2012 New Motor Insurance Premium Framework | Motor Insurance Online

New Motor Insurance Premium Framework | How are your motor insurance premium computed and How much more are you going to pay for your motor insurance in 2012?

Get the answers here….
In case you do not know, starting this 16th January 2012 the Malaysian Insurance industry will be imposing some small increases to your existing motor insurance premium. These prescribed increases are applicable for the year 2012 but with gradual increases till 2016 when the motor insurance premium structure would by then be liberalised. Don’t worry about the increases, these are really very small amount and in the process would enable customers to purchase their insurance requirements with much ease. Here are the schedules of the premium increases, applicable whether you are purchasing comprehensive, third party fire & theft or third party insurances. The additional premium listed are subject to both loading and no-claim-bonus discount. However these are NOT applicable for purchases made at Malaysia Motor Insurance Pool (MMIP).

If you are an agent or insurance practitioner you may opt-in for the more detailed premium framework below….

GET YOUR NEW MOTOR INSURANCE FRAMEWORK ONLINE TODAY
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Premium Differences (Extra Premium per vehicle) between existing & new Motor Tariff 2012 (similarly applicable for Comprehensive, third party fire & theft and third party insurance)

Private Vehicles
Cubic Capacity Not Exceeding  West Malaysia East Malaysia
1400                       12.15                         6.00
1650                       13.50                         6.90
2200                       15.30                         7.80
3050                       17.10                         8.40
4100                       18.45                         9.30
4250                       19.80                         9.90
4400                       21.60                      10.80
Over 4400                       22.95                      11.40
Motor Cycles
Cubic Capacity Not Exceeding  West Malaysia East Malaysia
50                          1.20                         0.80
100                          1.40                         0.80
125                          1.60                         0.80
225                          2.00                         0.85
350                          2.50                         1.25
500                          2.90                         1.45
Over 500                          3.20                         1.60
Public Taxis 
Cubic Capacity Not Exceeding  West Malaysia East Malaysia
1400                       23.40 11.7
1650                       27.00 13.5
2200                       30.60 15.3
3050                       34.20 17.1
4100                       37.80 18.9
4250                       39.60 19.8
4400                       43.20 21.6
Over 4400                       46.80 23.4
Hire Cars – Chauffeur Driven
Cubic Capacity Not Exceeding  West Malaysia East Malaysia
1400                       35.45                      17.75
1650                       40.95                      20.45
2200                       46.40                      23.20
3050                       51.85                      25.90
4100                       57.30                      28.65
4250                       60.05                      30.00
4400                       65.50                      32.75
Over 4400                       70.95                      35.50
Goods Vehicle – C Permit
Carrying Capacity Not Exceeding  West Malaysia East Malaysia
500 KG                       18.60                         9.30
1000 KG                       22.30                      11.15
1500 KG                       24.15                      12.10
2000 KG                       26.00                      13.00
3000 KG                       27.90                      13.95
4000 KG                       29.75                      14.85
5000 KG                       33.45                      16.70
6000 KG                       33.45                      16.70
7000 KG                       35.30                      17.65
8000 KG                       35.30                      17.65
9000 KG                       37.20                      18.60
10000 KG                       37.20                      18.60
Goods Vehicle – A Permit
Carrying Capacity Not Exceeding  West Malaysia East Malaysia
500 KG                       28.05                      14.00
1000 KG                       37.40                      18.70
1500 KG                       39.75                      19.90
2000 KG                       42.10                      21.05
3000 KG                       46.80                      23.40
4000 KG                       49.10                      24.55
5000 KG                       53.80                      26.90
6000 KG                       56.15                      28.05
7000 KG                       58.50                      29.25
8000 KG                       60.80                      30.40
9000 KG                       63.15                      31.60
10000 KG                       65.50                      32.75
Buses – Express
Passenger Carrying Capacity West Malaysia East Malaysia
8                       55.40                      27.70
9                       58.90                      29.45
10                       62.35                      31.15
11                       65.80                      32.90
12                       69.30                      34.65
13                       72.75                      36.35
14                       76.20                      38.10
15                       79.65                      39.80
16                       83.15                      41.55
17                       86.60                      43.30
18                       90.05                      45.00
19                       93.55                      46.75
20                       97.00                      48.50
21                     100.45                      50.20
22                     103.95                      51.95
23                     107.30                      53.70
24                     110.85                      55.40
25                     114.30                      57.15
26                     117.80                      58.90
27                     121.25                      60.60
28                     124.70                      62.35
29                     128.20                      64.10
30                     131.65                      65.80
31                     135.10                      67.55
32                     138.60                      69.30
33                     142.05                      71.00
34                     145.50                      72.75
35                     148.95                      74.45
36                     152.45                      76.20
37                     155.90                      77.95
38                     159.35                      79.65
39                     162.85                      81.40
40                     166.30                      83.15
Status quo
(1) Hire Cars – Hirer Driving
(2) Motor Trade
(3) Public Bus
(4) Private Bus
(5) School Bus
(6) Special Type
(7) Motor Cycle Trade
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6 comments for “2012 New Motor Insurance Premium Framework | Motor Insurance Online

  1. chan ck
    December 16, 2012 at 19:52

    Hi! When is the new premium for 2013 coming out?
    Understand every year there will be increase in premium for motor.

    • Anonymous
      December 30, 2012 at 09:21

      Still not yet until now but it seems statistics had already been submitted to Bank Negara.

  2. Anonymous
    February 20, 2012 at 23:17

    It is ok as i am paying lesser now than previous when i bought from the motor pool. Show the industry is carrying out responsibility for the consumers.

  3. Ng Eng Yew
    January 26, 2012 at 20:10

    Has the amount of “gradual increase of premium” confirmed? When will the effective date of the next increase be – 16/01/2013?

    Personally I feel that the increase is in such gradual amounts, we would be better of in going on a once-off increase rather than such progressive increases. There are few potential impacts here

    i) Renewal notices are printed in advance. Premium may not actually reflect the actual price printed on renewal notices

    ii) Workwise seem impractical as this would involve system changes – need to pay the programmers esp if using outsourced IT/e-cover note services and also the amount of testing that is involved.

    iii)Endorsements to existing policy (esp extension) may have premium computational issues esp if the company’s system is implementing a table-driven premium computational system (hence may involve a lot of manual checking to cross reference the previous premium) – this will heavily depend on the system architecture/design.

    It would be good if some certainty can be given as most companies have to prioritise projects and look into every angle possible. As it is this announcement to effect this on the 16/01/2012 comes rather last minute.

    • January 28, 2012 at 15:49

      Mr. Ng, A gradual increase is good for the consumer than a one-off increase, which the latter is a great burden….
      i) Although renewal notices are already printed in advance perhaps 3 months earlier on but the insurers can resend a supplementary to their customer telling them that there will be increase-in-premium if they renewed their policy on or after 16th January 2012. Of course you have some insurers ready to issue renewal cover if the insured could produce the renewal notice document with the prescribed “old” computed premium. PIAM motor sub-committee had agreed to enforce on the basis of transaction date, i.e. any e-cover issued on and after 16th January 2012 will auto-computed under the new premium table.
      ii) System changes nowadays are unavoidable so if you are an agent it makes better business sense to ride on your principal’s point-of-sales systems rather than trying to own one or having one’s outsourced system. It is best to leverage on the principal’s systems. If your agency is on own controlled point-of-sale system it is best to make the change now.
      iii) For endorsements, I think PIAM motor sub-comm has agreed to adopt “follow the premium structure of the policy” which mean any policy issued with the old premium structure then the endorsement is computed on the basis of the old premium structure even if the date of the endorsement is on or after 16th January. I think with this thoughts it would make things much more easy for the industry in implementing this premium structure change.

      Yes, I agreed with you that this change is a last minute thing…. I cannot comment as this is not the problem of the industry byt rather lies with the various authorities….

      Cheers are happy Chinese New Year!

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