Car Insurance

[bugbear]

I hope some of you here can help me out concerning car insurance. My dad has a 26 year old Nissan 120Y car which he want to renew his road tax. So he went to his usual insurance agent for the required insurance but was told that they do not issue insurance cover for car older than 25 years old. Is that true? How do we proceed from here? :confused:

[Lau_utlang]

Ya, The insurance company is not renewing cars older then 25yrs. some insurers are also avoiding 15yrs old car. What you can do is ask the agent to refer you to the high risk pool. This is operated by PIAM (i think).

[rakyat]

Nope, insurance co. cannot refuse to cover cars based on the age of the vehicle. Most probably u r lookin for 3rd party insurance hence the agent/ ins. co. tried to aviod. In theory, ins. co. cannot reject any private used motor insurance but u need to take it up w. BNM

Ins. Co. normally impose some loading based on age of vehicle and have a min. sum Insured for comprehensive insurance (RM8k?) Agents avoid b'coz the commission might not be enuf to cover their petrol.

U can try walkin into an agent's office or an ins. co directly (save 10% com)

[bugbear]

Thanks for the advice guys. Really appreciate it cos i was in a fix as to what to do. What is BNM by the way?
The previous insurance for my dad's car is 3rd party all the while until now when they just flatly refuse to process his car insurance. Anymore advice will be gladly received. Thanks.

[fRaNkY]

I guess its time to take the proton RM5000 offer and get a new car. With all the scary drivers around.... you need car insurance... not for your car but 3rd party!

[rakyat]

Thanks for the advice guys. Really appreciate it cos i was in a fix as to what to do. What is BNM by the way?
The previous insurance for my dad's car is 3rd party all the while until now when they just flatly refuse to process his car insurance. Anymore advice will be gladly received. Thanks.

Bank Negara Malaysia (BNM) forward to Financial Mediation Dept.
How much is the mkt value of the car anyway? Try insuring comprehensive with ur NCD should be slightly more xpensive then 3rd party but u get more coverage and more insurance co. will accept.

[bugbear]

Bank Negara Malaysia (BNM) forward to Financial Mediation Dept.
How much is the mkt value of the car anyway? Try insuring comprehensive with ur NCD should be slightly more xpensive then 3rd party but u get more coverage and more insurance co. will accept.
I am not sure how much you can get for a 26 year old car but certainly not more than RM5,000 for sure. Ok. I will try for the more xpensive option but what to do? This is getting a bit tiresome. :o

[ceo684]

Can try kurnia?

[bugbear]

Can try kurnia?
They allow insurance for 26 year old car?

[scorgio]

Nope, insurance co. cannot refuse to cover cars based on the age of the vehicle. Most probably u r lookin for 3rd party insurance hence the agent/ ins. co. tried to aviod. In theory, ins. co. cannot reject any private used motor insurance but u need to take it up w. BNM

Ins. Co. normally impose some loading based on age of vehicle and have a min. sum Insured for comprehensive insurance (RM8k?) Agents avoid b'coz the commission might not be enuf to cover their petrol.

U can try walkin into an agent's office or an ins. co directly (save 10% com)
Ur info is not quite updated. Currently Kurnia, P&O, Lonpac, UniAsia, MAA (this 5 I enquired) do not accept ANY 3rd party proposal.

Tahan, for any 3rd party ins request, must submit application. But 9 out of 10 rejected. But Tahan's 1st party minimum insured value is RM5k. One of the lowest.

Etiqa Takaful accept 3rd party, but insurer must also buy PA (something like passenger liability w personal accident).

I managed to insure 5 vehicles under 3rd party with Allianz. Under the condition that, for private vehicle, I must add Road Warrior package (tow truck & roadside assistance). While for commercial vehicle, must add workmen compensation insurance.

[scorgio]

They allow insurance for 26 year old car?
Avoid Kurnia.
They don't take 3rd party anymore.
While their 1st party is the worst in the industry.
Claim takes damn long.

[rakyat]

Ur info is not quite updated. Currently Kurnia, P&O, Lonpac, UniAsia, MAA (this 5 I enquired) do not accept ANY 3rd party proposal.

Tahan, for any 3rd party ins request, must submit application. But 9 out of 10 rejected. But Tahan's 1st party minimum insured value is RM5k. One of the lowest.

Etiqa Takaful accept 3rd party, but insurer must also buy PA (something like passenger liability w personal accident).

I managed to insure 5 vehicles under 3rd party with Allianz. Under the condition that, for private vehicle, I must add Road Warrior package (tow truck & roadside assistance). While for commercial vehicle, must add workmen compensation insurance.

Nope the BNM circular came out early this year: Insurance co. cannot reject 3rd party insurance; cannot 'force' clients to buy motorist PA as a criteria for insuring their vehicle.
This of course is the mandatory guideline to all insurance co. but what they or their agent verbally tell u is not admissable. Notice there is no written rejection or written indication that 3rd party insurance must be complimented by motorist PA.

Again how many ppl are willing to lodge a complaint to BNM's FMB in order to get their car insured? There was mayb 2 ppl who dared in 2008 and to BNM officially only these 2 persons were 'squeezed' by the ins. co.

P/S do u know that the minimum one need to insured their car is not 3rd party but an even lower form of insurance called ACT? RM60.75 for 1.4 cc, RM67.50 for up to 1.6 cc

[ceo684]

They allow insurance for 26 year old car?

Well, I dunno how many years but I did get my 77 datsun insured by them a couple years back. Nowadays I heard kurnia claims dept has gone thru a massive turnover of staff... :eek:

[Phres]

what is ACT insurance and how does it work? the RM60++ premium it is affordable.

[rakyat]

what is ACT insurance and how does it work? the RM60++ premium it is affordable.

ACT covers only 3rd party bodily injuries caused by an accident; 3rd party covers bodily injuries and property damage.

In theory this is the min. u need to insure but good luck looking for insurance co. to issue ACT coverage only as BNM only stipulate that ins. co. cannot refuse 3rd party & comprehensive only.

[bugbear]

Heck, I am confuse now. So all these Ins Co. are not telling the truth? Like, they refuse to let us poor rakyat buy 3rd party insurance for our old car? Maybe I need to re-look at the ins. Co again and ask some hard question.

[Mrs A Tham]

Avoid Kurnia.
They don't take 3rd party anymore.
While their 1st party is the worst in the industry.
Claim takes damn long.

I had too stopped kurnia due to unsatisfy claim adjustments. Road accident some 10 years back at Fed Hway. A car from behind ram into mine causing bad damage. It was raining I think the back fella skided.
My car was hauled to a workshop in Subang and fixed. Total lost of usage was 31 days. Very inconvenient. Tot can claim lost of usage. I claimed 31 days. Kurnia only committed 18 days. It seems the mechanic shop had my car fixed in 18 days. They called the Kurnia adjuster which takes them 1 week to come and another 1 week to come out with the paperwork. I had asked the workshop why didn't call me to collect my car when ready. They told me before adjuster report, better not touch car yet. So I went back to Kurnia as was unsatisfy with the claim and the work done. They say its the policy and not how long it takes for their adjuster to work. Now I was so pist off. I made a complain to the workshop why my car was not done properly and they say because the Insurance company had slash the amt submitted to do such job...so at the end they can only do what they can according to the amount offered by the Insurance co. Until now I am still in the blurr as how these Insurance Co commit to claims?? :confused:

[LMei]

I am paying the insurance for my car that covers the current market value for my car which was at RM8000. However when I tried to renew today, Kurnia has a new policy that says the minimum coverage must be at min RM10,000. Is this implemented across every insurance company or it's just Kurnia?

[bslee]

I am paying the insurance for my car that covers the current market value for my car which was at RM8000. However when I tried to renew today, Kurnia has a new policy that says the minimum coverage must be at min RM10,000. Is this implemented across every insurance company or it's just Kurnia?

For info,maybe sidetracking. Insurance companies are blatantly avoiding 3rd party insurance and the DGI is not really helping here, asking the companies to solve the problem themselves. It doesn't make sense if the car is valued at RM1k to 5k and you insure for minimum 8k or whatever. They're NOT going to pay 8k in claims anyway. The insurance companies are there to make money and not entirely to YOUR favor..thats the scenario now.

Anyway there's an alternative called MMIP (Malaysia motor insurance pool) which MultiPurpose Insurans and Takful Nasional are involved in 3rd party insurance. Their contact number is 03-20349988 for further details.

This is what I've been finding out past 2-3 weeks to solve some issue I have of reviving an old banger car.

[tupai]

my younger sis' dunno 4th or 5th car is a good condition, very cold aircon, 1 turn can start, economical on gas, good pioneer brand stereo sumore, near zero maintenance 20yr old ,metallic blue toyota corolla (ok, ok, got a bit of rust at the hood edges) with ?XX,000km on the clock, was sold to her gardener for a bolehland prince's ransom of RM1,500.00 (Ringgit: One thousand Five hundred only) :D

how is he (the gardener lah) to insure the car also i blurblur already!

Yang Blur latotupai :confused:

[bslee]

how is he (the gardener lah) to insure the car also i blurblur already!


The companies let you be blurr blurrrrrr for all they care. They strategize to THEIR ADVANTAGE. The gahmen, in not so many words is like "hands off", which that is what I'm now convinced is happening. I rang up one company and they say, you must also take on other insurance polices just to have car insurance. There's very fishy things going on and its at YOUR expense..not theirs. Malaysia Boleh!
Yah!..go pursue and bang table with them ah?.. again its YOUR time, effort and other expenses to seek justice. Now you know why I'm hate so many things going on in this country. There's only so many things one can tolerate. Its reached well beyond one's limit.

[bugbear]

I believe the gomen is hand in glove with the insurance co to wring the rakyat dry. The strategy is to force you and me to buy new car by forcing your hand. This in turn make Proton and AP holders happy as more people buy new cars.

[deuces]

I am not sure how much you can get for a 26 year old car but certainly not more than RM5,000 for sure. Ok. I will try for the more xpensive option but what to do? This is getting a bit tiresome. :o



a 1983 nissan 120y. more than rm5,000? really? you may be dissapointed my friend.
very disappointed.