Perkara Yang Tidak Dilingungi Oleh Insurans Motosikal

Seperti yang semua orang sedia maklum, setiap pemilik motosikal di negara ini diwajibkan untuk mengambil
insurans motosikal
. Insurans ini sangat penting bagi melindungi penunggang motosikal dari segi kewangan sekiranya berlaku sesuatu yang tidak diingini. Tetapi, tahukah anda?
Insurans motosikal
 yang biasa ini tidak akan melindungi anda daripada segala situasi buruk yang mungkin akan berlaku. Apakah jenis situasi yang tidak akan mendapat
pelindungan insurans
 tersebut?

1. Perlindungan Hanya Untuk Pemilik

Bagi
jenis insurans
 biasa seperti ‘Single Rider’,
pelindungan insurans
 hanya akan diberikan kepada pemilik motosikal sahaja. Jadi, sekiranya sesebuah motosikal itu di tunggang oleh individu lain dan berlaku kemalangan, pemilik motosikal tidak berhak untuk mendapat ganti rugi ke atas kerosakan oleh penunggang tadi. Sebagai langkah berjaga-jaga, pemilik motosikal boleh memilih untuk menambah ‘All Riders’ dalam
polisi insurans
. Tetapi ini akan menyebabkan harga
premium insurans
 menjadi lebih tinggi. Sekurang-kurangnya, motosikal tersebut akan dilindungi tidak kiralah siapa yang menunggangnya nanti.

2. Kecurian Aksesori

Untuk pengetahuan anda juga, motosikal anda tidak akan mendapat
pelindungan insurans
 sekiranya yang dicuri hanyalah aksesori, contohnya tayar. Sekiranya anda mahukan pelindungan yang lebih menyeluruh, anda boleh meminta pihak insurans membuat tambahan pada polisi insurans motosikal anda untuk memasukkan pelindungan daripada kecurian aksesori motosikal.

3. Peperangan

Kita sebagai rakyat Malaysia sememangnya perlu bersyukur kerana negara kita tidak pernah mengalami peperangan sejak kita mencapai kemerdekaan pada tahun 1957. Tetapi, sekadar sebagai maklumat tambahan, motosikal anda tidak akan mendapat pelindungan daripada pihak insurans sekiranya berlaku kerosakan yang diakibatkan oleh peperangan. Namun begitu, anda tetap boleh membuat pelindungan tambahan bagi melindungi motosikal anda daripada gangguan awam seperti rusuhan, mogok, dan sebarang kekecohan awam.

4. Berada Dibawah Pengaruh Alkohol/ Dadah

Pihak insurans juga tidak akan berkompromi dengan sebarang apabila melibatkan penggunaan alkohol atau dadah oleh penunggang motosikal. Pihak insurans tidak akan memberikan sebarang pampasan jika kerosakan tersebut berlaku semasa penunggang berkenaan menunggang motosikal tersebut semasa berada di bawah pengaruh alkohol mahupun dadah. Memandu atau di bawah pengaruh alkohol atau alkohol sehingga menyebabkan kecederaan terhadap orang lain juga merupakan satu jenayah yang boleh mengakibatkan hukuman penjara selama 3 tahun sehingga 10 tahun dan juga denda sebanyak RM8,000 hingga RM20,000.

5. Kemalangan Yang Berlaku Di Luar Negara

Polisi insurans
 biasa juga tidak akan melindungi kemalangan yang berlaku di luar negara. Polisi tersebut hanya boleh diguna pakai di negara ini sahaja kerana mengkhususkan kepada undang-undang jalan raya di Malaysia.

Tetapi terdapat juga
syarikat insurans
 yang meluaskan kawasan yang dilindungi oleh polisi yang diambil seperti Singapura dan juga Brunei. Nak lagi mudah, ambil sahaja pelan tambahan untuk menambah keluasan kawasan atau negara di mana polisi anda itu boleh digunakan.

6. Tuntutan Yang Keterlaluan

Ada sesetengah pemilik insurans suka mengambil kesempatan untuk mendapatkan pampasan yang lebih besar dengan menipu.Contohnya kerosakan yang berlaku adalah kecil sahaja, tetapi mereka di dalam borang tuntutan kerosakan yang dialami adalah lebih teruk dari yang sebenar. Anda perlu ingat, pihak insurans akan menjalankan siasatan ke atas setiap tuntutan insurans. Jadi, jika anda didapati berbohong, ini boleh menyebabkan tuntutan anda bukan sahaja ditolak tetapi juga polisi anda juga mungkin akan dibatalkan.

7. Kerosakkan Akibat Bencana Nuklear

Mengambil iktibar daripada musibah letupan nuklear di negara luar, kerosakan akibat bahan berbahaya ini akan bertambah buruk dari masa ke semasa. Disebabkan itu, syarikat insurans tidak memberikan pelindungan yang diakibatkan oleh bencana ini kerana mereka mungkin terpaksa membayar ganti rugi secara berterusan.

Walaupun kebanyakan situasi di atas boleh diuruskan dengan mengambil pelan tambahan, bukan semua pakej insurans menawarkan pelan tambahan tersebut. Jadi sebagai pemilik motosikal, jika anda mahukan pelan tambahan ini anda perlu melakukan sedikit kajian dan juga perbandingan untuk mendapatkan pelindungan terbaik yang bersesuaian dengan anda. Di Fincrew, kami menyediakan sistem perbandingan insurans terbaik untuk memudahkan anda.

Tags:
Insurans Kenderaan
Insurans Motosikal
Polisi Insurans
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Malaysian Driving License Renewal Cost

Every driver in Malaysia must have a valid Competent Driving License (CDL) to legally drive. However, Malaysian driver’s licenses expire after a certain period, and it is up to you to renew them on time to avoid problems down the road. We will discuss all aspects of
renewing your license
 throughout this piece, such as fees and methods.

Getting Your Driving License Renewed

Upon receiving your
driver’s license
, you will notice a date that indicates the expiration date. In the past, the basis of your driving license’s expiration date was on the validity period you chose. Still, since mid-November 2011, the expiration date has been associated with your date of birth to make it easier to remember. Your
driving license
 will have a validity period of one year at the minimum and a maximum of five years at the most. Renewals will cost RM30 for one year, RM90 for three years, and RM150 for five years.

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

I Forgot To Renew My License. What Will Happen?

Someone who
drives with an expired license
 will pay a fine. How much you need to pay depends on how long it has been since the permit has expired. The table below shows the amount you will pay as the days increase.

1 – 15 days

RM 150

16 – 30 days

RM 200

31 – 60 days

RM 300

Renewing Your Driving License In Malaysia

Whenever you are concerned about missing the deadline, you can always refer to JPJ’s website for all the information related to the expiration date of your driver’s license. It is also possible to review the date your license expires and when it was last renewed. To get started with the process, all you have to do is follow the guidelines below:

Please choose a category according to your ID by clicking on it. Click on MyKad if you are a Malaysian.

Please enter the security code shown along with your MyKad number. Be sure you enter the correct information and follow the format.

We will display all the information related to your
driving license
 so that you can always keep track of when it expires.

Renewing Your Driving License In Person

Post Office (Pos Malaysia)

Your MyKad and your existing driver’s license are all you need to renew your license at any Pos Malaysia outlet. Early arrival at the post office is the key to avoiding long lines.

Road Transport Department Malaysia (JPJ)

You can process the renewal of your driver’s license at your nearest JPJ office. To apply, you will need your MyKad and your existing driving license (added photo is optional). The entire process of
renewing your license
 here usually takes less than an hour.

Urban Transformation Centre (UTC)

You can renew your driver’s license at the JPJ branch in most UTCs.

The Key Thing To Remember When You Renew Your License

In the instance of not renewing your expired driver’s license for three years or more, your license becomes null and void. That means it isn’t renewable anymore! Instead, you will receive an eRayuan letter which will allow you to obtain an “L” license (costs RM30) from any JPJ office, as well as having to take the practical driving tests 2 and 3. That’s not all; you won’t gain your CDL after passing the test; you’ll be given a probationary license (P) for two years.

Getting a New Driving License Online

As of October 9th, 2020, JPJ will be offering driver’s license
renewals online
 via MyEG. Follow these steps to renew your license on MyEG’s website:

Please visit the official MyEG website. Click on “Register Now” to create a MyEG account if you don’t have one already.

Once you have logged into MyEG, select your nearest JPJ branch, then click “Login.”

Then, click “Renew Driver’s License.”

You will then be required to provide all the necessary information and choose your payment method. Make sure everything you provided is accurate before you confirm your payment.

As proof, save the receipt once completed.

You will receive your new driving license at the address you have provided.

Tags:
Competent Driving License
Driving License
JPJ
MyEG
MyKad
Road Transport Department Malaysia
Urban Transformation Centre
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Benefit Of Car Extended Warranties In Terms Of Financial

Car buyers are usually excited about purchasing a new vehicle and may not be concerned about warranties. All new cars come with a guarantee that provides peace of mind for three to seven years. Nevertheless, if you plan on keeping your car for any longer than that period, or if you’re purchasing a used car that’s beyond the manufacturer’s warranty period, you might think about taking out an
extended warranty
. Our goal as experts in
car extended warranties
 is to help you see its benefits.

What’s An Extended Car Warranty?

An
extended warranty
 is insurance that covers repairs after the warranty period of a manufacturer or retailer has expired. It can provide you with additional coverage when the factory warranty expires. If there is no warranty, you are responsible for
covering the cost of repairs
. You can also benefit from this warranty if you are concerned about budgeting repair costs. In this way, you don’t have to deal with unpleasant surprises down the road.

Different Sources To Buy Extended Car Warranty?

You can
buy an extended car warranty
 or mechanical breakdown insurance from three different sources:

The manufacturer’s warranty, which you can buy when you buy the car or before the original contract expires.

A contract is provided by a franchised car dealership or car supermarket.

An independent warranty.

Benefits Of Car Extended Warranty

Convenience and Peace-of-Mind

There is nothing more stressful or disruptive than experiencing a car breakdown. Having an
extended warranty
 allows you to help yourself when you need it most. In addition, your
extended warranty
 will provide your customer with additional services like towing, hotel and meal reimbursement, as well as a rental car so they can get back onto the road.

Budget Protection

There can be damages in the event of a breakdown. Under their factory warranty, new car buyers are protected quickly. Still, as vehicle owners are now keeping their cars longer than ever before, they’ll likely exhaust their factory warranty within two to three years. The purchase of an extended warranty, such as Mechanical Breakdown Protection, assures similar customer protection after the manufacturer’s warranty expires.

Improved Customer Satisfaction

With the help of an extended warranty, customers can ensure that they are taken care of throughout their ownership experience. Also, you can be assured that you can bring your car back to the same place you bought it – so that you can take advantage of your connections and get unmatched quality and service, regardless of whether it’s a simple oil change or more complex repairs. You and your customer both win!

Greater Car Value

An extended warranty has a hidden benefit that most customers are unaware of, and that is the fact that the policy becomes more valuable as the vehicle ages. Having an extended warranty or being under warranty makes it more likely for the vehicle’s maintenance. If the customer decides to sell, it will command a higher trade-in value at the dealership since it is more trustworthy and valuable.

Everyone benefits from
car extended warranties
! The dealership can rest easy knowing that its customers are protected by a fantastic protection product and get the above benefits.

Tags:
Car Value
Extended Warranty
Mechanical Breakdown Protection
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How Dangerous Is Driving With a Cracked Windshield?

Car windshields often become damaged by small rocks, chips, and cracks when they strike against them. Whatever the cause of the incident, serious safety concerns and quick fixes are available for the problem. It is common for people to wonder, “Is a
cracked windshield
 dangerous?”?The first thing to know is that a broken windshield is very unlikely to break and cause injury. Nonetheless, the level of danger varies on multiple variables, including where the damage begins, whether it’s on the driver-side or passenger-side, and the size of the crack or chip. In addition to maintaining structural integrity in the event of a rollover accident, your windshield serves as a “backboard” for your airbags to deploy and as a viewing area for any cameras that are part of your vehicle’s Advanced Driver Safety system. A few examples of this are lane departure warnings, adaptive cruise control, and adaptive braking. Here’s why it’s not worth it to drive with a cracked windshield:

Visibility Obstruction

Cracked windshields lying directly in your line of sight can obstruct your vision, especially in low light or during rough weather. As a result of impaired vision, you are more involved in a collision or a pile-up on the road. Furthermore, a
cracked windshield
 is also a constant distraction. In addition to reflecting sunlight, cracks also create an unwelcome glare. In such a case, your safety and the safety of the occupants of your vehicle may be in danger.

The Integrity Of The Car Is Compromised

A windshield that works perfectly adds 40% to the strength of the roof of the car. A car windshield serves an
essential purpose
. The windshield’s vital function is not compromised by a crack in the glass but is less effective when cracked. Due to these factors, when the car rolls over, its roof could collapse and cause grave injuries to its occupants.

Fatal Accidents

Windshields are designed to protect you, your passengers, and your
car during accidents
. In the event of a front-end collision, a cracked windshield cannot withstand the force of impact, thereby posing a threat to the vehicle’s occupants. A person who isn’t wearing a seatbelt is also at risk of being thrown from the car.

Ineffective Deployment Of Airbags

During a significant collision, your windshield also aids in the proper deployment of airbags. The windshield provides a backstop for the airbags so that they inflate towards the passengers. However, if an airbag deployment malfunctions because the windshield’s already cracked, the occupant can suffer fatal injuries.

Shattering Glass

Laminated glass is the most common material used for car windshields. As a result of the laminated glass, broken pieces of glass are held together in the event of breakage. Unlike regular glass, the glass won’t shatter into sharp shards. However, this only applies to windshields that have not previously been damaged. When your car’s windshield is cracked, it will shatter during a collision or impact, and the flying glass pieces will seriously injure the passengers. In an accident, a cracked windshield will crack and offer no protection to the vehicle’s occupants.

How To Repair a Cracked Windshield

No matter how small or insignificant cracks may appear to the naked eye, they can compromise the structural integrity of your car. A person’s life is at risk when a windshield is cracked; therefore, it should not be ignored. When there is a crack, the right thing to do is to get it checked and replaced by professionals as soon as possible. You will not repair a cracked windshield, so replacing it is a much better option.

A
windshield replacement
 by a professional will be done according to industry-best standards and following all safety precautions. Professionals can ensure your windshield is being handled well when you opt for their services.

Tags:
Cracked Windshield
Windshield
Windshield Replacement
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How Are Auto Insurance Premiums Calculated?

With an average of over 5000 road accidents occurring in Malaysia each year, the crucial importance of owning and operating a valid auto insurance policy can’t be overstated. But have you ever wondered how exactly the premiums you pay on your vehicle insurance is calculated?

View this post on Instagram

A post shared by FinCrew (@fincrew.my)

In today episode, you’ll find out everything that goes into calculating your auto
insurance premiums
. Hello and welcome to yet another amazing episode in the Insurance360 Video series. I’m Fincrew brand ambassador, Stella, and I’ll be walking you through the details of how the
insurance premiums
 you pay is calculated. Pick up the latest tools, skills, and knowledge you need to leverage all the opportunities in the world of
auto insurance
 today! To access this treasure trove in real-time, simply hit that Subscribe button and enable notifications right away! As every vehicle owner in Malaysia already knows, there is an abundance of
auto insurance policies
 to choose from in the country today. What’s more, the options continue to increase with each passing day. But the question remains–

How are the premiums on all of these policies calculated?

What are the parameters that insurers consider in the process of evaluating these premiums? To start with, 5 things play different roles in how your premiums are ultimately calculated. These include:

The Gross Market Value of Your Vehicle

As your automobile ages, its market value slowly decreases. By extension, what you pay as insurance is also significantly influenced by this fact.

Your No Claims Discount (NCD) Privilege

Everyone loves good vehicle owners,
insurance companies
 included. When you drive safely and follow all necessary precautions, you’re less likely to damage your vehicle. This, in turn, means you won’t have to file a
claim
. Insurers reward this. As such, if your
No Claims Discount
 (NCD) lasts as long as 5 years, you can enjoy up to 55% discount on your insurance!

Your Insurance Policy

What you pay as a premium also differs according to the type of
insurance policy
 you take out in your automobile. Drivers with a Comprehensive
insurance policy
 are likely to pay more as a premium than Third Party and Third Party, Fire, and
Theft insurance
 holders.

Your Geographic Location

Depending on where you live and drive, your
insurance premiums
 could be high or low.

The Cubic Capacity Of Your Automobile

Your engine power also plays a major role in the price tag of your basic premiums in the country today. All the variables above factor greatly into your insurance premium costs. For instance, if you are to calculate the final premium payable for your
comprehensive
 coverage, it would be:

Your Gross Premium + 6% GST + Stamp Duty of RM10.00 + Any Optional Coverage you take on.

Similarly, you can get the value of the premium you pay for your
Third Party
, Fire and Theft coverage by calculating, 75% Comprehensive Coverage Premium – 25%
NCD
 + 6% GST + Stamp Duty of RM10.00.

Now you know the secret behind calculating insurance premiums! Don’t forget you learned it first here! For more helpful insurance tips, Like this video and Subscribe to our channel right away! We’ll be releasing another episode shortly, so be sure you’ve enabled notifications, so you don’t miss out! See you soon!

Fincrew Official Youtube

Tags:
Comprehensive Coverage
Fire and Theft Cover
Insurance Premiums
No Claim Discount (NCD)
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6 Benefits Of Car Extended Warranty

There are many decisions involved in buying a car. Along with choosing the right make, model, and accessories, you also have to pay attention to the
extended warranty
. Most car buyers ignore this part of the purchase process. It’s essential to pay attention to it. Extended warranties are designed to protect you from expensive repairs that your car may need after the original contract expires. Here are six reasons that extended warranties are worth it:

What Is An Extended Car Warranty?

An
extended warranty
 is an option you can purchase to help you cover the costs of repairs and parts when you own your car. Typically, the warranty begins when the original manufacturer’s warranty has expired. Additionally, a manufacturer’s warranty may not cover everything, so you must use a well-known company with a good reputation. The manufacturer’s warranty might no longer cover a
used car
 purchased from the dealer, so it may be a good idea to
get a car extended warranty
 instead. An extended warranty will ensure that you are adequately covered.

Benefits Of An Extended Car Warranty

1. Extended Coverage

Your car will receive extended protection if you choose an extended warranty. You typically receive an assured guarantee when buying a vehicle from a dealership. These warranties have limitations. If your car requires some repairs, you will be limited to the scope of repairs specified in your warranty plan. A warranty plan like this is not sufficient to meet the standard
maintenance requirements of your car
. Here is where an extended warranty can help. An extended warranty will cover you once your original contract expires. Adding this coverage to your vehicle will allow you to keep it on the road for longer.

2. Enhanced Resale Value

The idea of selling your car at a later date may not occur to you when you purchase it. There is also a reason why many car owners fail to inquire about extended warranties. With aging cars, you may want to replace them with newer models. If you want to enjoy the most of your equity, you should
increase its resale value
. As a result of an extended warranty, this value is typically increased since it implies that the vehicle owner maintained it properly.

3. Keeping Your Mind At Ease

Extended warranties work regardless of whether you own a new or used car if you need more coverage or have trouble affording the cost of unexpected repairs. It may be challenging to
pay for repairs
, replacement parts, and labor after the factory warranty expires without an extended warranty. When you insure your car with an extended warranty, it eliminates this source of worry and prevents costly repairs. It also removes the hassle of completing lengthy paperwork and negotiating with mechanics.

4. Overlooked Benefits

A
car warranty
 can also help customers out when they’re in a stressful situation. A
car warranty offers you many benefits
 such as roadside assistance, rental car reimbursement, towing, and trip protection. In the event of a breakdown, you won’t have to worry about finding a mechanic or paying for accommodations.

5. Customer Service That You Can Count On

When a car breaks down in an emergency, it might be hard to assess and figure out what’s going on. You may own a vehicle but don’t have the technical knowledge about its components. You do not need to worry, though, if you have an extended warranty. The service provider’s staff is knowledgeable and experienced and will provide you with complete guidance. If you have a problem with your vehicle, instead of relying on information provided by a local mechanic, you can be assured of getting the correct information from skilled professionals.

6. Ensure Your Vehicle Lasts As Long As Possible

Even though it may be tempting to trade in your old car for a newer one, you do not have to break the bank. A suitably
extended auto warranty will allow you to save money while still getting protection for your car
. Having an extended warranty also ensures that you can drive your car for a long time after you’ve paid off the vehicle loan. You will undoubtedly receive free or low-cost repairs if something goes wrong with your vehicle during the warranty period. Therefore, don’t worry about getting stranded or repaying your
loan
 while driving your car.

Final Thought

You make a significant investment in buying a new car. In addition, it is one of the most cost-effective and convenient forms of transportation. However, it would help to decide what is best for your situation. Be sure to do your research. We hope you gain some insight into extended warranties and how they may affect your bottom line.

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

Tags:
Car Repair
Extended Warranty
Resale Value
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Travel Insurance Designed For Golfers

The love of golf is attracting a growing number of golfers to travel and visit beautiful and unique destinations around the world instead of their local clubs. Traveling abroad, however, will allow you to perfect your swing in several other countries. Suppose you’re interested in playing the same courses as some European Tour professionals. In that case, you can play Le Golf National in France or the Stadium Course at PGA Catalunya in Spain, for example. Alternatively, you could also take the holiday of a lifetime and play golf on the finest courses the United States has to offer. It’s possible to walk in Tiger Woods’ footsteps at Pebble Beach or hit one of the most iconic shots in golf history at TPC Sawgrass. It would be best if you checked golf
travel insurance
. If you consider going on a golf vacation to the UK or somewhere else exotic, you should look into golf
travel insurance
.

What Is A Golf Travel Insurance Policy?

Insured golf travelers can use
golf travel insurance
 to cover costs and losses associated with golf trips. Both
domestic
 and international travelers can benefit from this type of coverage. As important as practicing your backswing is ensuring your golf trip. Golf vacations are more enjoyable when comprehensive
insurance coverage
 protects against common concerns. In addition to saving you against cancellation, baggage loss, and emergency medical expenses,
golf travel insurance
 also helps you cover your essential items, including your beloved clubs.

What’s Covered In The Golf Insurance Policy?

Cover Against Injury

Golf courses are not risk-free places because they can be exposed to errant balls as well as tricky terrain. If you slip and fall or bump your head on the floor, your
insurance
 covers personal injury.

Protection For Your Luggage And Equipment

Loss,
theft
, or damage to luggage is protected during a golf trip. The loss of your clubs can mean the difference between playing a good game and an awful one. Do not think about the costs of replacing your golf clubs, bags, and trolley if you have a golf
insurance policy
 in place, which covers theft, accidental loss, and damage to these items.

Personal Liability Protection

An accident can happen, and if you caused the accident with one of your balls, the insurance would cover the liability.

Trip Cancellation

The purpose of travel cancellation insurance, also known as trip interruption or trip delay insurance, is to reimburse travelers for prepaid, non-refundable travel expenses. Different providers have different policies regarding acceptable cancellation and interruption causes and reimbursement amounts. Aside from illness, sudden
business
 conflicts, and weather-related issues, the most common good reasons include death in the immediate family.

What Happens If I Have A Pre-Existing Medical Condition?

Before
buying travel insurance
, an existing medical condition is anything you had, be it a long-term or short-term
illness
 or injury. It includes experiencing symptoms, performing tests, receiving a diagnosis, or getting medical treatment. You can declare them during your quote process for any pre-existing medical conditions. The insurer will not cover your pre-existing conditions unless you can:

All of them have been declared on your policy

They have reviewed your medical condition and confirmed they would cover it in writing

Additional premiums paid in full

How Much Does Golf Travel Insurance Cost?

Travel insurance is not one size fits all, which means that the conditions and price vary from plan to plan. However, understanding the
travel insurance pricing
 guidelines may be helpful before purchasing one. An average trip protection plan should cost you between 4% and 10% of your total non-refundable, prepaid trip cost.

Final Thought

A stress-free golf vacation depends on planning, just like any athletic event. Make sure you pack appropriately by researching the destination’s weather. Make sure your equipment will fit in the trunk if you rent a car. If you want to improve on your skills while on vacation but need to work on them in between, consider virtual golf as an at-home option.

Tags:
Golf Travel Insurance
Golfers
Personal Liability
Pre-Existing Medical Condition
Travel Insurance
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Loan Repayment Moratorium Effect On Your Credit Score

In March 2020, after carefully analyzing the pandemic’s effect on the nation’s economy, the Bank Negara Malaysia (BNM) decided to implement a six-month
moratorium
 on all loan repayments. This action aimed to make the financial burden on individuals and small and medium-sized enterprises (SMEs) a little more bearable. Read ahead at what you need to know about the policies.

The Key Points Of The Moratorium

It took effect on the 1st of April and lapsed after the 30th of September 2020.

Interest will still be charged during this 6-month deferment timeframe.

This policy does not cover
loans
 or financing that are more than 90 days in arrears by the 1st of April.

Leveraging this policy isn’t mandatory, as you can get in touch with your bank to exclude you from the
moratorium
 if you wish.

The moratorium doesn’t extend to credit card debt.

With so many areas of this policy still not fully understood by many Malaysians, we’ll address some common questions about the moratorium’s impact on credit scores.

Will Using This Moratorium Damage My Credit Score?

No, it won’t.

While not making
payments when you would usually be harmful to your credit score
, elements like a sanctioned moratorium from the BNM are exceptions to this rule. Because of this, these payments will reflect as deferred payments instead of defaulted payments on your credit history.

While I Have To Pay Interest On The Moratorium Period?

Yes, you will.

While you won’t have to pay the interest during the moratorium period, the standard interest rate you’ve been paying will also apply to the 6-month grace period. So even though you may enjoy a brief respite now, keep in mind that using the moratorium period long-term means you’ll have to pay more.

Does This Deferment Cover Credit Card Repayments?

No, it doesn’t.

Although you don’t get to benefit from the moratorium this way, depending on the type of bank you use, you still have a chance to leverage it. Some banks allow their customers to convert their credit card balances into a term loan or financing. This way, you may be able to enjoy the dividends of the moratorium.

How Do I Learn More About This Policy?

We recommend that you get in touch with your bank. It will ensure that you vet information specific to you, as these
financial
 institutions will be able to share data more relevant to your bank account. Alternatively, you can log on to the official website of BNM and get more information directly from them as well.

Compare Personal Loan In Fincrew

Conclusion

Ultimately, no matter which approach you choose to take, don’t forget to
check your
credit scores
 constantly
. It remains the best way to figure out if you have any financial issues. Your
credit scores
 will instantly point those out, but it’ll also help you get the foothold you need to deal with those problems efficiently.

Tags:
Bank Negara Malaysia
BNM
Credit Cards
Credit Score
Loan Repayment
Moratorium
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What Happens When Your Auto Insurance Is Cancelled?

So you’re sorting through your mail like you do every other day and smack! Your
auto insurance
 provider drops a bombshell that they won’t be providing you coverage anymore! Where do you go from here? What should you expect, now that you no longer have
auto insurance
 coverage for your vehicle? What do you do next?

Hi! I’m Stella, Fincrew brand ambassador and today, I’ll be helping you deal with getting your
auto insurance cancelled
. When this happens there’s a lot you have to do as quickly as possible. I’ll be guiding you through the difficult road ahead. If you need help handling your auto insurance, then you can’t afford to miss a single video in our Insurance360 Video Series! We will break down every auto insurance aspect and let you know all you need to enjoy your policy! Click on that Subscribe button now and enable notifications so you see our videos promptly!

Now we’ve got this out of our system, let’s jump right into today’s gist. If you’re wondering could your auto insurance company cancel your policy? The answer is YES–they can! However, they can’t do so without a genuine reason and giving you a proper heads up. You can’t take your vehicle out without a valid
insurance
 policy which means that once your coverage is revoked, you’ll soon be stuck without a ride! Even worse, the longer you go on without coverage for your vehicle, the more you can expect any insurer to charge you when you finally try to get any package. For this reason, haste is essential! Remember that getting your
auto insurance
cancelled
 is not the same as being issued a non-renewal notice. In the case of the latter, your coverage is kept active until the date it’s supposed to lapse. Afterward, you just won’t be given the opportunity of renewing the package with the same insurer. Usually,
insurers will cancel a policy
 only if:

You’ve not been paying your premiums or you’ve been paying late,

Your driver’s license was revoked or suspended due to one reason or the other,

They discover you weren’t entirely forthcoming with the information on your application

As such, the first thing you need to do is go through the notification you were sent to ascertain the reason for the termination of your policy. If it wasn’t stated, you should reach out to your insurer immediately to get those details. Once the issue has been identified, you can try talking things out with your provider. In some cases, this usually works out well and your insurer will rescind the cancellation notice. However, if your
insurance provider
 just won’t budge, then you need to start shopping for another insurer pronto! Even though your coverage isn’t rendered invalid from the moment you receive the notice of cancellation, you don’t have much time to spare! This is more so if your insurance was cancelled due to any of the reasons mentioned earlier. You might find it challenging to get a new insurer as most coverage providers will see your cancellation notice as a red flag and consider you a high risk. When you eventually find a new insurer, your premiums will be significantly higher than it used to be. As such, it is always advisable to avoid getting your policy cancelled, if you can. But if the worst happens regardless, all is not lost.

Check out the link below to find a reliable
insurance
 provider to consult. If you found this video helpful, leave us a Like and do well to subscribe and enable notifications so you don’t miss any future episodes from this Insurance360 video series! Bye for now!

Tags:
Auto Insurance
Driving License
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Impact Of Skipping Monthly Payments And How To Rectify It

While this might sound like a statement used far too often, no one can deny that the world isn’t what it used to be. With the economy being in one of its most volatile states in recent history, the everyday person constantly finds themselves scrambling to make ends meet. As bills pile on each other, it’s only natural that you look for a speedy recourse that’ll effectively help you deal with your immediate and pressing needs. And so, you ask yourself;

Why not skip a month or two of my credit obligations and
repayment
? What’s the worst that could happen if I did?

Here, we’ll be highlighting all you need to know about what happens when you fail to do the needful with your
financial
 obligations in the country today.

The Repercussions Of Missing Even One Payment Can Be Severe

Whether it’s a student
loan
, credit card bill, or even a house
loan
, the simple truth is that you can’t afford to miss even a single payment for any reason. It is because such an action will severely damage your credit health! Some things it can lead to are;

Reducing Your Chances Of Securing Future Loans And Credit

Keep in mind that all of these institutions, even though they may be different, ultimately file a record that’ll inevitably show up in your credit report—because of this, even missing one payment will give off the impression that you aren’t financially reliable. It will severely lower your
credit score
, but it’ll also serve as a red flag that’ll actively discourage future lenders from borrowing your money. As you’re likely already aware, most banks and financial institutions will only do business with individuals with a sound credit score. At the moment, that means having a score of at least 650. People who have this tend to get their loan applications approved faster.

Make You Pay Even More

In addition to getting you blocked by most banks and financial institutions, failing to make your payments on time also costs you more. When you default, you automatically attract a
late payment
 fee. So, there isn’t any upside to not making your payments when you should. You may be asking, but I’ve already missed a few payments. What can I do to get back on track? Two things you need to do as soon as possible are;

One – Get Your Most Recent MyCTOS Score Report

This document will let you know just where you stand as it’ll show you your current credit score and which payments you missed precisely.

Two – Come Alive To Your Responsibilities

Once you know where you defaulted, make sure to cover that backlog and the late fees it attracted as soon as possible. And, most important of it all, make sure you stay current! Provided you don’t miss any more payments in the future; your credit score is sure to recover!

Tags:
Credit Cards
House Loan
Loan Repayment
MyCTOS
Personal Loan
Student Loan
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Why a Will Can Deliver Ultimate Peace Of Mind?

Every day, you struggle to keep food on the table and a roof above your head. Pay every penny in tax, and you try to leave enough in the pot so you can indulge in the things you enjoy. What is the point of letting the government decide what happens to your money when you die? Doesn’t that seem unfair to you? If you do not have a
will
, the court will make essential decisions for you. It is not up to you who inherits your home and other assets. Having no intention can make your loved ones’ lives more difficult after passing away.
Writing a will
 provides
peace of mind
.

Wills Bring Peace Of Mind And Comfort

Think about this tragic scenario. While driving home from dinner, you and your partner are involved in a fatal
car accident
. How will the children be taken care of and their inheritance distributed? Suppose the worst happens. You and your children die in the same disaster. How will the estate be managed, and who will inherit it? In a will, the most critical decisions are spelt out in writing and legally binding on those left behind. Most people don’t create or update their will because they believe their loved ones will automatically inherit. Unfortunately, that is not always the case. Your heirs may have to endure a lengthy and expensive probate process. It will also only address your current situation. Over time, as your needs and the people around you change, you should update them.

Take care of your loved ones by planning your legacy today

If you
make a will
, you can provide your loved ones with a map to follow and help them take care of their affairs after you pass away. It is one of the most important reasons to have a will, as it gives many people
peace of mind
. Wills are now easier to make than ever before. As a result, you don’t need an attorney to prepare your choice unless you have a large or complicated estate, tense family dynamics, or feel that you need professional advice.

Risks Associated With Not Having a Will

If you are among those majority, you might be putting your family at risk. If you don’t have a Will, you may encounter one (or more) of the following problems:

There is a possibility that the ‘wrong’ people end up with your home.

Disputes could wipe out your wealth.

The possibility exists that you will be subject to further inheritance tax, with 40% of your estate and earnings going to the government.

There are risks associated with this subject, despite these risks. Many people find the idea of
writing a Will
 difficult, and this is usually a task that gets left until the last minute. Isn’t it simply unnerving to think about or plan for one’s death?

Final Thought

Making an unambiguous will eases the burden on those left behind. The presence of choice lessens the chances of fighting bad feelings and saving significant amounts of money. Couples can write “reciprocal wills” to appoint each other as executors, treasuries, and sole beneficiaries; however, each individual must write their own will. A must be signed and witnessed according to law. The cost of hiring a lawyer to
prepare your will
 is far less than the pitfalls and undesired results of attempting to design one yourself or not having one at all.

Tags:
Inheritance
Reciprocal Wills
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Apakah Insurans Auto Komprehensif?

Semua kenderaan memerlukan
insurans
 bukan? Jadi, kalau anda pilih mana-mana polisi insurans, cukuplah kan? Salah! Membeli insurans kenderaan merupakan sesuatu yang perlu anda dilakukan dengan berhati-hati bukan semata-mata kerana anda perlu membelinya. Tapi, bagaimana anda tahu, yang anda telah memilih polisi yang tepat? Adakah terdapat perbezaan antara insurans
auto komprehensif
 dan polisi lain di luar sana? Jawapannya, ya!

Dalam episod kali ini, kami akan membincangkan secara menyeluruh tentang insurans
auto komprehensif
 dan bagaimana ia berbeza daripada
polisi insurans kenderaan
 yang lain. Helo, saya (nama) duta jenama Fincrew dan saya akan membimbing anda berkenaan segala perkara berkaitan insurans auto. Hari ini kami akan memfokuskan setiap perkara yang membezakan
polisi insurans kenderaan
 komprehensif dengan polisi lain. Anda tidak mahu ketinggalan walau satu video pun dari siri Video Insurans360! Dapatkan semua maklumat terkini yang berkaitan dengan yang anda perlukan bagi memanfaatkan setiap ringgit berharga anda! Hanya klik pada butang ‘Subscribe’ dan aktifkan notifikasi, jadi anda akan bila kami memuat turun video terbaru! Terdapat banyak jenis
polisi insurans
 di luar sana hari ini. Jadi, untuk memahami bagaimana setiap satunya berbeza daripada yang lain, anda perlu tahu makna di setiap satu polisi ini. Anda akan dapati terdapat tiga polisi insurans auto yang berfungsi pada hari ini. Ia adalah:

Insurans auto Pihak Ketiga

Insurans auto
 Pihak Ketiga, Kebakaran dan Kecurian

Polisi Insurans Komprehensif

Perlindungan Auto Pihak Ketiga

Ini merupakan insurans kenderaan paling asas dan paling murah yang anda boleh ambil untuk kenderaan anda. Secara asasnya, apa yang dilakukan oleh polisi ini adalah memberikan anda jaminan kewangan sekiranya anda terlibat dalam kemalangan yang merosakkan kenderaan atau harta benda pemandu lain. Polisi ini akan menampung kos pembaikan harta benda dan bil perubatan pihak lain sekiranya diperlukan. Namun setakat itu sahaja pelindungan polisi ini. Sebagai polisi kenderaan paling murah yang boleh anda ambil, pelindungan ini tidak meliputi kos membaiki kenderaan anda sendiri atau membayar bil perubatan anda.

Perlindungan Auto Pihak Ketiga, Kebakaran Dan Kecurian

Polisi ini mempunyai persamaan yang hampir sama dengan polisi
perlindungan insurans auto
 Pihak Ketiga. Nampaknya ia juga turut merangkumi implikasi kewangan bagi membaiki kenderaan atau harta benda pemandu lain dan menyelesaikan perbelanjaan perubatan. Namun begitu, ia menawarkan satu lagi ciri tambahan yang penting. Di bawah pelindungan polisi ini, anda berhak untuk membuat tuntutan jika kenderaan anda dicuri atau rosak akibat kebakaran atau kecurian. Tapi perlu diingatkan, anda perlu berhati-hati semasa mengemukakan tuntutan di bawah polisi ini kerana ia tidak menanggung kos membaiki kerosakan akibat kemalangan.

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Perlindungan Insurans Auto Komprehensif

Ini boleh dikatakan sebagai polisi insurans auto paling mahal di negara ini sekarang. Namun, semakin banyak pemandu mendapatkannya setiap hari. Ia terus mendapat perhatian kerana menawarkan pelindungan yang lebih luas untuk kenderaan anda. Selain menawarkan apa yang diperoleh dari gabungan polisi Pihak Ketiga serta Pihak Ketiga, Kebakaran dan Kecurian, ia juga menyediakan beberapa ciri khas yang unik hanya untuk pelindungan jenis ini. Mungkin yang paling hebat dari ciri ini adalah hakikat bahawa ia menanggung kos pembaikan kenderaan anda sekiranya rosak akibat kemalangan! Ini merupakan alat berharga dan berguna jika kereta anda mahal atau eksotik dan anda tidak mampu untuk menggantikannya begitu sahaja. Walaupun begitu, sehebat mana pun polisi ini, ia tidak akan melindungi anda dalam setiap senario kemalangan jalan raya. Sebagai contoh, di bawah polisi ini tuntutan tidak dapat difailkan sekiranya anda meninggal dunia atau mengalami kecederaan. Satu lagi, jika aksesori kereta yang dipasang khas rosak atau dicuri, polisi ini tidak akan menanggung kos kerugian tersebut.

Tags:
Insurans Auto
Insurans Auto Komprehensif
Insurans Kenderaan
Insurans Kenderaan Pihak Ketiga
Pelindungan Pihak Ketiga
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What Are Some Auto Insurance Discounts?

It’s that time of the year again, and you’re getting ready to renew your
auto insurance policy
. Every ringgit counts so you just have to be sure you’re getting the most value for your money. Are you aware of the multiple insurance discount features available to vehicle owners? Do you know if you qualify for them? How can you leverage these benefits to your advantage? Find the answers to these questions and many more now! Hello! My name’s Stella, Fincrew brand ambassador and I’ll be exposing you to some of the most essential
auto insurance discounts
 you should be taking advantage of in the country today. The Insurance360 Video Series gives you all the data you need to make informed decisions about your
auto insurance coverage
 package. Enjoy free access to this information by clicking the Subscribe button and enabling notifications now!

You need to have
insurance
 to be able to drive in the country. However, you might find the standard fees of
auto insurance
 cost-prohibitive. These prices become a lot more pocket friendly if you can avail yourself of the numerous discount features at your fingertips! Some important
auto insurance discounts
 you should know about include:

The Defensive Driving Discount

Insurance
 operates on risk. If you can reduce the perceived level of risk you offer your insurer, they are usually more than willing to provide you with a discount. Taking defensive driving lessons can entitle you to as high as a 15% discount with many insurers. All you have to do is get a certificate of completion from a registered driving school and you’re good to go!

The Accident-Free Driving Discount

As we mentioned earlier, with insurance, it’s all about risk. For this reason, if you have an accident free driving record, any insurance company out there will offer you great discount bonuses. Due to the nature of this discount feature, not all drivers can leverage it. Also, the standard of eligibility set for this discount is dependent on each insurer. As such, the exact value of the deal you get, should you qualify for it varies from insurer to insurer.

The Low Mileage and Vehicle Usage Discount

One major determinant of what you pay as insurance is your geographic location plus how far and how frequently you drive your vehicle around. The safer your area of residence is estimated to be, the higher the discount you’re entitled to. Similarly, the shorter the distance you drive your car regularly, the higher your discount rate gets.

The Customer Loyalty Discount

This discount feature also varies significantly from insurer to insurer. If you’ve been able to maintain your policy without hassle, your insurance proper will usually offer you a discount as a show of appreciation and an incentive to encourage you to stay on with them.

Discount on Multiple Vehicle Insurance

You are also automatically entitled to a discount, if you take out an
auto insurance policy
 on multiple vehicles with the same coverage provider. You can get as much as a 25% discount spread across all policies you take out.

A requirement many insurers follow is that the cars insured belong to individuals with strong familial ties. Want to know more discounts you can tap into? Then Like this video and don’t miss the next one! Subscribe and enable notifications now so you get it as soon as it’s live! See you soon!

Tags:
Car Insurance
Car Insurance Discounts
No Claim Discount (NCD)
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Understanding Balance Transfer Credit Cards

Can you remember the first time you applied for a credit card? In most cases, it comes from someone calling you about a credit card, offering a great deal, and saying that you have to pay nothing to apply for it. Without a second thought, you accepted the offer. Having received the card in the mail, you immediately began using it constantly without overthinking it until you reached the limit. Before you know it, you have another
credit card
 maxed out. You may end up drowning in debt if you are not careful and may eventually experience bankruptcy. It is a problem to prevent if you know how to manage your spending behavior. Fortunately, if you’re already in a rut and want to settle your credit card balance at a cheaper rate, you can apply for a balance transfer credit card.

To Begin With, What Is a Balance Transfer Credit Card?

Balance transfers involve the transfer of outstanding debt between one or more credit cards and a balance transfer card issued by another bank with lower or no interest fees. You apply for another credit card to settle all your other credit card debts! What is the purpose? Of course, to save on interest! If you’re wondering if something that looks too good to be true exists, fret not; we will explain. Suppose you have an RM8,000 credit card debt with 15% annual interest. This balance is transferred to a new credit card with 0% interest for the first 12 months. You will save RM1,200 on interest if you pay it off within 12 months! Note: It does not include upfront fees and
balance transfer fees
. They do this to convert you to their bank, which is why, for example, you cannot transfer a Maybank card to another. Nevertheless, they could make money from other aspects, including
balance transfer fees
, handling fees, and high-interest rates charged when a debtor cannot pay off the amount due within the specified period, usually 6 to 12 months.

Benefits Of Balance Transfer Credit Card

Some advantages of transferring balances using a credit card are listed below.

A low introductory interest rate

Several credit cards offer low introductory rates for balance transfers. If you use that rate, you will pay far less interest over a balanced life.

Consolidating your credit card debt

Consolidating multiple balances on one card means dealing with only one interest rate and one
monthly payment
. You will have peace when you are working to pay off your debt.

Having the ability to pay off your credit card debt more quickly

Also, the lower interest rate could help you pay off your
credit card
 balances faster because you will save more money.

How To Get One

Those who can pay off most or all of their debt during the introductory rate period will benefit from applying for a balance transfer credit card. After the initial rate period ends, the balance recharge will be at a high-interest rate. Therefore, only consider a balance transfer if you are confident you can repay the amount due within the specified timeframe.

Are you ready for your first application?

It is important to compare
balance transfer credit cards
 thoroughly before choosing one. The points to consider while selecting a balance transfer credit card are below:

Most
balance transfer credit cards
 have a minimum duration of 3 to 36 months.

Interest rates are from 0% p.a. up to 10.22% p.a.

From RM500 to RM5,000 can be transferred as a minimum.

Tags:
Balance Transfer
Credit Card Debts
Credit Cards
Debt Consolidation
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How Much Does Your Profession Impact Your Car Insurance Rates?

It is no secret that factors like age and driving history greatly impact your
car insurance rates
. But are you aware that your profession also affects what you pay as a premium? Do you want to know what aspects of your occupation your insurer assesses before issuing you a quote? How do you find out if you have a “High Risk or Low-Risk Occupation”? The relevance of auto insurance to the vehicle owner only continues to increase as the years pass. As a result, more car owners need to do what they can to gain more knowledge on insurance.

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

Not only does the work you do influence your
car insurance rates
 to varying degrees, where you also work critically. Insurers are always looking for more efficient ways to evaluate the liability that vehicle owners pose. One of the avenues through which they do this is through reviewing statistics. Through an increasingly scientific process, they try to evaluate the likelihood of having an accident based on various parameters.

How does your job affect your sleep pattern?

How far do you have to drive to your place of employment?

What typical occupational behaviors come with your job?

By evaluating these occupational variables,
insurance companies
 more accurately determine just how high or low to set your quotes. It is more so the case when you use your vehicle as a part of your occupation. If you travel with it for work often, don’t be surprised if the quote your
insurance provider
 gives you falls a little on the high side. At its core, some significant factors that your insurer will look at about your occupation and employment conditions include;

The stress levels it generates,

What occupational training you have had, and

How often your work necessitates travel.

As a result of looking through these parameters,
auto
insurance companies
 can offer vehicle owners who are pilots, scientists, teachers, nurses, and police officers
lower auto insurance rates
. In the same vein, many, but not all insurers consider vehicle owners who are lawyers, doctors, and business owners, among others, higher risk and so award higher premiums.

Tags:
Insurance Premiums
Insurance Rates
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Is Rental Car Insurance Worth It?

You’re standing at the rental car counter, exhausted. All you want is to get your car and zoom off. Then the rental agent asks if you’re going to
buy insurance
 on your rental, you looked at the agent completely clueless, you said to yourself, yes let me buy it, but you’ve also heard it’s a waste of money. So the question remains: Is
rental
car insurance
 worth it? The simple answer is “it depends.” Before you jump the gun for a
rental car
, it’s worth reading over again the policy on your personal
auto insurance
 coverage. In some cases, the policy you have on your personal vehicle extends to a rental car. In other words, buying
rental
car insurance
 might be a waste of money. Though the extra cost of the rental company’s coverage in some cases might make sense. Because of that, it’s imperative to know what your personal
auto insurance
 policy covers, and what the rental agency is offering.

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

Should I Go For Rental Car Insurance Or My Personal Car Insurance Is Enough?

The following are the typical insurance options from rental car agencies and how to know if you are already covered within your personal car insurance policy. You should note that your individual policy coverage applies when you are using a rental car for private, non-business purposes. The rules and regulations might be different for the
business
 use of a rental car. Check with your
insurance company
 or employer for details about coverage when using a rental car for business.

Accidents And Car Theft

At the counter: A loss-damage waiver (LDW), or a collision damage waiver (CDW), gets you off the hook for any destruction or
theft to the rental car
. It’s really not insurance but rather a waiver which implies the rental car agency won’t come after you. Your personal coverage: If your personal coverage includes collision and
comprehensive
 coverage, it will extend to a rental car. Though, you will still be chargeable for your
deductible
. In case you don’t have comprehensive and collision on your
personal coverage
, and don’t have the LDW or CDW, you will be liable to pay for the damage.

Third-party Damage

At the counter: Supplemental liability protection will cater for damage done to
third party
 cars or property. If you don’t have car insurance (for instance, if you don’t have a car), it’s better to buy this. Your personal coverage: Your own liability
insurance
 will cover you when driving rental cars. If you have really little liability
coverage on your car
 policy, it’s better to buy supplemental protection to augment your coverage.

Does My Credit Card Have Rental Car Coverage?

Some credit card
 companies offer extra insurance if you pay for a car rental using their card. For you to know if you have additional rental car insurance through your credit card issuer, call the toll-free number on the back of your card and have them explain your options to you in detail.

Compare and apply for the best credit cards

Final Thoughts

Before you decide to rent a car, take a few moments to find out whether you have coverage through existing channels, such as your credit card company, health
insurance policy
, or homeowners policy. More so, don’t forget to check your personal
car insurance policy
. Purchasing extra rental auto insurance might not make financial sense if your car insurance policy already provides the coverage you need.

Tags:
Collision Damage Waiver
Coverage
Loss Damage Waiver
Rental Car
Third-Party Coverage
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Why Is Malaysia Road Tax Based On Engine Capacity?

Road tax
 is required for all vehicles on public roads, regardless of how often motorists use them. In addition, our toll roads need for-fee drivers to pay based on how much usage they make and what type of vehicle they drive. Depending on the size of the engine and the type of fuel,
road tax rates
 might differ. For private registrations,
road tax
 for company-owned vehicles can be threefold higher than for individual-owned cars, and the rate for various commercial types varies. Learn the basis of road taxes depending on engine capacity and how to
calculate your road tax
.

Introduction Malaysia Road Taxes

Vehicle owners are required to pay a road tax to use public roads. Various factors influence the tax amount, including the type of vehicle, vehicle specifications, vehicle registration location, and type of ownership. Malaysia is one of the countries that collects its road tax annually. Displaying the road tax is required on vehicles with a valid tag. The road tax sticker is at the bottom right corner of the windscreen vehicles, and there are clear indications on the road tax sticker of the vehicle registration number, the road tax price, and the expiration date. Road tax stickers are for one-time usage. If the sticker is tampered with, it will tear and become invalid.

How To Calculate Malaysian Road Taxes

The value of the road tax varies according to a variety of factors in Malaysia. These include the vehicle type, vehicle specs, location of vehicle registration, and type of ownership. There are different rates of road taxation in West Malaysia and East Malaysia. Due to the state of the roads and the infrastructure supporting them, the road tax is lower in East Malaysia. According to Malaysia’s road tax law, as the
engine
 displacement of a car increases, the road tax also increases. The basis of the calculation of road tax is on engine capacity.

Since this method of calculating road tax has become widely used; manufacturers have begun
selling cars
 with smaller displacement engines, generally turbocharged or hybridized. Malaysian cars typically have engine displacements of less than 2.0 liters. The minimum road tax for an engine-driven car is RM20 for vehicles with engines under 1,000 ccs. The base rate and progressive rate are combined when calculating the road tax for a car. As engine displacement increases, the progressive rate increases. In West Malaysia, the tax for cars that exceed the 3,000-cc mark is RM4 per cubic centimeter.

Road tax rates
 will also be affected by the type of vehicle owned. Vehicles can be either privately owned or owned by a company. Electric vehicles are subject to different road tax calculations based on the car’s maximum power output.

Why Is Road Tax Based On Engine Capacity?

Malaysian road and vehicle taxes are to control traffic congestion and reduce CO2 emissions. Nonetheless, reducing or managing road congestion is an environmentally friendly measure. In addition,
Malaysia’s road tax system
 does encourage people to use fuel-efficient vehicles that emit fewer emissions. For bigger cars – whose engine capacity is by the road tax – the road tax is higher since they use more fuel and emit more pollution than small cars. The primary goal of this tax is to promote the purchase and use of more fuel-efficient and environmentally-friendly vehicles.

Tags:
Malaysia Road Tax
Road Tax
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Difference Between Takaful And Conventional Insurance

A critical aspect of a responsible financial plan is to insure yourself. The choice between
Takaful and conventional insurance
 is a dilemma many Malaysians may face. Both of them share the objective of protecting against financial loss, so they appear similar at first glance. A closer examination, however, reveals some significant differences.

What Is Takaful?

Takaful
 is defined as a joint guarantee. Essentially, it is an
insurance
 policy based on Islamic principles.
Takaful
 is a concept in which a group of people guarantees one another against loss or damage. Each participant contributes a certain amount of donation (tabarru) to a fund to fulfill their obligation. This fund is managed by a third party – the
Takaful
 operator. The Takaful operator will compensate losses or damages per the agreement with its participants. A surplus is distributed only after the obligation of assisting the participants has been met. Takaful acts as a protection and profit-sharing venture between the Takaful operator and its participants through this principle.

How Does Conventional Insurance Differ From Takaful Insurance?

One of the most significant differences between
Takaful and conventional insurance
 is that Takaful is based on Shariah law? Takaful is free of gharar, maisir, and riba. The main reason for the creation of Takaful was to eliminate these prohibited elements from traditional
insurance
. In conventional insurance, the insurer bears the risk associated with the insured. By contrast, Takaful is based on the theory of shared risk. Participants donate to a Takaful fund, and in the event of a loss, they receive the amount of their
claim
. In addition, Takaful participants retain an ownership interest in the fund, unlike conventional insurance. The participants’ contributions are invested into halal or sharia-compliant funds to earn investment income. When the Takaful operator generates a surplus, the participants and, sometimes, the Takaful operator will share. It puts everyone in a win-win position. The table below compares Takaful insurance to conventional insurance:

Takaful Insurance

Conventional Insurance

Based on cooperation

Based solely on commercial factors

Governed by Shariah and government laws

Governed by government laws only

Shareholders and Takaful plan holders can only invest in Shariah-compliant investment funds

Conventional
insurance premiums
 are invested in funds and investment channels that aren’t necessarily Shariah-compliant

Unfettered by interest, gambling, and uncertainty (Riba, Gharar, and Maysir)

It has elements of interest, gambling, and luck

Takaful risks are distributed among participants who agree to assume risk jointly

Risk is from an individual to a conventional
insurance provider

Is Takaful Better Than Conventional Insurance?

Although takaful insurance isn’t physically cheaper than other forms of insurance, it may be more affordable in terms of its extra risk premiums. In harsh situations that would result in fund losses, takaful fund rates are usually fixed, and people prepared to take on additional risk are not always charged more. An individual with severe health conditions may be asked to increase his contribution to medical Takaful. Conventional insurance will charge more where additional risks have been identified (e.g., people in dangerous professions and smokers).

Can Non-Muslims Purchase Takaful?

While Takaful is based on Islamic principles, it is not a religious product, and anyone, including non-Muslims, can purchase it. Non-Muslims are increasingly beginning to participate in Takaful and Islamic finance products.

Tags:
Conventional Insurance
Gharar
Islamic Finance
Maysir
Muslims
Riba
Shariah Compliant
Takaful
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影响你汽车保险费的三大因素

欢迎收看保险360, 我是Cassandra。你知道你的
汽车保险
费从来都没有固定的价格吗？你和你的家人、朋友的车险费用都各不相同。当你在考虑为你的汽车投保时，是否想过保险公司是用什么标准来衡量而制定你的保险费呢？ 没有想过吧？那让我们来看看以下的因素来给你增广见闻：

第一、汽车保险的种类

在上集视频已经和大家简单解释了不同类型
汽车保险
，其中就包括3号保险 （3rd party Car Insurance）、2 号保险（Third Party, Theft and Fire
Car Insurance
) 和 综合性保险（
comprehensive
car
 Insurance
）。3号保险是当中最为便宜的，因为所覆盖范围仅限于第三方。 综合性保险比2 号保险来的更贵一些，因为覆盖范围是包括了第三方、火灾和盗窃及车主本身的车子。因此，一定要记得，覆盖率越高，保险费就会越高。保险费高低和索得的理赔金额成正比的。

第二、汽车种类

你所拥有的汽车品牌及型号对于车险的保险费有绝对性的影响。比如说，一般比较高档的汽车的保险费都会比较高，这是因为汽车本身的零件可能比较贵。因此，修理费也相对的比较高。其次，盗窃可能性较高的汽车，保险费都会比较贵。根据马来西亚总保险公司发布，Toyota Hilux和Proton Wira是马来西亚最常被偷的两款车。

第三、个人因素

保险公司会依据车主，也就是投保人的性别、年龄、婚姻状态、行驶记录进行评估。一般上，年轻女性发生事故率比同年龄层男性更低一些。已婚人士的驾驶者一般都会被视为更加谨慎，所以发生事故率比单身或是未婚者更低一点。再来，就是行驶记录。如果你曾经接到罚单、发生事故而进行理赔，你的保险费可能会比没有收过罚单和没有发生事故的车主来的更高一些。这是因为，保险公司认为你很有可能再发生事故。

希望通过今天的视频，你已经了解保险公司是如何计算你的汽车保险费！如果你喜欢我们的保险360系列，记得按赞与分享！记得订阅我们的频道还有开启小铃铛，这样你就不会错过新影片的通知。我们下次见！

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Comprehensive Coverage
Third Party Insurance
保险
汽车保险
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Part One Of Driving Guide In Malaysia

As far as locations go, Malaysia is arguably one of the best places in the world you could visit. If you are staying so long that you need a vehicle to get around, or you value your comfort and need a private means of getting around, there are a few things you should make yourself aware of about the country’s driving practices. As far as driving goes in the country, most rules you’ll encounter are likely to be very similar to ones you already know and practice. After all, the universal goal of these regulations is to ensure your safety and improve your comfort. That said, it can’t be avoided that you’ll come across other regulations that will be a bit foreign to you. To that end, we’ve provided a two-part
driving guide
 in Malaysia to help you find your footing easily. Enjoy!

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Basic Driving Knowledge

Earlier, we mentioned that some driving rules in the country might be a common practice where you’re from while others sound entirely new. Owing to that, we’ll be starting our
driving guide
 with common knowledge in Malaysia.

Speed Limit In Malaysia

The first item on our list is the
speed limit
. The
speed limit
 varies wildly, depending on what part of the country you find yourself. For example, in most urban areas, you aren’t allowed to exceed 60 km per hour. The limit is more relaxed in rural areas as you can go as high as 90 km per hour there! In turn, the motorway speed limit is 110 km per hour. So knowing where you are can help you drive safely within the speed limit. Knowing where you are can help you drive accordingly.

Malaysia Driving Side

The practice among drivers here is to drive on the left side of the road. The vehicles in operation in Malaysia have their steering wheel located to the right. You must bear this fact in mind, mainly if you’re coming from an origin country that drives on the right side. Otherwise, you might get confused and in extreme cases, even involved in an accident. Understandably, you might need awhile to adjust to driving this way, if you haven’t before.

Blood Alcohol Limit In Malaysia

This is yet another aspect that you need to pay careful attention to. If you are driving, then your blood mustn’t contain more than 80 mg of alcohol. Since you can be stopped and subjected to a test by the police at any time, you must adhere strictly to this.

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Driving Age In Malaysia

If you plan on driving, the minimum age allowed behind the wheel is 17. To rent a car, however, you need to be at least as old as 23 in the country. As a nation, Malaysia takes everything traffic-related very seriously. Thus, anyone who drives has to be fully responsible for his/her actions on the road.

Please stay tuned for the concluding part of this driving guide in Malaysia!

Tags:
Blood Alcohol Limit
Malaysian Law
Speed Limit
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Understand Power Of Attorney In Malaysia

Can you be confident that your loved ones will inherit what’s rightfully theirs and that the wrong people won’t take it? That is why it is so essential to understand what the
Power of Attorney
 (POA) is and how it can be helpful to you!

What Is The Power Of Attorney?

A POA entrusts an individual, an agent, or a company responsible for handling your property on your behalf. A POA will give the individual limited or full authority to decide what to do about the property or asset in question. According to Malaysian law, a POA is a document or instrument that appoints a Donee (the recipient) as an attorney of the Donor (the one granting power); a document that gives specific capabilities to a Donee. Doners may contribute Donees’ general or particular abilities that are either revocable or irrevocable based on their needs and circumstances. They must state an appointed Donee in the POA document. A
POA
 serves as a convenience tool for individuals who reside outside of the country and need someone trusted to manage their properties (and other assets) on their behalf. Often in Malaysia, landowners grant a
power of attorney
 to developers to develop their lands. A
POA
 is also commonly used by the elderly to give specific powers or authority to their younger next of kin so they can take care of any land-related affairs on their behalf.

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Using POA In Malaysia

A Power of attorney provides authority for a wide range of purposes. The grantor can choose the extent and scope of the powers he grants to the appointed agent. They can use the document for the following purposes:

Award of contracts
: Company directors or administrators use this to conclude a contract with a client without the client

Incorporating a company in Malaysia
: Use POAs by entrepreneurs who want to start a business in Malaysia but cannot be physically present throughout the whole process.

Planning for real estate and finance
: Powers of attorney can also be for those who require financial assistance; they can also take effect if the principal loses their mental capacity to manage finances.

Health issues
: It comes to light when someone else is required to handle decisions regarding their health after the individual has lost mental capacity.

Revoke the powers of attorney contract if necessary. The legal provisions in the agreement also include a clause that clarifies the consequences for an agent who does not follow instructions.

Can The Donor Limit Powers Given To The Donee?

The Donor can limit the Donee’s powers by specifying what the Donee must follow. Donors may set the obligations, responsibilities, and undertakings of Donees on their behalf and fulfil their duties as Donees.

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What You Need To Do To Register For a Power Of Attorney In Malaysia

Do a registration of powers of attorney with one of the High Court registration offices in the area where they created the document. Specifically, either at the High Court of Malaya, Kuala Lumpur, or another high court in Malaya, West Malaysia. Obtaining a power of attorney in Malaysia requires the following documents:

A power of attorney in original form;

One pull of attorney copy;

The Donor’s and the Donee’s identification documents.

Sign one in the presence of a witness. Notaries public are typically involved in closing this document, but a magistrate, a land administrator, an advocate, or a commissioner for oaths may also conclude it.

Tags:
Donee
Donor
Estate
High Court of Malaya
Power Of Attorney
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Should You Get An Extended Warranty For Your Used Car?

Ninety-five percent of new-and used-car shoppers prioritize reliability when deciding on a vehicle. Knowing which cars are reliable is not enough for many shoppers. Protection is what they seek. A vehicle service contract, often called an
extended warranty
, appeals to consumers interested in buying a
used car
 or developing bumper-to-bumper coverage on a new car. No matter what type you choose, extended warranties give you peace of mind by limiting your financial risk for a specified amount of time. However, car owners often pay more for the coverage than they receive indirect
benefits
. It isn’t surprising since extended warranties generate a lot of revenue for those who sell them.

What Is An Extended Car Warranty?

Extended warranties, also called service contracts, are an optional plan you can purchase to help pay for some of the
costs associated with vehicle repairs
. It usually occurs when the
manufacturer’s warranty expires
, but there are times when the two overlap. However, extended warranties do not cover everything.

Do You Need An Extended Warranty?

Purchasing an extended warranty
 is primarily determined by the ownership plan of each individual. The
extended warranty
 may not be necessary if the car is used and sold within its warranty period. It may, however, result in better negotiations and a higher
resale value
 in the future. It is beneficial to keep the car longer than the standard warranty. Although cars today are more reliable than ever, some failures can still occur, especially after two or three years. It is when extended warranties come in handy.

What Does An Extended Warranty Cover?

The answer depends on the manufacturer as well as the model. The manufacturer typically offers the engine and electrical damage coverage but not wear and tear. Additionally, labor costs are covered, so you will not have to pay a dime if you need a complicated repair or replacement. You should also check third-party schemes since
insurance companies
 underwrite warranties. You are always better off getting your extended warranty directly from the manufacturer.

What Isn’t Covered?

It is not possible to use your extended warranty for general car maintenance. Many manufacturers do not cover everyday wear and tear parts such as brake pads, clutches, suspensions, and even some electronics. The warranty does not cover paint issues, rust, upholstery, or other factors that wear out over time. Extended warranties do not cover service performed outside the approved service center, accessories added after the warranty period, electrical modifications, paint scratches, accidental damage, floods, earthquakes, and rodent infestation. It’s always beneficial to buy an extended warranty, especially if you intend to keep your car for a long time. Some parts and faults are not covered, but what you get is a lot. The premium may be expensive, but it can save you a lot at the end of the day or help you sell your car for more money.

Buying It

You can get an extended warranty from the manufacturer or dealer. There may also be better options available from third parties. You are likely to find a better deal if you buy the extended warranty at the time of purchase. Make sure you find out the time limit if you’re not sure and want to think about it for a while. Extended warranties are usually available before the standard contract expires, but some manufacturers have a deadline. Also, look carefully at the coverage scheme before purchasing an extended
warranty
. The salespeople will entice you with tempting deals, but make sure the
warranty
 covers enough.

Tags:
Accidental Damage
Bumper-to-Bumper Warranty
Car Warranty
Extended Warranty
Used Car
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Insurans Kenderaan Terhadap Kemalangan Akibat Mabuk

Insurans kenderaan
 memberi pelindungan terhadap kerosakan yang diakibatkan oleh kemalangan. Tetapi, apakah yang akan berlaku sekiranya kemalangan itu disebabkan oleh pemanduan di bawah pengaruh alkohol atau mabuk? Adakah syarikat
insurans kenderaan
 akan membayar untuk kemalangan yang disebabkan
memandu dalam keadaan mabuk
? Teruskan pembacaan untuk mengetahui dengan lebih lanjut tentang jenis kemalangan akibat
memandu dalam keadaan mabuk
 serta senario insurans kereta dan bagaimana ia boleh mempengaruhi anda. Sesiapa sahaja yang memandu di bawah pengaruh alkohol mahupun dadah boleh dikenakan hukuman penjara dan juga denda.

Walaupun anda didapati bersalah, dan berdepan dengan risiko kewangan yang besar jika anda terlibat dalam kemalangan akibat pengambilan alkohol yang berlebihan, anda mungkin akan terkejut bila mengetahui bahawa syarikat insurans kenderaan akan memberikan anda pelindungan bagi sebarang kemalangan yang diakibatkan oleh memandu di bawah pengaruh alkohol. Tetapi ini tertakluk kepada syarat ketat
polisi insurans
. Di Malaysia, memandu di bawah pengaruh alkohol adalah pengecualian umum untuk
insurans kereta
.

Kenapa Syarikat Insurans Melindungi Pemandu Mabuk?

Benar, memandu dalam keadaan mabuk adalah satu kesalahan. Tetapi, perkara ini dianggap sebagai jenayah tanpa niat. Ya, anda memang tahu yang anda memandu di bawah pengaruh dadah ataupun minuman keras. Tetapi tidak ada siapa pun yang merancang untuk terlibat dalam kemalangan. Sebab itulah syarikat insurans anda tidak akan melindungi kerosakan kenderaan atau harta benda akibat daripada pengaruh dadah dan alkohol. Tetapi,
syarikat insurans
 masih perlu membayar kecederaan dan juga kerosakan yang dialami oleh pihak ketiga. Syarikat insurans juga masih berhak untuk membuat tuntutan balik ke atas apa yang diinsuranskan.

Senario Kes Pemandu Mabuk

Ini merupakan senario kes untuk anda – Seorang pemandu mabuk telah merosakkan kenderaan pihak ketiga serta mencederakan 3 mangsa di dalam kenderaan tersebut. Keluarga mangsa memutuskan untuk menyaman pemandu mabuk tersebut dan mahkamah membenarkan pampasan mahkamah sebanyak RM200k. Syarikat insurans akan membayar terlebih dahulu pampasan RM200k tersebut. Beberapa minggu kemudian, pemandu mabuk tadi menerima surat daripada syarikat insurans untuk membayar kembali RM200k tadi berserta dengan kos guaman kerana pengaruh alkohol adalah pengecualian.

Apa Yang Akan Terjadi Sekiranya Saya Mengisytiharkan Muflis?

Jika mangsa menang tuntutan mahkamah tersebut, pendapatan kewangan anda akan diambil kira untuk membayar semua kos guaman yang terlibat. Anda perlu tahu bahawa dalam sesetengah hal perundangan, anda mungkin akan terlepas jika anda mengisytiharkan diri anda muflis. Akan tetapi, ini tidak berlaku dalam kes tuntutan yang melibatkan pemandu mabuk. Kewajipan kewangan anda terhadap pemanduan mabuk akan tetap disimpan dalam rekod walaupun anda diisytiharkan muflis.

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Apa Yang Akan Berlaku Terhadap Polisi Saya Apabila Memandu Dalam Keadaan Mabuk?

Apa-apa pun, syarikat insurans anda tetap akan membayar kerugian mangsa. Tidak kiralah sama ada anda memandu di bawah pengaruh dadah atau alkohol. Tetapi selepas kemalangan itu,
polisi insurans
 anda mungkin akan terbatal atau anda perlu membayar dua kali ganda untuk insurans kenderaan setelah mengakibatkan kemalangan.

Kesimpulan

Jangan pernah terfikir yang anda akan terlepas daripada memandu dalam keadaan mabuk atau apa-apa jua kesalahan lalu lintas. Walaupun syarikat insurans akan membayar pampasan kepada mangsa dibawah perintah perundangan, mereka boleh menggunakan hak subrogasi untuk membuat tuntutan balik terhadap anda. Dan kesalahan itu akan dikenakan hukuman yang berat di bawah undang-undang Malaysia.

Tags:
Insurans Kenderaan
Insurans Kereta
Muflis
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Five Best Ways To Improve Your CCRIS Report

Recently, our community message boards have been flush with requests from members on the most efficient ways to improve their CCRIS records. It is genuinely pertinent information because while
CCRIS
 or CTOS can’t block you, the forms it provides financial institutions shape how you’re significantly perceived. So, if you want to improve your
CCRIS
 quickly, here are some of the best ways.

Debt Consolidation And Automation Of Monthly Loan Installment

Debt consolidation is when an individual combines all their existing debts into a new personal loan. By consolidating your debt, you can more easily monitor your
finances
 and plan appropriately. Once reduced, consider automating your repayments as well. That way, you’re less likely to miss an installment. Few things are more damaging to your CCRIS report than a history of missed payments.

Clear Overdue Loans First

You need to re-order your priorities and make settling any overdue
loans
 a significant priority. Naturally, this means cutting back on buying new clothes or getting the latest gadgets, at least for a while. By channeling all of these resources and more toward clearing your overdue loans, you’re slowly yet effectively cleaning up your CCRIS report.

Consider Getting An Extra Source Of Income

Earning a little extra cash is never a bad thing. And, when you can put that cash towards clearing outstanding debt, that’s even better. The good news here is that thanks to technology and the Internet, you don’t even have to exert to get a side hustle that’ll bring you that much-needed infusion of extra funds. You need to access any growing freelance platforms like Fiverr or People Per Hour and see your services.

Find a Fast And Safe Online Personal Loans

Another great option worth considering here is getting a trustworthy personal loan online. Following this line of action might be especially worthwhile for you if you’re a private sector worker and want to clear a long overdue small loan on your
CCRIS report
 as quickly as possible. As you’ll usually be able to easily find a wide range of providers offering small
loans with a shorter repayment
 period on the Internet, you need to make that work for you. At the same time, you might feel like you can ignore an overdue debt if it’s a small loan amount but don’t. Even that small loan is enough to make some banks reject your application!

Learn Financial Discipline

Financial
 discipline ensures you never borrow more than you truly need and can afford to pay back. It ensures that you spend what you borrow in a manner that doesn’t bring you more short or long-term expenses. So, following this practice will always do you good.

Bottomline

Cleaning up your
CCRIS report
 will take time and effort, but the sooner you get started, the faster you can see good results and access better credit.

Tags:
CCRIS
CCRIS Report
CTOS
Debt Consolidation
Personal Loan
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Betterment In Insurance Claim

Have you been in a car accident where your vehicle required a replacement part? Once you
filed a claim
, you discovered that you have to pay for something called “
betterment
.” If you were surprised by that, let us tell you that you are not the first. There is often confusion on the specifics of
betterment
 and how it works. Please read our short guide that explains this term and everything related to it.

The Principle Of Indemnity

The first thing to clarify is that betterment is a part of many
insurance policies
 in Malaysia. That means the
insurance companies
 offering the betterment are doing everything by the book and following the law. Now, let’s imagine that your car participated in a car accident. For example, a negligent
driver hit you
 from behind. After you
filed a claim
 of negligence, it turns out that you need a replacement part. One important thing to know is that the agencies process these negligence claims by using the principle of indemnity. That involves compensating the damage in a way to return everything to the previous state. The simpler explanation is that the
insurance company
 will try to put you back in the same place as if the accident never occurred. For example, let’s say that you need a replacement part after someone hits you from behind. Once you request for a
claim
 and it turns out that there is a 100% liability, that means you are not to blame for what happened. However, betterment is still applicable when calculating repair costs.

What Is Betterment?

Betterment is the sum you have to pay when your replaced vehicle part is substituted with a new one. The best way to explain why it exists and how it works is through an example. You are driving a six-year-old car and require a replacement part after it was damaged in an accident. The
insurance
 company approved the new components but also included a betterment cost that you have to pay. That is because the car and the part are both six years old, but the component you are getting is brand new. It means you are getting an upgrade, and betterment is there to even things out. Betterment only applies if you are getting a new part. The sum you will have to pay depends on the age of your car. Here is the table that explains the percentage applied when calculating the betterment:

How old is your vehicle?

The percentage you have to pay

Less than 5 years old

0

5

15%

6

20%

7

25%

8

30%

9

35%

10 and more

40%

That means there is no
betterment fee
 for a relatively new vehicle. It is also important to mention that betterment is only applicable if you want a new component instead of the old one.

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Is There A Way Around The Betterment?

The betterment factor only applies when the parts you are getting are new. You can ask for second-hand components to avoid paying the
betterment fee
. However, please bear in mind that you won’t be getting a new part, which can be a huge risk. Additionally, some policies have the so-called “waiver of betterment” available. That means you can purchase an add-on and don’t pay anything if the betterment factor comes into play. Instead, the insurance company will cover all expenses.

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Betterment
Insurance Claims
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Car Insurance Policy Price

It was time to renew your
car insurance policy
, and the agency informed you that your premiums would cost more than earlier. You might be wondering when did that happen and how often your car insurance rate will increase in the future. The experts indicate that it is impossible to determine how often the cost of premiums will change. However, you can consider numerous factors to discover when to identify rate adjustments.

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Why Did My Car Insurance Rate Go Up?

If you are wondering why you need to pay more for your policy than last year, these are the most common reasons.

You Lost Your No Claim Discount

That is the primary and most frequent reason why your
car insurance in Malaysia
 might increase. Before we discuss how you can lose the
No Claim Discount (NCD)
, let’s explain it briefly.
NCD
 is a discount that you get when
renewing your insurance
 deal for multiple years. The lowered price can go from 25% (second year) to 55% (after the fifth year). As you can see, that is a considerable difference. If you lose it, the odds are that you will have to pay a lot more for your insurance. Here are the two main reasons why you would lose the
No Claim Discount
:

You filed a claim – if you filed an
insurance claim
 during the last year, cancel the discount automatically. That is why many people avoid
filing claims
 when the damage costs are low.

Someone else filed it against your policy – it might be that a third-party filed a
claim
 against your current deal.

You Were Involved In A Collision

If you were a part of an accident, and you were the one to blame for causing it, your premiums might increase. That is because the
insurance providers
 will see you as a bigger risk than before. Every agency will check your violation history carefully. Apart from accidents, they will also consider
driving under the influence
 (DUI) or other violations.

Canceling A Policy Related To Car Insurance

Are your associated policies still active? If you cancel the homeowner’s policy, the odds are that your
car
insurance premium
 with the same provider will rise. There is another reason why your
car insurance
 cost might be higher than usual. You might have changed the provider, and it is your first year with the news agency.

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Other Reasons Why Car Insurance Rates Might Go Up

Your car insurance policy’s cost might increase for reasons that don’t have anything to do with you. Here is an overview of other factors that
affect the rates:

An increased number of accidents – the agencies might decide to change the rates because the overall number of incidents has gone up in recent years. That happens because of distracted drivers talking on smartphones, typing messages, etc.

More expensive to repair the car – the cost of repairs might change, especially with new safety features and car components.

Pricier healthcare – the healthcare cost might also go up, including medical treatments and therapy. That is why the agencies might be forced to alter the rates.

If you move to an area with a higher flood risk or another factor the company considers relevant to your
car insurance policy
, that could also be the reason for a higher premium rate.

Tags:
Driving Under The Influence (DUI)
Insurance Policy
No Claim Discount (NCD)
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Exposure And Coverage In Terms Of Insurance

Getting the right
insurance policy
 for yourself is always easier when you have a working understanding of the terms and phrases prevalent in the insurance world. Knowing what some of these words mean and how they apply to you might be instrumental in helping you pick the perfect
insurance policy
 for your needs. When it comes to insurance, most people tend to encounter a few challenges because of how confusing and convoluted language the insurance world can be. To fully understand any
insurance policy
 you plan on taking. You need first to make yourself familiar with the terms you are likely to encounter. Two of the most popular
terms of insurance
 are
Exposure
 and Coverage.

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What is Exposure?

In
insurance
,
exposure
 is used by insurance companies when referring to your potential to suffer accidents or any other form of loss. Exposure is a vital aspect of insurance because it is what every insurance company uses to determine the premiums it offers to each client. Mostly, your level of exposure plays a vital role in deciding whether or not an insurance company will provide you with its services. Not sure what we mean? Perhaps this will help. If you are a driver, the more you drive, the higher your exposure. This translates to the more often you drive, the higher your risk of being involved in an accident or other traffic-related problem complications. Similarly, city dwellers automatically generate higher exposure than rural dwellers since they are more likely to encounter potential loss.

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Some insurance companies also call their insured entities exposures. Unsurprisingly, once you take out insurance, you represent a risk to the insurance company as they must pay the required dividends the moment you
file a claim
.

Ways an Insurance Company Uses Exposure

Generally speaking, insurance companies can use exposure in any of the following manners.

Earned Premium

When you secure a policy with an insurer, you are expected to pay a certain sum for coverage (premium) over a particular time. Once the agreed-upon duration of time has lapsed, that premium can be considered a “profit” or “earned” by the
insurance company
.

Your exposure is key to determining your
premium as it offers your insurer
 clear insight into what level of risk they are taking on you.

Unearned Premium

In many ways, this is almost the exact opposite of the above. Unearned premium is that portion of the premium you paid to your insurer you’re still under coverage for. For example, let’s say you took out a 5 –year insurance on your vehicle for 5, 000 Ringgit. After the first year on that policy, your insurance company’s earned premium is 1, 000 Ringgit while its unearned premium is 4, 000 Ringgit. Note that an unearned premium could be returned if your package is canceled or you do not need that insurance anymore.

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What is Coverage?

Insurance coverage
 is the insurance used to cover certain risks or liability incurred by an individual. Coverage can be beneficial as it often comes in handy when you least expect it. You could get.

Auto Insurance

This insurance is used to cover your vehicle. How high or low the premium you’ll pay generally depends on several factors such as your driving history, how often you drive, where you are, age, and so on.

Life Insurance

What you pay for this often largely depends on factors such as age and gender. Other factors such as health status as well as an occupation also have an influence here.

There you have it. With this, you’re well on your way to taking out the best insurance policy for yourself.

Tags:
Coverage
Earned Premium
Exposure
Insurance Policy
Life Insurance
Unearned Premium
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Is Car Extended Warranties Worth The Money?

Reliability is what car buyers want. It is ranked high by 95 percent of new-and used-car shoppers when choosing a car. Yet, even knowing which cars are trustworthy isn’t enough for many consumers. What they want is protection. When consumers purchase a
used car
 or wish to extend the bumper-to-bumper coverage of a new unit, an extended warranty or service contract is an attractive option. In any case,
extended warranties
 limit financial risk for a specific period, providing peace of mind.

What Is An Extended Car Warranty?

Extended car warranties
 offer premium coverage for significant vehicle repairs or replacements over a set period. In most cases, the warranty begins when the manufacturer’s warranty is up, but sometimes the two overlap. Using a
car extended warranty
 may require you to take your car to an authorized repair shop, pay for the work upfront, and request reimbursement later.

Why An Extended Car Warranty Is Worth It

The following are five reasons why
extended warranties
 are worthwhile:

Significant Cost Savings

Extended car warranties are often questioned since they are separate from the vehicle and purchased separately. However, you can typically save a significant amount of money with an
extended auto warranty
. An extended warranty on a luxury vehicle like a Lexus or BMW could save you thousands of dollars. For example, a BMW 328i cylinder head replacement can cost an astonishing 45,985 MYR, many times the cost of an extended warranty. Although Ford, Chevrolet, and Toyota vehicles may have lower prices, they add up quickly as your vehicle’s reliability continues to deteriorate with time. It is further exacerbated by delaying necessary repairs. The cost of extended warranties is worth it regardless of whether you own a new Mazda or a Toyota with more than 60,000 miles.

Having Peace Of Mind

Whether your car is a new or used model, extended warranties provide extra coverage if you need it or
cannot afford the repairs
. The price of repairs, replacement parts, and labor might be challenging to pay once a factory warranty expires. By purchasing an extended auto warranty, you eliminate this source of anxiety and will be protected from
costly repairs
. Additionally, it removes the hassle of filling out lengthy paperwork and haggling with mechanics for a fair price.

Benefits Often Overlooked

A
car extended warranty
 can be beneficial in stressful situations in more minor well-known ways. For example, with an extended car warranty, you’ll get roadside assistance,
rental car
 reimbursement, towing, trip protection, and affordable payment options. Don’t worry about getting to a mechanic or accommodate yourself in the event of a mechanical breakdown with 24/7 roadside assistance.

Flexibility Like No Other

An
extended car warranty
 provides unparalleled flexibility in comparison with manufacturer warranties. For example, a service contract allows you to take your car to any authorized repair shop. At the same time, a manufacturer’s warranty usually requires you to take the vehicle to a specific dealership. In addition, you can shop around for the most affordable coverage options by purchasing a third-party warranty.

An Increase In Resale Value

You can offer the new owner a comprehensive
car extended warranty
 by transferring the extended warranty, usually inexpensive. However, your vehicle’s service contract may attract individual buyers, resulting in increased interest and a higher sale price.

Tags:
Extended Warranty
Resale Value
Roadside Assistance
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