Flood harm cowl for motorcar insurance in Malaysia – how a lot does the Particular Perils add-on package deal value? – paultan.org – Paul Tan & # 39; s Automotive Information
When you renewed your auto insurance, you were likely offered several add-ons to add to your policy before paying. One of the most common is flooding, or special hazards, which are becoming increasingly important given the recent flooding that has struck several states in Malaysia (and future such incidents).
When looking at pictures of submerged cars on social media, it becomes clear that the risk of flooding should not be overlooked as it can have a serious impact on your financial well-being. You could live in an area not prone to flooding, but if you drive off and there is a heavy downpour, things can change quickly and you and your vehicle could get into an undesirable situation.
If your policy doesn't include specific hazard coverage, there isn't much you can do to make a claim in the event of flood damage to your vehicle and you will likely have to spend a lot of money to pay a hefty repair bill.
Many insurance providers offer a special risk protection for a certain fee, which is usually calculated by applying a tariff to the agreed / insured value of the vehicle. It still won't be nice to see the condition of your car after a flood, but you will at least have some financial coverage for recovery.
Special rates for coverage of risks by insurance providers in Malaysia; click to enlarge
With that in mind, we scoured the internet to find out how much it would cost you to get coverage for specific hazards with some insurance providers. It was not easy to find these numbers as some are readily available, while for others we had to call helplines to inquire.
These tariffs relate to the total sum insured, but some insurance providers allow you to determine the sum insured that is associated with different tariffs. Certain special protection options can also be limited by the fact that some only cover floods, while others have extended coverage to other acts of God (volcanoes, landslides, trees, lightning strikes, etc.). This is a simplified overview and it is always best to check and contact your specific insurance provider or agent for the fuller details.
As you can see, the tariffs for covering special risks with the insurance providers listed do not exceed 1%, some even only 0.2% and others even 0.5%. Since these rates are applied to the sum insured, the higher the sum insured, the more you have to pay.
For example, if you insure for RM 25,000, you only pay RM50 with insurance providers like Allianz, AXA, MSIG and Tokio Marine. At higher rates such as those from AIA, AIG, Etiqa, Kurnia, RHB and Takaful, the amount to be paid is between 63 and 125 RM.
These amounts increase as the sum insured increases, as shown by examples of RM50,000, RM100,000 and RM200,000. Remember that the amount payable is subject to 6% SST Special Hazard Cover and you could save if there are ongoing promotions or discounts.
For a small fee in relation to the value of your vehicle, you can save yourself emptying your bank account to have your vehicle repaired due to flood damage. When you renew your auto insurance, covering specific hazards should be high on your priority list so you can have peace of mind. Nature is unpredictable, but you don't have to be protected.