance vs Whole Life Insurance

You’re not alone if you find the distinction between
term life
 and
whole life insurance
 confusing. Life insurance provides money to beneficiaries if a policyholder passes away; however, many people aren’t aware of the differences and benefits of term vs whole life insurance. When it comes to protecting your family’s financial future, you need to understand the basics of these two options.

What Is Term Life insurance?

In essence,
term life insurance
 is what its name implies: A policy that provides coverage for a specific period or term, typically from 10 to 30 years. It does not have a cash value component instead of
whole life insurance
 – also designed to give your beneficiaries the benefits if you die during the term. Consider whether your family’s need for life insurance will change before the term of the policy expires if you buy a term policy to protect them. That usually means the kids are grown and on their own, a fully-paid house and the surviving spouse has some funds that serve as a safety net.

What Is Whole Life insurance?

A whole life policy offers permanent coverage that lasts as long as you pay your premiums and is thus called the simplest form of permanent life insurance. As opposed to what
term life insurance
 implies, whole life insurance is life insurance and an investment product with cash value. Your policy’s
cash value
 occurs when a portion of your premium is invested overtime on a tax-deferred basis, so you don’t need to pay taxes on the earnings. If you live long enough, you can benefit from the cash value of your policy. After it has grown into a generous amount, the cash value in your policy can be borrowed against, or withdrawn from, to make premium payments, or you can even surrender it for cash to supplement your retirement. Various permanent life insurance options exist, but whole life is the simplest.

Whole life insurance premiums don’t change throughout the policy

Death benefits are guaranteed

A guaranteed rate of growth for the cash value

What Are The Pros And Cons Of Term Life And Whole Life insurance?

One of the most significant differences between life and term insurance is that real-life provides permanent coverage with a cash value component. The fact that the death benefit for the entire life policy is guaranteed means that the premium for the whole life policy is higher than that of a term policy. Here are some other differences and features of the two
types of policies:

Policy Features

Term
life insurance

Whole life insurance

Amount Of The Initial Premium

Low

Rates are typically higher than those for term
insurance

The Premium Over Time

It may change over time or remain the same

Guaranteed to stay the same

Permanent Coverage

No

Yes

Duration Of Coverage

A typical lifespan is between 10 and 30 years. The company plan may last up to the termination age if you buy it through your employer

A lifetime policy (provided you continue to pay)

Health Exam Required

In most cases, but varies depending on the amount withdrawn

Yes

Cash value

No

Yes – it accumulates over time

Eligible For Company Dividends

No

Yes – it depends on the company

The Ability To Withdraw Cash Value Throughout The Policy’s Life

There is no cash value

Yes, withdrawals and
loans
 can be made (although not repaid will reduce the death benefit).

Benefits Guaranteed Upon Death

Yes

Yes

The Bottom Line

With its cash value component, whole life insurance certainly offers more financial flexibility. Although permanent policies are more complex and expensive, many consumers adhere to the old axiom “Buy term and invest the rest.”

Tags:
Actual Cash Value (ACV)
Term Life Insurance
Whole Life insurance
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How Do Auto Insurance Companies Investigate Accident Claim?

For drivers familiar with how the
auto insurance
 process works in the country, the entire process of filing a claim is relatively simple. However, vehicle owners who don’t know much about automobile insurance only know they have coverage if the worst happens. Many insured parties aren’t aware that every insurer extensively investigates the authenticity of every
accident claim
 filed before issuing a payout.

How Do Insurance Companies Even Go About Investigating An Accident Claim?

Why is the investigation process important? Keep watching to find out!

Hi, and thanks for joining us! My name’s Stella, Fincrew brand ambassador, and I’ll be your host on today’s episode from the Insurance 360 Video Series by Frincrew! Here, you’ll learn everything that happens behind the curtains when you file a claim for payout after an accident. The Insurance 360 Video Series is your ultimate guide to finding out all you need to handle your
auto insurance
 with ease! So make sure you take a quick moment to Subscribe and enable notifications, so you get a ping when we release more helpful clips!

An investigation into the authenticity of your
claim
 begins from the moment you file your claim. As you probably know, in addition to filing a police report, you have to notify your insurer of the event. At its core, this investigation is carried out for two reasons. One reason is that your
insurance company
 wants to ascertain that the accident did, in fact, take place as you described, and you’re not trying to wittingly or unwittingly defraud them. Another reason insurers thoroughly investigate your
accident claims
 is to ensure that they absolutely have to issue you a payout. Many
insurance companies
 are out solely to make a profit and wouldn’t hesitate to deny vehicle owners a payout if they can. As soon as you
file that claim
, you can expect to hear from a representative of your insurer. These individuals are referred to as Adjusters, and they officially kick off your insurer’s investigation process. The adjuster may request items like,

An original copy of your police report,

Photographic evidence of the damage from the auto crash or incident,

Physically inspect the vehicle,

A copy of your medical bills.

You would also be legally required to state all your losses, so every party knows what
damages you’re claiming
. After consulting with you, the adjuster would also reach out to every other party involved in the accident, witnesses and passers-by included. This is to ensure that they corroborate your account of the event. They would also visit the scene of the accident to better inform their decision. Upon completion of this routine and other necessary activities, the adjuster will now decide on the fault and what payment, if any, is appropriate. This process can take a while, during which you may decide you want to start repairing your vehicle. You have the option of taking the car to your insurers’ body shop or any other repairer you wish. However, if you use anybody’s shop outside the one your insurer designates, there may be conflict over the cost of repairs.

And there you have it! Enjoyed watching this video? Then you won’t want to miss any of the future episodes from this Insurance360 video series. Subscribe and turn on your notification settings, so you stay fully in the loop!

Tags:
Accidents
Adjuster
Coverage
Insurance Claims
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Credit Card Cash Advance vs Personal Loan

Finding a loan quickly when you need one is a priority when you are in a financial bind – perhaps your car needs expensive repairs, or you’ve lost your job, and you must pay your bills this month. Taking out a personal loan and using your credit card for cash advances are both options, each with pros and cons. This article discusses how to
choose between personal loans
 and
credit card cash advances
 and a few other alternatives.

Compare and apply for the best credit cards

What Is a Personal Loan?

Personal loans are installments, so you borrow a certain amount and then pay it back for several months. A
personal loan
 is generally unsecured, meaning the money is not backed by collateral, like a house or car. A lender will base your
credit score
 to determine your eligibility, interest rate, and debt-to-income ratio (DTI) to determine how much your income goes toward debt each month.

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What Is a Credit Card Cash Advance?

A
Credit card cash advances
 are short-term loans that your credit card company provides rather than traditional or online lenders. Therefore, the
cash advance
 limit on your credit card statement will probably be smaller than the credit limit on your card. Cash advances can be withdrawn at an ATM using your credit card, with a check mailed directly from the issuer, or in person at a bank. However, you will still have to pay the interest and fees associated with a credit card
cash advance
 since the process of applying for a loan is not required. In addition, a card issuer typically charges a fee for cash advances, usually between 3% and 5%, and banks or ATMs often also charge a fee for their end of the transaction.

Personal Loans: When To Use Them

You should consider a personal loan if you:

Qualify for a low APR. You can reduce your loan’s principal more quickly and make your monthly payments more affordable with low-rate loans.

Have high-interest, large debts that you wish to consolidate. If you borrow large amounts and make fixed payments over a few years, you can reduce your debts.

Finance a one-time, considerable expense. As a home improvement project, the fee should ultimately help your finances.
Taking out personal loans
 frequently is not recommended.

Over the loan term, you can regularly make monthly payments in the same way as with credit cards, failure to pay results in a
reduction in your credit score
.

Advantages Of Personal Loan

The average interest rate on debit cards is usually lower than that of a credit card.

Your budget can be easier to manage if you have a fixed monthly payment.

You can quickly get a large sum of money through lenders that provide fast funding.

Drawbacks Of Personal Loan

They charge borrowers with fair to bad credit high rates.

It can be hard to adjust the amount and schedule of monthly payments.

Fixed amount of money.

When To Use A Credit Card

You should use a credit card when:

Finance more minor expenses. You can use credit cards to make regular purchases that you can repay quickly, especially if your card rewards you for purchases like groceries.

Monthly payments are possible. If you have an outstanding balance, pay it off each month to avoid interest charges.

Receive a promotional offer of 0%. Payment without interest is the best option.

Credit cards
 can be an expensive kind of financing when you don’t pay off your balance each month or if you do not qualify for a card with a 0% interest promotional offer. In addition, carrying a balance on a credit card can
negatively impact your credit score
 because of double-digit interest rates.

Advantages Of Credit Cards

You can utilize them whenever you like.

You can pay in full each month to avoid interest on purchases.

Credit cardholders with good and excellent credit may be eligible for rewards.

A fair credit score may make it easier to qualify.

Some credit cards offer promotional periods with 0% APR (usually 12 to 18 months).

Drawbacks Of Credit Cards

Credit cards can be costly to use because of high-interest rates.

Some credit cards charge an annual fee.

Some establishments do not accept all credit cards, and some charge a small fee for credit card processing.

Final Thought

All credits are equal. Credit cards and personal loans have various provisions and terms. For example, a personal loan has a lower interest rate than a credit card to pay over a certain period. Using a credit card provides ongoing access to funds, and you only pay interest on unpaid balances on time. The key to securing approval and favourable terms depends on your credit score, regardless of which option you choose.

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

Tags:
APR
Cash Advance
Debt-To-Income Ratio
DTI
Loan Guideline
Personal Loan
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Will Car Insurance Cover Engine Failures?

Typically, there isn’t any car insurance package that comes with coverage for
engine failures
. However, there are add-ons you can take in addition to your standard insurance package that may cover engine failure expenses. Also, most
insurance packages
 will extend to
engine failures
 if they are a direct result of an accident or another insured incident.

As bad as any fender bender accident is, adding engine failure to the mix is almost always guaranteed to make it worse. It’s on days like this you thank your stars you have an operational
insurance policy
. So whether you’ve been involved in an accident and your car won’t start after, or your vehicle broke down on your way to work, and it just won’t kick, your insurance package, among many other things, will determine who’ll be covering those expenses. The exact nature and cause of the accident, not to mention your
insurance coverage
, often factors strongly into how much of your engine repairs you’ll have to pay out of pocket.

Insurance Packages That May Cover Engine Failure

Before delving any deeper, it bears mentioning that if you’re operating the necessary
third party insurance
 package, no damage to your vehicle will be paid for by your insurance company. Elementary third-party
insurance coverage
 only covers damages the other driver or vehicle might sustain during the accident. However, any of the following
insurance
 packages may include the repair expenses for your engine.

Third-Party, Fire and Theft Coverage

This insurance package will cover all the engine repairs expenses if your engine was damaged as a result of theft, (perhaps if an engine component was stolen), or if the engine suffered damage as a result of a fire. Please note that you forfeit any rightful
claims
 to a payout in the case of an accident if it is adjudged that you were at fault.

Comprehensive Coverage

Significantly pricier than the
third party
, fire, and theft coverage, the full
insurance coverage
 package makes up for this by covering even engine damage that occurs as a result of an accident. In addition to this, there are many add-ons you can include in your comprehensive coverage plan that can further insure you against any financial costs of repairing your car engine. However, you are likely to lose your
NCD (No Claim Discount)
. It’s a small price to pay though for cover for those expense engine repairs. Alternatively, if your car engine is damaged in an accident and the other driver admits fault, it falls directly on that driver to cover all the expenses for your engine repairs. Ultimately, the better your insurance policy is, the more likely it is that engine failures are covered in your package. Of course, the only way you can be 100% confident is to go through the fine print of your policy to determine what you’re insured for entirely.

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Prevention is the cheapest cure. Keeping your engine in tiptop condition possibly reduces the chances of your car developing engine failure, but it might also reduce the cost of repairs, should the need arise. As an added precaution, holding an extensive insurance package might seem pricey initially, but ultimately, you’ll always be glad you did.

Tags:
Comprehensive Coverage
Engine Failures
Fire and Theft Cover
No Claim Discount (NCD)
Third-Party Coverage
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Third Party Policy In Car Insurance

In Malaysia, third party insurance is the most basic
insurance
 policy you can get. It’s compulsory under the Motor Vehicle Insurance Act to drive on the road. It’s more like a driving license to drivers; passports are to international travelers and wheels to cars. You can’t drive your car without it. In the insurance realm, the “first party” is you (i.e., the owner of the car), the “second party” is the insurer; however, “the
third party”
 is everyone else. A
Third Party policy
 protects you against any damages or deaths caused to the third party (i.e., another person), as well as loss or injury to a third party property caused by your car. In essence, a
Third Party Policy
 provides you with the minor coverage level if you are involved in an accident. This policy does not cover any
claim
 for damages to your car. Thus,
Third Party cover
 is usually offered at a lower premium as compared with a
Comprehensive
 Cover.

Why Invest In Third Party Insurance?

As mentioned above, in Malaysia, it’s compulsory to carry at least the most basic insurance plan, so many people have
third party
 Policy But aside from it being compulsory and protecting you from third party claims, it also protects you against a significant portion of the lawsuit if the third party sustains serious injuries or property damage. A third party policy is a type of liability insurance usually part of automobile and home insurance policies. It covers bodily injury and property damage insurance.

How Third Party Insurance Works

Third Party insurance is a type of liability insurance acquired by a user (first-party) from an insurance company (second party) for coverage against the claims of another user (third party). In case of an accident, the first party is responsible for their damages or losses. It is irrespective of the origin of those damages. There exist two types of car third party liability coverage. They are:

Bodily Injury Liability: This policy covers costs resulting from injuries to the third party. These injuries’ fees might include hospital care, lost wages, and pain and suffering due to the accident.

Property Damage Liability: This policy covers expenses resulting from damages to or loss of third party property. An instance of this includes the fee to replace landscaping, mailboxes, and reimbursement for loss of use of a structure.

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How To Purchase Third Party Insurance

The process of acquiring Third Party
Car Insurance
 is somewhat more complicated, as most insurance firms like to deal with Comprehensive Covers. It is the result of the rising hike in
road accidents
 and claims cost. This had made the third party Covers less lucrative for insurance firms. Furthermore, it is relatively hard to estimate the worth of old cars required to work out the insurance expense. You should note that insurers add a “premium load,” which you have to bear in some instances. The “premium load” is an additional sum added to the insurance expense to reflect the higher risk. Some insurance organizations may require the driver to get different insurance coverage types to secure a third party Policy. When you want to raise your chances of getting a
Third Party Cover
, it is sensible to stay with one
insurance company
 for both motor and non-motor coverage and keep up a decent history in all accounts.

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Third Party Insurance
Third-Party Coverage
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First Party And Third Party In Car Insurance

Owning a car comes with a great feeling. However, owning a car comes with its responsibility. It will help if you abode by the rules and regulations of the country before you can drive on public roads. One of the essential laws for you to follow is
buying auto insurance
 for your vehicle before driving on public roads. Whenever you witness people discussing
car insurance
, you probably might have heard the term “third party” or “first party.” If you are not conversant with
insurance
 terminologies, you probably do not know what those terms mean in the context of auto insurance. Read on to know everything about “third party” or “first party” in auto insurance and the significant differences.

Types Of Parties Involved In Auto Insurance:

Vehicle
insurance
 is a contractual agreement between two parties. This contract also discusses implications concerning both parties. Before you get confused, here’s an improved explanation of the types of parties in auto insurance:

First Party

You must have heard the statement ‘the customer always comes first’ countless times. It is a simple method to comprehend and recollect who is the first party in auto insurance. The first party is you, the customer. When you buy
auto insurance coverage
 from a certified insurance company, you become the First Party regarding the agreement.

Second Party

The insurance company you buy the insurance policy plan from by paying the required insurance premium is the Second Party in the contract. The Second Party accepts your money and offers certain protections, a promise bound by the agreement. The Second Party, which is the insurance company, assures the First Party that is you, that if anything happens to your car, the company takes responsibility for its care depending on the terms and conditions of the policy.

Third Party

It may very well be anybody; for instance, a walker strolling in the city. These Third Parties can get injured or their properties damaged due to an accident caused by your (First Party) vehicle. When this happens, the First Party is responsible for remunerating the
Third Party
 in such situations, and due to the First and the Second Party having an agreement in place. The insurance company will deal with the liabilities as part of the
third party
 insurance coverage.

What Is First Party Auto Insurance?

First Party insurance
 is a policy that protects you and your vehicle. It is also known as
Comprehensive auto insurance
 coverage. This policy comprises the third party Liability cover, the Own Damage policy, and a
Personal Accident
 Liability cover. The Own Damage plan is one of the significant policies of
First Party insurance
. It protects you and your car in case of an accident or natural disasters or riots etc. For instance, your insurer will compensate you for damages to your vehicle in case of fire, natural phenomenon, vandalism, terror attacks, etc.
Theft is also covered
 in this type of policy.

What Is Third Party Auto Insurance

A third party auto insurance policy is a policy where the benefit is provided to a third party. This policy allows the second party (i.e., the insurance company) to pay any third party (i.e., other people) legal liabilities of the first party (i.e., you) to the third party. The legal liabilities arising out of the first party causing bodily injuries or damages to the third party with his/ her vehicle. For instance, you accidentally hit a pedestrian with your car. Legally, it is your responsibility to pay compensation to the pedestrian (third party victim). But with third party auto insurance coverage, your insurer will pay the pedestrian (third party) on your behalf.

Tags:
First Party Insurance
Own Damage Insurance
Personal Liability
Third Party Insurance
Third Party Property Damage
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Apakah Susut Nilai Sifar Dalam Insurans Auto

Terma dalam
insurans
 boleh menjadi sukar! Tetapi anda tetap perlu cuba untuk memahaminya kerana ia adalah penting. Salah satu aspek penting yang kurang diketahui oleh para pemilik kenderaan adalah
susut nilai sifar
 atau Nil Depreciation. Apakah maksudnya? Dan bagaimana ia berfungsi? Bagaimana pula anda sebagai pemilik kenderaan boleh mendapat manfaat daripada perkara ini? Baiklah, mari kita lihat!

Hello, dan selamat datang. Saya merupakan duta jenama Fincrew, Yuna dan hari ini anda akan memberikan maklumat lengkap tentang insurans ini dan bagaimana ia berfungsi. Dan saya juga akan terangkan kepada anda adakah ia sesuai untuk anda dan jika ya, bagaimana anda dapat memanfaatkannya sepenuhnya! Insurans merupakan sebahagian dari pengalaman anda sebagai pemandu. Tonton Siri Video Insurans 360 untuk memahaminya hari ini! ‘Subcribe’ saluran kami untuk mengetahui lebih lanjut tentang bagaimana pelbagai aspek insurans berfungsi dan cara menggunakannya semula untuk keuntungan anda! Jangan lupa juga untuk mengaktifkan notifikasi! Sekarang, setelah anda lakukannya, mari kita teruskan.

Dalam
insurans auto
, susut nilai merujuk kepada proses di mana kenderaan anda atau mana-mana bahagian kenderaan tersebut hilang nilai dalam suatu tempoh masa yang telah ditetapkan. Kehilangan nilai ini selalunya berlaku disebabkan oleh:

Terlalu kerap digunakan

Usia dan juga

Usang

Contoh yang paling mudah adalah, kereta baharu lebih mahal berbanding dengan kereta lama. Satu perkara yang perlu anda tahu, bahagian kereta yang berbeza akan memberikan susut nilai yang berbeza. Sebagai contoh, kadar susut nilai untuk bahagian logam kenderaan adalah berbeza dengan kadar susut nilai pada bahagian cermin bagi kenderaan yang sama.

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

Susut nilai sifar
 sangat penting dalam insurans kerana sekiranya kenderaan anda mengalami kerosakan teruk akibat kemalangan, insurans biasa hanya akan membayar setelah susut nilai dikeluarkan dari kos pembaikan kenderaan. Tapi, jika anda mengambil pelindungan
insurans susut nilai sifar
, jika kenderaan anda mengalami kerosakan, anda akan dibayar penuh bagi mana-mana bahagian yang perlu dibaiki.

Beberapa perbezaan ketara yang anda dapat lihat antara insurans susut nilai sifar dengan insurans biasa adalah:

Anda akan mendapat pampasan penuh dengan susut nilai sifar, sementara insurans tradisional dibayar setelah kadar susut nilai ‘standard’ ditolak.

Apa yang anda bayar sebagai premium untuk susut nilai sifar adalah jauh lebih tinggi berbanding dengan apa yang anda bayar untuk premium insurans biasa.

Dengan insurans biasa, anda perlu menanggung kos baik pulih yang berkaitan dengan bahagian gentian, kaca, dan getah kenderaan menggunakan duit sendiri. Syarikat insurans akan menanggung segala perbelanjaan tersebut apabila anda menggunakan
insurans susut nilai sifar
.

Hanya kereta yang berusia di bawah 3 tahun yang layak untuk susut nilai sifar. Ia tidak berlaku untuk insurans biasa.

Dengan mempertimbangkan faktor-faktor ini, anda seterusnya hanya perlu menentukan sama ada insurans susut nilai sifar adalah untuk anda atau tidak. Walaupun anda boleh mengambil insurans ini dengan syarat kereta anda tidak melebihi 3 tahun, susut nilai sifar berfungsi dengan lebih baik sekiranya anda tergolong dalam kategori berikut:

Kereta anda masih baru

Anda memandu kereta antik atau eksotik

Anda bukan merupakan pemandu yang benar-benar berpengalaman

Kawasan anda mempunyai statistik kemalangan yang agak tinggi

Harga alat ganti kereta anda adalah sangat mahal

Anda sama sekali tidak sukakan calar atau kemek pada kenderaan anda

Kesimpulannya, anda telah mengambil pelindungan asas sebelum memilih pilihan insurans auto ini.

Tags:
Polisi Insurans
Susut Nilai Sifar
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Is It Possible To Insure Someone Else’s Car?

If you are a beginner,
car insurance
 policies might be complicated. You probably have all sorts of questions, and that includes whether you can insure
someone else’s car
. The short answer to that question would be no, but there are ways to be a part of
someone else’s car
 insurance. We will explain everything in this article, so make sure to keep reading.

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Why Can’t You Insure Someone Else’s Car?

Here is a simple explanation – you can only get
insurance
 for things you have a personal insurable interest in. Now, the question arises – how would you have the interest to ensure someone else’s car? Let’s imagine a scenario – your friend purchases a vehicle, and you agree that you should be the one to acquire insurance for it. The deal might make sense to you, but what happens if there is an accident? Your friend’s car gets damaged, and you are the one who gets paid for that? That doesn’t sound logical, and the
insurance companies
 won’t allow that. It doesn’t help if you have an official document saying that the vehicle owner agrees. Therefore, you can only get insurance on vehicles that you own. While we are on the topic, let’s mention that third-party insurance is mandatory by Malaysia’s law. It is the primary insurance you should have, and it covers any damage against
third parties
. That includes persons and properties outside of the deal signed by you and the insurance company. Here are some other insurance options you can use:

Fire and
theft
 – that type of insurance also includes third-party coverage. However, the extra option covers your vehicle if you aren’t responsible for causing a theft or fire. It can be a wise choice if you live in neighborhoods with high crime rates.

A comprehensive coverage – a comprehensive policy will also include any damages that your vehicle suffered in the accident. Additionally, you can go with other benefits like a liability to a passenger, etc.

Depending on the
insurance company
, you might be entitled to other extras as part of your policy. The general rule is that the premium price will increase with every extra option you add to the deal.

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Can You Add Others To Your Car’s Insurance?

You might be a parent who wants to pay for your child’s
vehicle’s insurance
, and that’s noble of you. However, that is not an insurable interest if the car is your child’s ownership. Fortunately, there is a way around it, and it makes more sense for parents and children. If you buy a vehicle for your kid, it might be smart to keep it in your ownership. After all, you don’t want them selling them without consulting with you. Now, as a vehicle owner, you can acquire a
car insurance policy
. That way, you will pay for the insurance since the vehicle will be in your name. The next step is to use the Named Driver option to add your child to the list of other people driving the car.
Insurance companies
 in Malaysia allow adding another driver for free and four additional drivers at an MYR10 cost. That means you can add family members and friends to the policy. It ensures that anyone who drives the car is protected from compulsory
excess
. That excess involves paying MYR400 if you are an unnamed driver participating in the accident with someone else’s vehicle.

Tags:
Car Insurance
Comprehensive Coverage
Fire and Theft Cover
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Third Party Property Damage In Insurance Terms Explained

Third Party Property Damage
 Liability Insurance is one of the most basic
auto insurance
 policies that drivers must-have. You can purchase this policy to cover the expenses related to damage to another person’s property, regardless of whether it’s a house, car, or any other type of personal property. However, liability coverage for
Third Party Property Damage
 generally does not cover damage to your vehicle.

What is property damage auto insurance, and what does it cover?

Property damage
insurance
 covers your financial liability should you cause damage to someone else’s property.
Comprehensive
 coverage, which you pay separately, covers your property in the event of an accident. Like
bodily injury
 coverage, property damage coverage facilitates the ability to assume financial responsibility for damage that is the driver’s fault. It operates on an accident-by-accident basis, with your insurance company willing to cover your injuries up to the limit of your policy. What is Covered in Third Party Property Damage Insurance:

Repair of damage to the other party’s car, including collision repair work or replacement parts.

We repair damage or ruin to other
businesses
, houses, fences, lampposts, mailboxes, etc.

Attorney and court fees associated with the property damage
claim
 (depending on your terms and conditions)

Additional recurring expenses are resulting from the damage.

Look At Your Property Damage Liability Limits

You can usually choose to purchase limits that are higher than the government minimum. For instance, if the damage you cause exceeds the MYR 10,000 coverage limit, you may be required to pay the difference out of pocket. In the event of an accident, having a higher limit of liability coverage could save you from having to pay out of your own. The higher your coverage limits, the higher your
insurance premiums
 will be, so it may be wise to discuss with a local insurance agent.

How Much Damage Liability Insurance Should You Pay?

Most property damage claims are less than a few thousand dollars, so unlike other types of insurance, you may not need to carry much coverage. Nevertheless, you may choose higher limits to ensure that you are sufficiently protected in the event of an accident. In recent years, however, average claim amounts have nearly doubled. However, they are still below the minimum quantities required in every state. However, as previously mentioned, getting more coverage can provide additional support should an accident result in costly car damage. It is relatively inexpensive and is relatively easy to get.

In What Way Can You File a Property Damage Liability Claim?

You can’t make claims against your policy if you cause damage to someone else’s property since
property damage insurance
 covers damage caused to someone else’s property. Instead, property damage claims are generally made as third party claims on another person’s
car insurance policy
, in which you or another person claims the policy of the person who is at fault. The property damage coverage limits determine the maximum payout the insurance company will make on any single accident. If the damage caused by accident exceeds the amount covered, the claimant may sue the policyholder directly for the excess amount. It might include being sued in a civil court to get back what you owe. You can use your collision insurance if you are mainly to blame for the accident and cannot recoup enough money from another driver’s
property damage insurance
. Though collision insurance is recommended, it is optional and usually expensive.

Tags:
Excess
Property Damage Claim
Property Damage Insurance
Third Party Property Damage
TPPD
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Claim Insurance With Minor Car Accident

Nobody likes to get involved in a
car accident
, but it is better to be minor if you are already a part of one. The general rule is that a minor incident is where no persons were injured (even lightly), and there was only small damage to cars or other property. While you have the right to
file a claim
 after every
car accident
, should you do that after a minor one? Here is what the experts have to say on the topic!

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Is It Worth Losing A No-Claim Discount Over That Car Accident?

The car
insurance
 agencies in Malaysia offer something called
NCD – a no claim discount
. A
no claim discount
, better known as NCD, is a special discount for those who haven’t
filed a claim on their insurance
 policy in the past. The discount rates vary – they begin at 0% once you acquire a policy, but can increase to 50% or more after using the policy for five years. The moment you
file a claim
, you lose NCD – a
no claim discount
, and it resets to 0% the following year. Here is a simple way to determine if it is worth filing a claim:

Calculate the cost to fix the damages in the car accident

Determine the discount for the upcoming year of your
insurance
 deal

Compare the two numbers – if the repair is cheaper than the discount you expect, it would be smart not to file a claim.

It is worth noting that accidents, where you are not to blame, do not affect your
NCD
. That is why you should feel free to file a claim for them.

Keep Your Driver Risk Profile Low

The Malaysian Government allowed
insurance companies
 to determine their insurance prices themselves. That means the agencies are free in setting their prices, which might result in a price increase in 2020. The companies determine the rates for their
insurance
 deals based on several factors. They will estimate your profile, and that includes driving history. If they find previous claims and accidents logged into the system, the odds are they might consider you a risky driver. Even a minor incident could cause a premium increase. That is why you should consider if it is smart to file a minor car accident claim.

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Why Should You Always Make A Police Report After The Car Accident?

You’ve probably spent a lot of time in traffic jams, and understand how they can make people nervous. What happens if you lose attention for a moment and
hit the car
 in front of you? You might have had a stressful day at work or are worried about a major event in your life. Either way, you were driving 10-15 miles per hour, which means nobody suffered any injuries in the incident. The next move is to leave the car to establish any damage. You notice that the paint on the other car has been scratched off. Even though it is minor damage, you exchange contacts because you want to fix the damage.

A couple of days later, you receive a call with the damage requested fifty times more than the expected value. What happened behind the scenes? The other
car driver
 recognized the chance to earn money and made a deal with the mechanic. They twisted the story, and you will have problems to prove otherwise. That is why it is always smart to make a police report of an accident, regardless of how minor it is. Once you have the police report, you can use it as proof so that no one scams you. It is up to you to decide whether you want to file a claim afterward. As we said, it will depend on your assessment of the situation. Try to analyze all details and make the best call based on the incident’s specifics.

Tags:
Car Accident
No Claim Discount (NCD)
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The Best Time To Buy Travel Insurance

You never want to be caught off guard when protecting your health. The consequences of being unprepared for medical emergencies while traveling can be more severe than when you’re at home. When you don’t feel well or don’t speak the same language as your doctors, how can you navigate a health care system you don’t know? How will you communicate with your doctors? And how will you pay for your care? International travel is not always under domestic health
insurance
. Therefore, travel health insurance is a necessity. With this guide, Fincrew Insurance explains what
travel insurance
 is, when it starts and how to ensure your health is protected if you are injured or ill while traveling.

What Is Travel Insurance?

A
travel medical plan
 provides medical benefits, and emergency services are essential if you get sick or get into an accident on a trip outside your home country. Your
travel insurance
 could cover the cost of treatment if you contract an illness while traveling, such as COVID-19, malaria, or even the flu.
Travel medical plans
 also cover emergency medical evacuations if local medical care isn’t available. The evacuation cost is not only surrounded by insurance, but our travel assistance services can facilitate your evacuation to a medical facility that can provide the necessary medical treatment.

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

How Do Travel Medical Insurance And Trip Protection Differ?

It’s not just about medical coverage when it comes to
travel insurance
. Trip protection also offers other benefits. The benefits can cover lost or delayed baggage and nonrefundable trip expenses if cancellation or interruption occurs. Additionally, travel assistance services are available 24 hours a day, seven days a week, to help with situations such as replacing a lost passport, interpreter referrals, and arranging emergency medical evacuations. Travel
medical insurance
 is different from this coverage, so when your coverage takes effect is also different.

Do Travel Medical Insurance Policies Start Covering Medical Expenses Right Away?

Whether you purchase travel medical insurance one day before departure or months before, your coverage begins when you leave your home country. Even though it might seem like a good idea to wait until the last minute to buy your insurance, especially if you’re trying to decide whether travel medical insurance is worth the cost, buying in advance is a better idea, the plan will not start until at least a day after you purchase it, so it’s best to review the plan document, ask questions, and make sure you choose the right plan before buying it.

What Does It All Mean?

Buying insurance
 can be confusing, especially when you don’t understand the terms and definitions. Travel medical insurance can be confusing, but Fincrew can help simplify the process. You can learn more about travel insurance on our
blog
 or by
contacting one of our experts
.

Tags:
Medical Plan
Travel Insurance
Travel Medical Plan
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If you aren’t in the financial space, it’s actually hard to get excited when it comes to discussing the finer details of your
auto insurance
 policy. Yet, knowing just what you are and aren’t insured against is crucial to maximizing your insurance coverage benefits to the fullest. So, do you know the full scope of your insurance coverage? Does your current policy
cover you for the cost of repairs if your vehicle suffers engine failures
? This is a somewhat complicated aspect of vehicle insurance. So take a moment to relax while explaining the nuances of
engine failures
 coverage in your auto insurance policy.

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

Hi! I’m Stella, Fincrew brand ambassador, and I’ll be walking you through the extent to which the various types of auto coverage insure you for engine failures. Become a
car insurance
 pro without taking extra classes! Watch the Insurance360 Video Series to find out all you need to know to make handling your
car insurance
 easy! Make sure to hit that subscribe button right now to join our circle! Don’t forget to enable notifications settings too!

As you would expect, the type of coverage you are operating comes into play where damages like engine failure are concerned. In Malaysia, vehicle owners have a choice of any of three types of
auto insurance coverage
. In broad strokes, the standard types of
vehicle insurance
 in the country include:

Third-Party Auto Insurance

This is the coverage that vehicle owners who want to fulfill only the law’s barest limits opt for. This is because it only pays for the damages inflicted on the property or person of another individual. Consequently, if you’re operating this policy, you know there’s no scenario in which you are insured for engine failure.

Third-Party, Fire and Theft Auto Insurance

With this policy package, you have financial protection in the case of
third party
 damages and also damages to your own vehicle due to fire, explosion, or theft. Now, subject to the exact specifications highlighted in your policy, you may be able to
file a claim
 for payout in the event of an engine failure, if you can prove that the malfunction occurred as a result of a fire incident or theft. Keep in mind that should you suffer engine damage due to the collision, this policy will not pay out for that.

Comprehensive Auto Insurance

As the name suggests, this policy offers you the most extensive coverage you will find around. In addition to insuring you are on the same level as the previous two policies, you also get a few other perks. One of these is that
you can file a claim
 to get your vehicle repaired if it was damaged due to an auto crash. Keep in mind that this perk only holds if you aren’t the at-fault driver. In this case, you may be able to file for financial compensation if you can prove that the engine failure you experienced resulted from a previous auto crash. However, you will be required to tender a few documents to your adjuster to support your
claim
. Some of which include:

A document confirming that you carried maintenance on your vehicle as at when due, and

A certified mechanic’s report showing that there was no problem with the system before the accident.

Ultimately, if you want to insure your vehicle for a broader range of engine failure issues, you would have to consider getting specific add-ons and special packages.

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

There you have it. Now that you know whether your car will be covered by your provider or not don’t forget to Like, Subscribe and enable notifications to our channel for more useful information like this one! Thank you for tuning in, and I’ll see you in our next video!

Tags:
Comprehensive Coverage
Engine Failures
Fire and Theft Cover
Third Party Insurance
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Fuel Pump Replacement Cost In Malaysia

When your fuel pump fails, it can be a costly problem for you and your vehicle. Costs of repairing or replacing a fuel pump can vary widely from vehicle to vehicle. However, parts and labor prices for a
fuel pump replacement
 can range from RM100 to RM700. Keep reading if you’re having trouble with your car, wondering if the fuel pump is faulty, or budgeting for repair. This section will discuss what a fuel pump is, how it works, the types of fuel pumps, and how much they cost.

What Is a Fuel Pump?

Fuel pumps deliver fuel to fuel injectors to inject energy into combustion engines. Carburetor engines typically use mechanical
fuel pumps
 mounted outside fuel tanks that operate under low pressure. In addition to carburetor engines, diesel engines often use two main
fuel pumps
 powered by electricity to improve efficiency. Two pumps are located inside the fuel tank: one pumps fuel into the tank at low pressure, and the other pumps energy into the engine at a higher pressure. An engine’s air-fuel mixture must be optimized for maximum efficiency and proper functioning for the fuel pump to operate effectively. The air-fuel ratio becomes disrupted by adding more fuel to the engine, preventing energy from burning efficiently.

What Does a Fuel Pump Do?

Fuel pumps extract fuel from the tank and transport it to the engine through the fuel system. Fuel pumps, however, are not all the same. Automobile fuel pumps can be mechanical or electric.

Mechanical

In this part, there is a lever, crankshaft, and either a diaphragm or plunger in a mechanical fuel pump. Through a series of one-way valves, the lever is operated by a camshaft that moves it up and down, pushing the diaphragm or plunger. Having a mechanical fuel pump isn’t as common now that carburetors aren’t used in cars, but if you have a mechanical fuel pump, replacing it will be less expensive than buying a new automatic unit.

Electric

An electric fuel pump works similarly, but it is powered by an electric motor instead of a crankshaft. Modern vehicles with fuel injection typically use electric fuel pumps. Pumps of this type can also help decrease gas usage and supply fuel to cars with advanced fuel systems, such as those that stop and start while idling at a stoplight.

Cost Of Replacing a Fuel Pump

Based on the car model and labor costs,
fuel pump replacement
 can cost RM100 and RM800. An average fuel pump costs between RM50 and RM400, and labor costs between RM50 and RM400. If you have an electronic fuel pump on your petrol engine, the fuel pump is often not very expensive. Paying a mechanic to replace it is the costly part. Pumps are usually located inside the fuel tank, so you can reach them with a cover under the back seat if you’re lucky. However, detach the fuel tank completely to access it in some cars. Imagine how long this takes.

Fincrew Extended Warranty

If you have some experience, you can do it yourself, but it will be a nasty job and bad for your health. The cost of replacing the mechanical fuel pump in a diesel engine is much higher than that of a gasoline engine. The replacement cost of these pumps can be extremely high if you are unlucky, and they can cost up to RM1500 if you are not. To avoid paying such high cost, you can consider
car extended warranty
 to have a peace of mind.

Tags:
Car Repair
Fuel Pump
Fuel Pump Replacement
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Types Of Business Loans

Various financing options are available for businesses that want to borrow money, and there are many reasons why they might want to do so. Many loan options can be beneficial, but it is essential to conduct research first if you are considering applying for a loan. Selecting the correct type of business loan is essential to obtain financing for your business. Several factors can influence the type of business
loan
 suitable for you, including your qualification requirements, loan purpose, and desired loan terms. The following are the six most common types of
business loans
.

Term Loans

There are many
small business loans
, but term loans are among the most common. A term loan is a lump sum of cash you repay over a fixed time. They add interest to the principal balance at the end of each month and set monthly payments. The flexibility of a
term loan
 allows you to use it for various needs, such as equipment and everyday expenses.

Short-term Loans

If your
business
 needs a quick source of cash and you value repayment terms of under three years, a short-term business loan may be a good option. Some online lenders can provide funding to
qualifying businesses
 within one day. You may avail of a short-term loan based on a variety of factors.

Working Capital Loan

A working capital loan allows businesses to meet daily business requirements, enhance their cash flow, purchase raw materials, add inventory and stock, pay salaries, and hire staff. It is a short-term loan with a year or less repayment term. Also known as a collateral-free loan, this loan does not require the borrower to provide the bank with collateral. The interest rate offered is a bit higher than long-term or
business loans
. An amount can apply only for specific business purposes in this type of loan. The bank sets a limit for how much a business can borrow.

Business Lines Of Credit

Business lines of credit are similar to
credit cards
 in that they provide borrowers with revolving credit limits to access through their checking accounts. It is possible to withdraw money up to the maximum credit limit on the card, repay it, and then use it again. You only get the interest in the amount you withdraw, so these options are great if you don’t know how much money you’ll need. Comparatively, term loans charge interest on the entire loan, regardless of how much you use. Most business lines of credit are unsecured, meaning it’s okay not to have collateral.

Equipment Loans

An equipment loan may be an option if you need to
finance
 large equipment purchases but lack the capital. You can use these loans to cover the cost of expensive machinery, vehicles, or equipment that is likely to retain its value, such as computers and furniture. It is always the case that the equipment you purchase will be used as collateral if you cannot pay it back.

Franchise Loans

You can achieve business ownership more quickly and easily by becoming a franchisee than by starting your own business, though you will still need capital. With franchise loans, you can pay the upfront fee for opening a franchise to get started immediately. Franchisees may receive funding from their franchisors, even if they take out the loan through a lender.

Bottom Line

There are so many options available regarding
small business loans
 that it can be overwhelming to choose one. Depending on your business needs, you can narrow down your choices. By researching a few lenders, you can find out what interest rates, fees, loan amounts, and terms lenders offer. Doing this allows you to find the best loan for your business and obtain the funds it needs to grow.

Tags:
Business Lines Of Credit
Business Loan
Equipment Loan
Franchise Loan
Short-term Loan
Term Loan
Working Capital Loan
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Clear Your Debts With The Debt Snowball Method

In light of recent events, debts have become a big part of most households in the country. So, it would help if you found the most efficient way to clear such expenses. Down this road, one recourse worth considering is the
debt snowball method
. Here, we’ll be sharing all you need to know about this method of clearing debt, from what it is to how to use it and its pros and cons.

The Debt Snowball Method – What It Is

In basic terms, this debt repayment method involves clearing what you owe faster by making extra payments on each of your
loans
 one at a time. You start this debt clearance process by making additional payments on the loan with the smallest
repayment
 balance first and then move up from there. Thanks to this, depending on how much extra money you have to work, you can clear all you owe in a shorter time frame.

How To Use The Debt Snowball Method In 6 Steps

Step One – List all the loans you owe and their repayments.

Step Two – Arrange the loans with the lowest to the highest loan balance.

Step Three – Establish how much extra money you can afford to pay on the smallest loan in addition to your standard
monthly payment
.

Step Four – Start paying the value from Step Three. During this time, ensure that you make the minimum monthly payments on all the other loans.

Step Five – Move on to the next smallest loan once you’ve cleared the initial loan.

Step Six – Repeat Steps Three through Five.

And with that, you’ll be well on your way to
debt-free
!

Pros and Cons

As we mentioned earlier, there are two sides to this coin. So, some benefits of leveraging this debt-clearing approach are that;

It Increases Your Motivation Levels

Using this approach, you’ll see yourself wiping out one debt after another. Because of how easy it is to see progress here, you’ll be encouraged to keep at what you’re doing till you’re finally wholly
debt-free
.

The Method Is Simple To Implement

Unlike some other methods of clearing debt, the
debt snowball method
 is simple and uncomplicated to follow. As such, you won’t have any trouble using it, even if you aren’t familiar with
financial
 affairs.

On the downside;

You’ll End Up Paying More Interest On Your Larger Loans

As you’d likely have figured out from how this system works, you ignore your heavier debts for the most part here. It means that by clearing your smaller debts and getting to the larger ones, you’d have racked up significant interest, especially if those loans have a higher interest rate.

What To Do

It is a simple method is a simple and effective way to clear debts, but it isn’t for everyone. You must ensure that the larger loans you make, only minimum monthly payments, don’t end up stifling you.

Tags:
Debt Consolidation
Debt Repayment
Debt Snowball Method
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Criteria That Affect Car Insurance Rates

If you’ve ever compared what you pay as
insurance
 to what some of your friends, family or colleagues pay, you may have noticed some striking dissimilarities. Why is that so? What factors even determine what you pay as insurance? Are you being cheated by your insurance provider?As a vehicle owner and insurance policy holder, these are pertinent questions you have to find answers to. Luckily, that’s what we’re here for!

Hello and welcome to yet another episode of Insurance360 Video Series. I’m Fincrew brand ambassador, Stella and today, I’ll be hosting this video. So don’t miss out on other highly informative videos like this! Before watching further, take a moment to hit the Subscribe button and enable notifications so you get immediate updates every time there’s a post in this channel! If you’ve done that already, let’s dive right in! As you probably already know,
car insurance rates
 are far from uniform. In fact, there’s no blanket price for any insurance policy. What this means is that what you pay as insurance is unique and tailored specifically to you and your surrounding situations. Many vehicle owners believe that reducing coverage rates and influencing what you pay as deductible is all that determines your
car insurance rates
. While these factors do affect your
car insurance rates
, they aren’t the only variables that influence it. In fact, multiple things affect what your
car insurance rates
 ultimately amounts to. Some of these variables include:

Your age

Your gender

Your marital status

Your geographical location

Your driving history

Your claims history

Your Vehicle Mileage

The size of your vehicle

The age of your vehicle

The susceptibility of your automobile to theft

The list goes on and on. Interestingly enough, each of these factors weighs in differently. Consequently, some factors influence your car insurance rates more strongly than others! We’ll be briefly discussing a few of the more important factors now.

Your Geographic Location

The very first thing any insurer is likely to ask you is where you live. This is because the more urban and populated your area is, the higher the likelihood of accidents and ensuing claims. Several other risk factors are also derived and estimated from this variable alone.

Your Age

Many
insurance companies
 operate on the premise that the younger a driver is, the more prone to accidents they are. This reflects in your car insurance rates. It is for that reason that slightly older people tend to have lower car insurance rates than younger individuals.

Your Gender

Yup!Sex factors in quite strongly here, too. Several studies support the fact that females on the whole tend to be safer drivers than males.

Insurance companies
 act on this information. And so, all other things being equal, males might find their car insurance rates higher than those of females.

Your Driving History

This is arguably one of the biggest determinants of how high or low your
automobile insurance quotes
 are. A good driving history not only results in lower car insurance rates, it can help you claim amazing privileges like the
No Claims Discount
.

Your Vehicle Mileage

How far and how often you drive your vehicle also comes into play strongly here. If you’re a “home-work-home” driver, you can expect to pay significantly less than drivers who take their vehicles over longer distances more often.

And there you have it! Check out the other upcoming episodes from this Insurance360 video series for more details on other factors that may affect your car insurance rates! Thanks for watching. If you’ve not Liked and Subscribed to our channel already, don’t forget to do so now! See you next time!

Fincrew Official Youtube

Tags:
Insurance Claims
Mileage
No Claim Discount (NCD)
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What Is Personal Accident Insurance?

Accidents will inevitably occur, and sometimes they will prevent you from working. Accident insurance benefits that your loved ones have will cover their essential expenses. Here’s an overview of
personal accident insurance
 and why you should get one.

Personal Accident Insurance

A personal accident policy offers
financial
 protection against unexpected occurrences, such as accidents resulting in bodily injury, sustained permanent partial disability, or death due to an accident. The insurance covers hospitalization, pre-and post-hospitalization and provides cash allowances of up to 30 days, depending on the insurer. If you lose your salary due to an accident, you may be under
personal accident insurance
. Children of policyholders can also receive child education benefits to help them go to school.

Why Do I Need Personal Accident Insurance?

If you are a breadwinner or the loss of your income is significant enough to place you or your family in a complicated financial situation, you may consider buying personal accident insurance. Having private accident insurance can ensure your family is taken care of financially if anything happens to you. In addition, it can pay out specific
policy benefits
 in a lump sum. If your employer offers
personal accident coverage
, it is a wise move to supplement this coverage with your own. One of the benefits of private
accident insurance
 is that you can claim certain benefits across several policies with personal accident insurance. Note, however, that there is a maximum amount In addition to providing coverage against accidents at home, your
accident insurance
 policy can also provide coverage for your spouse and children if your policy provides this option.

What Is Covered By Personal Accident Insurance?

Your policy may cover many things, so be sure to check a few different types of accident and
life insurance
 policies to ensure they cover the particular risks you may face. Because of this, it is essential to make sure that your workplace has adequate safety precautions, mainly if you spend a great deal of time participating in potentially risky activities, such as horseback riding, cycling, climbing, or contact sports. In addition, you should ensure that your policy covers the risks you take. The majority of personal accident insurance policies offer similar levels of coverage. Among these are:

Accidents or injuries that occur at work

A violent act causes damage to you

Accidents on the road

Disability caused by an accident that is permanent or total

Falling, slipping, and spilling injuries

The loss or impairment of body parts

It is essential to differentiate between temporary and permanent injuries since they require different long-term support levels. For example, you will need far less money if you have been out of work for a month than someone who has lost a limb or suffered permanent hearing loss. Additionally, it may cover the medical expenses you may incur because of your accident, such as physiotherapy.

Customize to accommodate other scenarios based on your particular needs and lifestyle. Are you interested in learning more? Then,
compare and buy personal accident insurance
 now in Fincrew, and contact your family and loved ones protected.

Tags:
Accidents
Bodily Injury
Hospitalization
Physiotherapy
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Can Auto Insurance Pay For Car Repairs?

Thanks to set regulations, every single vehicle owner in the country has at least an
auto insurance
 coverage or more. But what do these policies cover precisely? Do all the insurance policies in operation make accommodation for covering your
car repairs
? We’ll be discussing this gray area of
auto insurance
 extensively today!

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

Hello! I’m Stella, Fincrew brand ambassador, and I’ll be explaining just how far the
insurance
 policy you’re operating covers you today. By the time you’re done watching this video, you can determine if you’re insured for the cost of your
car repairs
. How well do you understand the
auto insurance
 terrain? Are you using the best
insurance coverage
 for you? Learn more about automobile insurance in the country today by following the Insurance360 Video Series! We upload highly educative and informative videos on all things insurance regularly! Join a community of highly informed vehicle owners by hitting that Subscribe button and enabling notification settings now!

Every vehicle owner knows that
car repairs
 will always inevitably come up. That’s just one of the drawbacks of owning and operating a vehicle. Having a policy covering the cost of car repairs would be great as it would remove the
financial
 burden of having to cover such expenses out-of-pocket. You can get only one of the three types of
car insurance
 in Malaysia. You either get:

Third-Party Coverage,

Third-Party,
Fire and Theft
 coverage, or

Comprehensive
 Coverage

Let’s take a look at these coverage plans:

Third-Party Coverage

This is the insurance coverage policy of choice for most drivers in the country. Its popularity is because it is cheap and fulfills the law’s basic requirements where obtaining auto insurance is concerned. As the name implies, it only financially protects vehicle owners from the financial burden of covering repairs and medical bills to the third party’s person, property or vehicles.

Third-Party, Fire and Theft Coverage

Like the basic
Third Party
 coverage, you’re fully covered for all damages inflicted on another individual. But with the Third Party, Fire and
Theft
 policy, you also enjoy the privilege of not having to pay out-of-pocket if your car falls victim to incidents of fire or theft.

Comprehensive Coverage

This policy essentially does the same thing for you as the Third Party, Fire and Theft package. The one major improvement it has over the former is that you are covered for your vehicle repair costs resulting from a collision, so long as you weren’t at fault. From this brief explanation of the various types of coverage available to drivers, you can tell right away that if you’re on the basic Third Party coverage, you can’t expect any payout for your car repairs. If you’re operating the Third Party, Fire and Theft coverage, you won’t personally have to cover the cost of repairs if your vehicle gets damaged. This is, of course, contingent on the damage occurring strictly due to theft or fire. You would have to pay for repairs out-of-pocket if the damage occurred due to factors such as wear and tear or collision. You have more latitude where your car repairs are concerned if you’re on the
Comprehensive auto insurance
 policy. You’re entitled to
filing a claim
 if your car gets damaged in an auto crash and you weren’t at fault.

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

However, you still aren’t covered if you require car repairs as a result of wear and tear. Ultimately, the best way is purchasing
car extended warranty
. Together with auto insurance and extended warranty your vehicle will be fully covered. If you enjoyed this video, click the Subscribe button and turn on notification settings too! We’ll bring you more valuable videos like this one, so you’ll be more informed about the auto insurance world! See you in the next video!

Tags:
Car Repair
Comprehensive Coverage
Fire and Theft Cover
Third Party Insurance
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How Can I Make My Insurance Claim If My Car Lost During Car Wash

Responsible car owners understand the importance of maintaining their vehicles. Apart from ensuring that you change oil and replace any obsolete or non-working parts, you also need to keep your car clean. It’s best to leave that to the professionals, which is why you regularly take the vehicle to a
car wash
. It’s interesting how we trust car washes with the keys to our vehicle. We leave the car there for hours and tell them that we will pick it up hours later. During that time, we don’t know who enters or what they do with our vehicle. The only sure thing is that they have the keys. What happens if your vehicle gets lost during a
car wash
? How to file an
insurance claim
, and is that even possible?

Can You File An Insurance Claim If They Lose Your Vehicle In A Car Wash?

We are sorry to break the news to you; but the answer is NO. You can’t file an
insurance claim
 if they lose your car, and we will explain why. Everything starts when you arrive at the car wash. You talk to the staff and agree that they wash your car. That’s why you leave your keys, and you might go and finish other
business
 until the vehicle is washed. Once you return, you realize that your car is missing, and nobody knows what happened to it. Your instinct tells you to
file an insurance claim
, especially if you have a
comprehensive policy
. These policies protect you against
theft
 and damage, but that’s not applicable in this case. It’s because you made a crucial mistake in the process – you handed the keys to the attendant and left.

The
insurance policies
 consider this negligence, which is why the insurer will refuse to pay for your loss. Giving the keys to someone willingly means that you weren’t responsible for your vehicle. It doesn’t matter what happened after that. Perhaps the attendant switched the keys, and someone used the opportunity to go home with a better vehicle. Maybe a person from the staff saw a chance to grab the keys and drive away with the car. Either way, you are the one who acted negligently by giving them the keys, and that’s why you can’t file a claim.

What Can You Do If You Lose Your Car During a Wash?

The best possible prevention is to stop your car from getting lost in the first place. You can do that by sticking around while they wash it. Make sure the vehicle never leaves your sight, and you will prevent any mishaps. We understand that it can be tedious, but it’s the only way to stop any potential problems. You have another alternative, and that’s to sue the car wash company. The odds are this will be a long and tedious process. The company might claim that they haven’t even got your vehicle. That’s why it’s crucial to take a receipt or acknowledgment that they have your car once you bring it to the wash center. Many people don’t do this – they leave the vehicle and the keys without proof that the staff took their car. Even if you have to pay upfront, take the receipt as proof. If anything goes wrong, it will be confirmation that they took your car, helping you in a lawsuit.

Tags:
Insurance Claims
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