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….
What category of vehicles are affected?
Vehicles affected are Private Cars, Motorcycles and Express Buses. Do note there are differences between premium chargeable for West Malaysian and East Malaysian vehicles – based on location of usage.
I have compiled numerous tables so that you can compute exactly what you are likely to pay when you eventually make the purchase or renew your policy. Do note the increase in premium has not taken into account loading imposed by the insurer / takaful operator but you are still entitle to the No Claim Discount deduction. Do check out the new premium first before making the purchase or renewal. You may download the following file (by clicking on the link below) for the computation (especially if you are an insurance agent).
For convenience, you can get to the following motor insurance portal and secure a quote accordingly:
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Statement noted from Persatuan Insuran Am Malaysia (PIAM) in regards to this 2014 increase:
|The General Insurance Association of Malaysia (PIAM) said in a statement that the new motor cover framework has a two-pronged strategy, that is to enhance efficiency in the provision of motor cover by the industry, and a gradual price adjustment that would ensure that the public is able to purchase motor insurance at affordable premiums.
PIAM emphasised that the adjustments would be small and gradual. For a private car of 1,400cc, for example, the premium adjustment would be between MYR6 (US$1.60) and MYR34 per year over four years. For express buses, the impact of the premium adjustment on passengers would be minimal, at less than 10 Malaysian cents per passenger per trip, it noted. Unlike previous years, there is no premium adjustment for vehicles carrying commercial goods, taxis and cars for hire (chauffeur-driven) during this round of adjustment.