1) What is this product about?
This policy provides insurance against damage to your own vehicle and/or your liabilities to other parties such as injury or death, damage to other parties’ property and accidental or fire damage to your vehicle as a result of a motor accident depending on type of cover selected.
2) What are the covers / benefits provided?
- Comprehensive Cover, accidental or fire damage to your vehicle or theft of your vehicle.
- Third Party Cover - it will cover:
- Death or third party bodily injury;
- Third party property loss or damage.
Optional benefits available with Comprehensive Cover that you may wish to purchase by paying additional premium:
- Windscreen damage
- Riot Strike & Civil Commotion
- Passenger liability cover
- Damage arising from flood and landslide.
The above optional benefits are for Private Car only. There are separate extras for Commercial Vehicles. No optional extras are available for Third Party cover.
Duration of cover is for one year. You need to renew the insurance annually. It is advisable that the period of insurance tally with the road tax.
3) How much premium do I have to pay?
The total premium that you have to pay depends on the following factors:
- Our underwriting requirements which will look into your age, gender and marital status, the age of your vehicle;
- The cubic capacity / tonnage of the vehicle and the sum insured – this is regulated by the Malaysian Motor Tariff;
- Your claims experience, usually reflected by your No Claims Discount entitlement; or the additional cover you select.
4) What are the fees and charges that I have to pay?
Stamp duty: RM10.00
Service Tax (for corporate nominees): 6% of total premium
5) What are some of the key terms and conditions that I should be aware of?
- Who can apply - Anyone between the ages of 24 to 65 years old with a valid driving licence for the appropriate class of vehicle. Minimum driving experience is 1 year. Terms and conditions are subject to Malaysian Car Insurance Tariff and our internal underwriting guidelines.
Importance of disclosure
- You must ensure that all your answers to the questions are full, complete, correct and honest and to the best of your knowledge. This duty applies from the time you first signed up for the policy, when the terms are varied and at the time you renew your policy with us.
- You have a duty to inform AIG Malaysia of any change in the information given to us earlier before we issue the policy schedule to you, before you renew or change any of the terms of your policy, and if you don’t your policy may be cancelled, treated as if it never existed or refusal or reduction of your claim.
- The excess that is the amount of loss you have to bear in the event of an accident. There is an additional excess of RM400 in case of accident where your vehicle is driven by a person not named in your policy (for Comprehensive Private Car).
- You must ensure that your vehicle is insured at the appropriate amount.
- You have to maintain your vehicle in a roadworthy condition
- Car Insurance is a Cash Before Cover policy. You have to pay upfront before we issue a cover note/policy.
6) What are the major exclusions under this policy?
This policy does not cover certain losses, such as:
- Your own death or bodily injury due to a motor accident;
- Your liability against claims from passengers in your vehicle;
- Loss, damage or liability arising from an act of nature i.e. flood, storm or landslide.
7) Can I cancel my policy?
You may cancel your policy at any time by giving written notice to us. Upon cancellation, you are entitled to a refund of the premium, provided that we have not paid a claim against your policy. A minimum premium of RM50 will be retained and the balance calculated on short-period rates or prorate, depending on whether yours is a first year or a renewal policy with us.
8) What do I need to do if there are changes to my contact details?
It is important that you inform us of any change in your contact details to ensure that all correspondences reach you in a timely manner.
9) Where can I get further information?
Should you require additional information about motor insurance, please refer to the insuranceinfo booklet on ‘Motor Insurance’, available at all our branches or visit www.insuranceinfo.com.my
If you have any enquiries, please contact us at:
AIG Malaysia Insurance Berhad
Level 18, Menara Worldwide
198 Jalan Bukit Bintang
55100 Kuala Lumpur
Tel : 1 800 8888 11 or 603 2118 0188
Fax: 603 2118 0288