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?

[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.

[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...

[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.