Can I backdate my car insurance and road tax renewal?
02 November 2009
This happens when your car insurance and road tax have expired for some time.
In fact, you are not allowed to backdate your insurance and road tax. Here’s an example you may refer to:
Case 1
Mr. X’s car insurance and road tax expired on 1/11/09. Today is already 7/11/09 and he decided to renew his insurance and road tax. He wishes to backdate renew his insurance and road tax from 2/11/09.
It is impossible to cover your vehicle with the period of cover that is already past. By the way, it’s not fair for owners to pay to protect the past, and impossible. Thus, the period of cover must always start from today or future.
As for Mr. X’s case. He should start his renewal on 7/11/09.
If he had an accident or encountered theft during this week time with no insurance coverage, it would be at his total responsibility for damage or loss of his vehicle.
*If you think this post is wrong or confusing, please leave a comment.
Posted in Accident Claim, Car Theft, Insurance / Takaful Related | No Comments »
Can I purchase my car insurance from 2 or more insurance companies?
22 October 2009
Unfortunately, there is a restriction for insureds to purchase or renew with more than 1 insurance company. Some might insure with 2 or more insurance companies, so that they can profit from the insurance companies. However, this is not allowed.
It is a breach of a clause in the agreement that says that the insured must not be insured by more than one insurance provider. Insurance companies have the right of not compensating when you are making a claim, or the total claim amount will be split among the insurance providers accordingly.
You must remember that you must not profit from insurance claims.
* If you think this post is wrong or confusing, please leave a comment.
Tags: car insurance advice
Posted in Insurance / Takaful Related | No Comments »
Can I purchase third party coverage if vehicle is still under hire & purchase (car loan) service?
13 October 2009
Unfortunately, the answer is NO. You must purchase Comprehensive coverage plan for your vehicle when your vehicle is still under hire & purchase service by any financial institutes.
The reason is: when your vehicle is under hire & purchase service, the financial institute (bank or credit company) own the vehicle and not you. Thus, in order to protect the vehicle, it is compulsory to purchase the full comprehensive coverage plan until you have fully paid off or settled the hire & purchase service. Till then, you may decide to purchase either comprehensive or third party coverage plan on your own preference.
* If you think this post is wrong or confusing, please leave a comment.
Tags: third party coverage
Posted in Insurance / Takaful Related | No Comments »
Comprehensive or Third Party?
13 October 2009
The difference between comprehensive and third party coverage is vast. While you are deciding which coverage you should opt for, there are a few things you may need to consider.
1) Age of your vehicle
2) Value of your vehicle
3) Is your vehicle under hire & purchase (car loan) service?
Usually, owners will opt for third party coverage when their vehicles are old, have low value and finished hire & purchase service.
* If your vehicle is still under hire & purchase (car loan) service, it’s compulsory to purchase COMPREHENSIVE coverage only.
However, it’s wise to have comprehensive coverage.
Insurance Type / Cover Third Party Comprehensive
Liability to third party involved for:
injury YES YES
death
property loss / damage
Loss / damage to own vehicle NO YES
due to accidental fire / theft
Loss / damage to own vehicle NO YES
due to accident
Insurance Type / Cover
Third Party
Comprehensive
Liability to third party involved for:
injury
YES
YES
death
property loss / damage
Loss / damage to own vehicle
NO
YES
due to accidental fire / theft
Loss / damage to own vehicle
NO
YES
due to accident
Tags: car insurance advice, Comprehensive coverage, third party coverage
Posted in Insurance / Takaful Related | No Comments »
JPJ or PDRM system down – Renew your insurance and road tax earlier
05 October 2009
It is always not advisable to renew your car insurance and road tax the Malaysian preferred way, the last minute way. You may think that you will definitely get them done even at the very last minute. Unfortunately, you must always remember this, “Things tend to break down when you need them the most. ”
Case 1:
Mr. A renews his car insurance and road tax on the same day of his car insurance and road tax expiry. Everything goes fine until when he waits for his road tax. He is informed that he has a traffic summon to be settled before he can have his road tax renewal done. Unfortunately, the PDRM (traffic police) system has been down for quite some time and he is unable to settle his summon. Thus, he could not drive his vehicle for the entire week, and till the day where he is able to pay the summon. The JPJ system is down for some unknown reasons, and he has to wait again till the system is back online in order to renew his road tax.
Imagine the inconvenience Mr. A experiences during the waiting period.
It is always good to get things done before it gets urgent. It helps save your unnecessary troubles and problems.
* If you think this post is wrong or confusing, please leave a comment.
Tags: car insurance and road tax renewal advice
Posted in Insurance / Takaful Related, Road Tax Related | No Comments »
Advice on unnotified cancellation of your insurance / takaful policy
30 September 2009
It is a fact that car insurance or Takaful has to be done in order to renew road tax. However, when you receive your insurance E-Covernote and road tax, you are advised to contact your selected insurance company to ensure your vehicle is being insured.
Case 1:
Mr. A assigned a proxy and made payment to renew car insurance and road tax. He received an insurance E-Covernote and road tax. A year later when his car insurance and road tax are expiring, he called to the insurance company to check his accumulated NCD and he was told that his insurance was canceled a year ago on the same day he received the road tax . And he knew nothing about it.
Mr. A was fortunate enough that his vehicle was not stolen or did not get into an accident during the entire year. If he were involved in an accident or theft, he would suffer a relatively large sum of loss.
Finally, Mr. A knew that the proxy was actually cheating and reported to insurance company.
Readers are advised to recheck the status of car insurance with your insurance company to ensure your car insurance coverage plan is active even if you receive E-Covernote or Policy.
If you think this article is wrong or confusing, please leave a comment.
Tags: insurance and takaful advice
Posted in Insurance / Takaful Related | 1 Comment »
Last minute car insurance or Takaful and road tax renewal
18 September 2009
Yes, you may still renew your car insurance or Takaful and road tax one or two days before expiry date or holiday. You may simply log on to www.EasyRenew.com.my to perform your renewal and you will receive insurance and road tax within half a working day(Klang Valley) or next working day (Nationwide) without submitting your car registration card.
However, it is not advisable to renew your car insurance and road tax at very last minute.
*If you think this article is wrong or confusing, please leave a comment.
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