Category: Motor Tariff

Motor insurance is operated on a tariff platform, meaning from rating, terms and conditions of cover, and how motor insurance is being sold, handled and distributed….. they are within the FRAMEWORK or better said, “IN A BOX”

What’s Next As General Insurers And Takaful Operators Prepare For The Unknown Poser Of The Phased Liberalisation Roadmap

The liberalisation roadmap (specifically referred to as the “Phased Liberalisation of Motor and Fire Tariffs” and referenced as BNM/RH/PD 029-8) had been put into effect on 1st July 2016 (by Bank Negara) but so far what have the General Insurers and General Takaful Operators been doing….?

The Post-1st July 2016…. Till 1st July 2017

As of now till 1st July 2017 we can only see submission in regards to submission to PIAM’s IPREB for wordings approval, firstly for those existing products that fall within current tariff framework but somehow part of product’s component or section may require a revisit from the tariff angle, and secondly, some insurers may wish to introduce some new add-ons (or currently called extension cover) of standalone products that leverage on the tariff products, for example passengers’ PA leveraging on Motor Insurance.

Liberating the Malaysian Motor and Fire Insurance Tariffs

In the first phase (the first year of implementation, starting July 1), the industry will be allowed to offer “new products” and optional add-on covers at market rates. This can include, for example, additional policies to cover engine hydro-lock (water entering the engine in lightly flooded areas, separated out from the currently costly flood damage insurance), lost car key replacement, and perhaps even the availability of courtesy cars.

Motor Insurance Premium Increases in 2015 | Malaysia Insurance Everyday

This 2015 tariff premium increase is the 4th of the scheduled increases mooted under the 2011 New Motor Insurance Cover Framework that was established by a Joint Working Committee comprising of Bank Negara, PDRM, Ministry of Health, Judiciary, Malaysian Bar, Ministry of Finance, Insurance & Takaful Industry, Consumer associations and Transport associations. The implementation date is 23 February 2015.

2014 Motor Insurance Premium | Malaysia Insurance Online

The 2014 Motor Insurance Premium Rates are out and taking effect as from 15th February 2014. Of course there are increases but I do not foresee the premium increase is going to be damaging to the wallet, rather a soft landing for the rakyat and yet enable both insurers and takaful operators to cash-in on some additional premiums to better cope with the deteriorating trend of our country’s motor insurance losses, if at all the Malaysian Motor Insurance Pool (MMIP) is taken into consideration. And yes, this is the third such increase since 2012….

2013 Motor Insurance Premium Rates | What has increased?

The 2013 Motor Insurance Premium Rates are out and there are increases but I do not foresee the premium increase is going to be damaging to the wallet, rather a soft landing for the rakyat and yet enables both insurers…

Motor Insurance Claim Handling Process

I like this article that was written by one Ms Lim Ka Ea, on her recent experience trying to understand how the motor claims handling process works…. You can view it over at the malaysian insider. I can understand her…

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…

Market Value for Motor Vehicles

Market Value of Vehicles, Why not for the Birds?

How To Determine The Market Value of Your Motor Vehicle For Insurance? Check no further…. read this; it is from the Central Bank, The Consumer & Market Conduct Department…. Insurers and Takaful operators must ensure that they (including their agency…

Latest Proposed New Motor Insurance Framework – Rakyat Di Dahulukan

The old TPBID or ACT Scheme

PROPOSED NEW MOTOR COVER FRAMEWORK — An extraction from the recent CONSULTATION SESSION WITH INSURANCE & TAKAFUL INDUSTRY on 23rd February 2011 This new motor framework was structured very much differently from the earlier version (refer to Fig 1 below…

Passenger liability: Your kids are not covered…….

What is passenger liability cover in your private vehicle insurance policy? It simply means coverage for you in the event your passenger(s) sue you or your authorised driver for having driven the car negligently, resulting in bodily injury, death or…