Motorists will have to pay more for the motor insurance cover from January 1, 2012 onwards. For those who have been following the news, you would know that general insurers have been lamenting about an unsustainable motor insurance framework for the longest time.
Motor insurance tariffs have been stagnant for more than 30 years. Accident rates are up (why – have our driving skills become worse, or perhaps our roads?), and cars are becoming increasingly more complicated and expensive to fix.
Under the new motor cover framework, premiums will go up from the January 1, 2012 and will gradually be increased over a period of four years. From 2016, it seems the motor cover industry will detariff, which will allow general insurers to set whatever prices they want, opening up the possibility of competition to offer the best rates to car owners. We could end up seeing more premium insurance providers with quick and premium service alongside “no-frills” budget insurance providers, with a lot of hurdles during the claims process.
Here’s an example of the changes that will happen in 2012. For Third Party cover, motorcycles with 110cc engines will have their premiums increased by amounts of between RM1.00 to RM3.50 per year. For a private car with an engine size of 1,400cc, premiums will go up by between RM6 to RM34 a year. These are the only examples released by Bank Negara so far – we will report more info once it’s available.
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hureii, we’re getting screwed again. :D
That’s right bro, that’s Najib’s 1Malaysia concept… rakyat didahulukan, pencapaian diutamakan. Ada beban, harga naik, u tanggung dulu. :D
Wonder who gave u a thumb down. No prizes for the right guess lolxx…
4 + 4 + 11 = 19 insurance salesmen want an increase in premium
Sigh, too many things to pay with so little earned
The increase in fair, look at the way Malaysian drives their car, tailgating all the time. I wonder whether most Malaysia know what is the safe distance to keep from the front vehicle when we are traveling at 100kph.
There’s no way that the increase is fair. Just ask the people whose cars being crashed by some idiotic morons on the road… what do they feel? Do they feel happy? All of them are damn pissed off and very furious, as the insurance claim is a lot harder nowadays though they have paid the insurers every year. Even changing to another insurance company is not helping at all. That’s why there are so many free WWE wrestling shows on accident sites.
This is why we need to change the way the premium is calculated. Those who are careless or bad drivers should pay more while those good drivers should pay less.
That’s the way things are done in civilised countries. For us in Malaysia it’s better late than never. Only thing is, why can’t the govt share with us the formula for calculating the premium (new way)? That way people can see for themselves which category they fall into and take action accordingly.
I like your idea about the new formula for the the insurance premium rate, but I doubt whether your idea is workable, since Malaysia lacks effective enforcement. And the only way to tell which one is the “bad” driver is by checking how many love letters received from the cops.In reality, bad drivers tend to make shit on road even more when the cops are absent. In other words, they may be afraid of cops but not afraid of God. That’s why it’s hard for us to implement your idea.
Dude, even if you keep a safe distance between cars, doesn’t mean accidents don’t happen.
The concept of insurance is to pay to secure against the probability of the improbable.
Here, as motorists we’re already burdened by our costs of living, petrol and other necessities. Of coz, public transport is available but you’d be more assured of your punctuality in a trishaw.
If the insurance company really cannot make money in this industry then go do something else … maybe jual nasi lemak or something. But why they stay on, generation after generation.
All this talk about unsustainable framework is just a ploy to make more profit and make more insurance salesperson joint their one million club and enjoy their oversea trips.
If their only way of making more profit is just by increasing premium, then even no brainer can lead the company.
I have a funny feeling that insurance providers will discuss among themselves and use an artificially inflated price just to get more income…
that is also another possibility…
the only thumbs down on u maybe comes from insurance agent :lol:
well said mate ahahaha..
Price-fixing measures must be introduced first.
Innovative premium pricing should be introduced such as allowing discounts or rebates if drivers attend driving safety trainings, installing safety devices, getting cars with high safety measures etc.
In Germany, factors such as home-ownership, annual mileage, occupation of owner, where the car is parked overnight etc affect premiums.
heard of the competition act that comes into force in January 2012? the insurance companies will be prohibited from colluding. And it is not difficult to point out collusion when all the prices are the same…
know the law… it helps…
Even in Singapore, Petrol companies shouldn’t collude with each other, however, it’s happening.
One brand goes up, within minutes, other brands follow suit ;)
It’s not hard to collude and hide things from the open public …
Knowing the law is one thing, upholding it is another :)
stupid la government……just renew my kapchai road tax…first party insurance cost me about 300+ ringgit…need money for next GE ka?….stop bullying middle income and low income rakyat la….
whoever, gave a thumbs up to this comment memang tak pandai…
apart from service tax which the govt will get from this insurance companies… how else would the money that we pay to the insurance companies go to the govt?
price increase say govt this govt that…
those who have in the past claimed for insurance… do you think you have paid the amounts which you got back from your insurance company? difficulty in retrieving the money aside.
bro,feels like to thumbs up 100x more after reading your comment,not sure why.People are complaining because too many things has increase their prices within only few years..but im sure not our wage.
bro, isn’t it common sense that more premium = more revenue for the insurance company = more tax to government???
isn’t it clear sapa yg tak pandai now???? duhhh
anything to do with gov?… want gov to subsidies again?
BRO LE… 300++ ringgit tu masuk poket goverment atau poket insurans? berapa sangat cukai gov ambik? 2-3% from 300?
Yes, I agree berapa sangat gov ambik
but with simple calculation
if gov take 6% service tax from RM300 = RM18
but with the increase of premium to RM400
gov will get 6% from RM400 = RM24
Means that with 30% increase (say RM300 to RM400) in insurance premium
gov manage to get 30% extra income (say RM18 to RM24) from it too
seem small amount in RM but big increase in %
say if gov get RM180Mil now (10Mil vehicle x RM300 x 6%)
after premium increase, gov manage to fork out RM240Mil
Thats RM60Mil extra
Think about it
Yo bro, you paid RM300+ but when you accident and your bike write-off you get full settlement, now you untong ka rugi? don’t just say anyhow la!
even if claim total lost u’ll never get full amount quoted value of your car/bike….
let say if insured amount was 20k for your car….i bet u cannot get the exact 20k….
you try to claim from insurance la…see how easy you can claim from them…
Kalo ikutkan logik ko nih, kne bayar insurance sama harga motor/kete la, mmg bagus sgt la untuk tokei2 insuran ade consumer yg pk mcm ko…. pk balik la wei, dlm berjuta2 rakyat mesia yg bayar insuran 1 thn, bape kerat je yg claim blk. aku betahun2 byr insuran xpenah claim pn, duit tu hangus cam tu jer… hangus dlm akaun tokei insuran la kalo ko tak paham2
It the insurance company wants an increase for motor insurance premium rate, them they must make sure that all accident claims can be made easier and can be settled faster. The current procedures to claim the insurance due to accident is goddamn complicated with so many flip-flops from many sides, and you’ll have to wait forever to get the claim. That’s why we can see free WWE wrestling shows on accident sites.
nice move G! to make us more suffer sort of way!
well everything seems to follow market price now days, i.e. fuel, insurance, etc. when car prices are goin to be liberalized? or atleast reduce the tax on big cc bikes!!! not as if they need to protect modenas with the high bike taxes!
“”We could end up seeing more premium insurance providers with quick and premium service alongside “no-frills” budget insurance providers, with a lot of hurdles during the claims process””
does this contribute to overall road safety? no … it just going to divide the rich and the poor more. and i hate that, coz i’m on the not so fortunate group.
so where can i channel my frustration to?
vote pakatan rakyat in next GE…hehehehe
tell them to me! xD
Sakit hati kan? Salah pilih pemimpin la tu. Hehe….
Just show our protest on the next GE.
Tu pun kalau you all berani. Hmmmm….
Apart from car/ lorry/ bus, accident rates are up because there’s too much motorcycle on the road i guess.. either a car/lorry hit them..or the nature of the motorcycle itself which is highly vulnerable to accident..each year if we look at police statistic during ops sikap..motorcycle accident will always be on top of the chart..and not to forget there’s too much fast myvi on the road..hehe
No money to pay for car la bro,now,another reason to buy a motorcycle,no money to pay for car insurance premium.
how about tata nano to replace kapcai?
hopefully not RM20k lerr hohoho
Why Indonesia have worse driving altitude have a lowest accident rate than malaysia?
We are careless on the road!
What a shame Malaysian driver!!
there are no requirements for insurance in Indonesia. Therefore no need police report thus no statistics on accidents.
In fact any accidents in Indon just settle by shakehand or fistfight.
Anyway anybody have look at Saudi model? No insurance there also
This I have to agree. Been there so many times and talked to different driver there. Their attitude is way crazy and they really do not have high accident rate like us. Wonder why….
Agreed, been to Bandung and traffic was crazy and the drivers do whatever they like on the road and just plainly ignored traffic lights, yet never saw one accidents happening… why??
From my short observation, even they drive like mad people, yet Indonesians are so tolerant to each other on the road, always give/ make way to others by a simple honk or hand waving n they don’t get mad or cursing like hell is someone else potong jalan/ Q…
something is very rare and almost non-existent to typical Malaysian drivers = we are selfish and furious when driving.
Yeah… I agree with you too..
I’m going to Bandung and Jakarta for the past two week. I what observe that the Indonesia always give a honk to other driver if them make some mistake but in Malaysia, our driver mad like hell if someone give honk to them.. so weird..
And, most of accident in Malaysia involved only younger driver. Eager to drive fast but no skill when tackle in high speed.
totally agree abt motobikes…..
huhu… in my place mostly accident that involves motorcycles are not because we riders careless. but the road conditions are too bad. we need to avoid deep holes along the road, some more the car driver speed up along the left lane which is actually for the medium slow driver… both lanes also they taram speed up to 120km/h. then how? want us to just hit that deep hole? got slow moving lorry some more…
dah la no choice to pilih which road to follow coz there is the only way exists to go anywhere…
try have a look along kuala selangor road to kapar until shah alam.
we already help u guys reducing traffic jam la brader….
i got 2 car park in my porch both on my name….one my wife use…..she’s working at putrajaya….so not so heavy traffic….but my office right in the middle of kl heart….i ride my bike to work and avoid traffic jams….that helps to relieve my tense in traffic jam……and one car less for you to mind when stuck and jump que…
good news for the mid and low level income…..
yesss…, congrats bnm… sucked all the moneies with your fuckin policy….
What about the premium for those cars above 1400cc ?
There is something very wrong with the insurance policy. While I agree it is due for review, it does not justify if the reason is only for price increase.
The price increase must have a reward and penalty system just like other foriegn countries. The more accident you have, the higher the premiums are. It does not make sense for the safe drivers like us who have not claimed for a single insurance are paying the same price for the reckless drivers! In the end, we are the one who are substituing the reckless drivers payment of higher premiums!
For the love of god, please, review the policy and have mercy for the safe drivers like us. It’s not fair to pay the same for a reckless driver who has a 10 accidents in a year record!
Whose money you think the insurance company is using to pay for the repair of the damaged vehichles? The ones who do not file for a single claim.
That is why there is still so many reckless drivers on the road, especially the ones who just got thier licenses.
The ‘P’ driver very careful what…
Have u heard of NCB?
Besides Non-claim bonus (NCB) that reduce the amount of insurance premium, they should do Claim Penalty (CP).
Example NCB after few years no accident, your insurance premium = Premium – 55%
Example CP after few years accident, your insurance premium = Premium + 55%
Heard of “Loading”?
Thank you BARISAN NASIONAL GOVERNMENT!!
Thank you NAJIB, you truly are the People’s Prime Minister!!
sama sama
tu konsep 1 Malaisia
lu tolong gua, gua tolong you…..
stop blaming the G..it was the insurance’s provider that we should targeting…remember a few days ago how our MPs voice their concern regarding this on Parliment..
WAYANG THO…
sandiwara najib ja di parlimen….cakap lebih…apa pon tarak…
We don’t want them to talk shit. We only want them to act.
government and bank negara.whats the different?
Government is the administration body and Bank Negara is the government agency that control and authorized financial institution in Malaysia.
bkan najib ke menteri kewangan malaysia?….hahahahaha
We will have to scout around searching for i nsurer who gives better rates. Does this mean we might end up force to pay higher prrmium based on gender, age, location & type of car we used?
QOUTE
Motorists will have to pay more for the motor insurance cover from January 1, 2012 onwards. For those who have been following the news, you would know that general insurers have been lamenting about an unsustainable motor insurance framework for the longest time.
Motor insurance tariffs have been stagnant for more than 30 years. Accident rates are up (why – have our driving skills become worse, or perhaps our roads?), and cars are becoming increasingly more complicated and expensive to fix.
REPLY
Yes, the motor industry is having a tough time because of the crazy amount of claims. My bro works in this industry and he tells me that the claim rate can be as high as 70%. So, do the math. Profit is 100%, claim rate 70%, 30% is left for the company expenditure and all.
Accident rates are up because there are more and more cars on the road, we do not need statical figure to back this up because from the horrendus daily traffic, one would have known that vehicles is getting more and more on the road!
But, accident causes are caused by most of the reasons below, but most of all is the last reason why accident happens:-
1) Poor infrastructure (No proper road for bikers, most fatalities are bikers)
2) Poor goveranance (No law, celuk suka suka hati, speeding no saman from police)
3) Poor driving methods ( Tailgating, non pratice of defensive driving, inconsiderate turning, speeding, lane cutting)
I know people are going to flame me but compare our law enforcement with SG and MY. It is a huge difference. And if you ever caught in a jam in SG before, you won’t see any of them doing celup, lane cutting, etc. They are a very displined in driving and non of the above I have seen. But lately, I think a lot of Malaysians have migrated there and bringing thier driving habits in Malaysia along.
SUGGESTION
There should be a reward and penalty system which I have posted above. Those who caused more accidents, should be slapped with a higher premium. Those who had not caused accidents should have thier premiums reduced further more. 10-20 years of accident free should have extra premiums shaved off by 70%.
NCD is a flawed system for the reckless drivers and punishing for the safe drivers because you cannot go below 0% of NCD. Let’s do calculation:
1) Uncle A – Drive 20 years, no accident paid more than 30K insurance premium max 55% NCD
2) Teen B – Drive 1 year, 10 accidents paid only 2-3k + 200-300 loading. 1 accident cost 8-10k to fix. 10 accidents will probably cost 30-50k to repair? (minimum cost)
How many uncle premium is needed to offset the accident caused by teen B? This is why the auto industry are screaming but the system must be fixed to prevent cases like above! It takes at least 5-10 uncle’s premium to cover for 1 person’s reckless driving!
They should fix the NCD. Seriously flawed. NCD should go -%, the more accident u caused, the -% NCD is added, instead of +55% NCD, they should go -100% NCD. A premium of 3k will now become 6k if you drive reckless and claims a lot. Futher claims will go -150% to -200% where 9k and 12k respective premiums.
With this kind of high premium, I think reckelss drivers will think twice before the endanger the lives of others. Everything is about $, if it’s affordable, they can break the law. True?
sir.. u have my thumbs up!! brilliant idea.. introduce and implement -% NDC and rise 55% NDC barrier up to 100%..
if anyone who in the known to the powers that be, tell gov to push this idea onto Insurance Companies.. so no need to twist capitalists burden on innocence layman like this. some of us had been driving for over 40years and never even claim anything.. it’s not fair to put the blame on all of us..plus those who had @ used to caused accidents might think twice whenever they’re bout to drive recklessly again..
nie baru Rakyat Didahulukan..
p/s : Mr Safe Driver, i had copied n pasted ur comment to fresh it up below. everyone should read that as well.
This is not something new. When I was in US 10+ yrs ago, they had been practising this system.
Each traffic offense & accident claim will cause you a bomb for your next premium & it will take years of clean record to bring it down.
in case u don’t know, we’re talking about Malaysia.. not USA.. it is still in fact still (if gov agree) soon to be new procedure.
this is bad, they should enforce some rules to control the workshops than to pass down the cost to car owners. These workshops make 2 to 3 fold of the exact cost of repair. I am not saying this in regards to those ah seng workshop only, but even Toyota themselves charge at an exorbitant price. I got a case where a toyota vios 2 stolen fog lamp and damage bumper – repair cost quoted by UMW at RM13k! I asked, what is goin on? they said insurance pay mar!
true….workshop kawtim their price to claim more….BUT that ain’t the insurance company’s fault right…?
Most complaints are on the stringent process for insurance claims but when insurance company put on stringent process for claims, they are doing it to ensure only genuine claims are made with genuine costs. Insurance companies get blamed for the difficult process but at the same time, drivers want them to put control measures on workshops. This need to be balanced because after all said and done, at the end of the day, Insurance company is out there to make profit, so does these workshops. They are not there to do charity.
what about accredited workshops by insurance company? My insurer nominates the workshop to send my car for repair. If I decline, I only get 80% of the bill reimbursed.
Also, by going to the nominated workshop, I save on paperwork, and lower premiums.
Insurance company has the advantage that claims are not fraudulent and overpriced.
P.S. Not sure about Malaysia as I’m in Germany.
Almost all banks have their motor insurans/takaful product.
After 10 years renewal and so many insurans provider change,for me the best customer service and satisfaction so far is Etiqa.
Yeah, going to purchase it again this incoming May.
I think the accident increase due to increasing the amount of car on the road…mayB if we can calculate the percentage of accident, it will be stagnant from industry’s revolution…
Eh it’s already increased la just today paid my insurance. So if 2012 increased that would be double increased. Just renew my kapcai insurance. It’s already cost RM7 more than last year. So increase every year la like this. This is very good policy. Insurance company practically bankrupt because of accident claims? Why stay in insurance business if bankrupt?
What stagnant tariff for 30 years? Cars bought in 1981 pay insurance same like now eh? And isn’t the motokar insurance wajib policy is not even 30 years old. Correct me if I’m wrong. I just ordinary citizen.
Why wait 2016? Just increased 1000% now. So next 100 years no need to increase.
The insurance concept really depends on the probability of an insurance risk to materialized within a group of policy holders. Insurance is about bearing costs collectively among policy holders. So just imagine a situation where accident rate suddenly surge up and the amount of claims surge up exceeding the amount of premium received. Insurance companies will suffer. So YES, Insurance companies actually can go bankrupt due to claims.
Insurance is not a deterrent measure. It does not prevent or deter accidents in any way at all. Insurance is a mechanism to share your loss not to prevent from the loss occurrence.
Example: Cars bought in 1981 may have low carrrying value, but the cost of repair is still a bomb. Heck, some repair works may exceed the value of the car itself.
Stagnant tariff does not mean the same amount being paid, but the structure of how premium is calculated. Increase in the general cost of repair/parts, would mean that insurance companies has to absorb it if premium remains the same. When insurance companies go down under, who is going to help us pay when accident happens.
Government & their policy is like putting SH*T inside a blender with an open top and guess who is covered with all the spewing mess?
I foresee another 200+ comments is due…
You will shocked when a family with a sole income earner and three kids in school… with monthly salary RM1100 with an eight years old car need to fork out further more in order to able to fairly commute to his/her family safer…
Don’t give me the AVERAGE income in Malaysia RM1700+ bullsh*t… why u need to include those earning in access RM15,000 monthly in equation??
10 person earn RM1,000
2 person earn RM7,000
avg income = RM2,000…..gomen tak salah…
cuma lupa >80% is earning below avg…balance 20% is THEMSELVES lah!!!
haiyoo.. need to update my resume again. now need to apply job in insurance industry.
The governmen shud make a move to help rakyat to counter this increasing rate by lowering already ridiculous automotive related tax. Make a good use of the ridiculous automotive related tax as marginal adjustment to the changes to help rakyat, not just helping all those already rich insurance company.
Another alternative is…..gulingkan kerajaan in next election
USA petrol price = $4 per gallon = RM 12 per gallon = RM 12 per 3.78liter = RM3.17/liter. So we can only cheaper 50cents than USA (Ron97), but our car is taxed 100%. Go figure out the subsidized scam. Now want to raise the insurance??? are we (the auto owner) suffered enough by all this BS?
haha..just for the sake eeee…hehe.. im seeing red in you, but bro.. camon.. do we bought a car as much as we bought the petrol..everyday..every week.. i dont know how many cars on our road right now..well let say on average per person gov subsidies petrol RM3.00/day..sum it up to a year@365 = RM1095
so petrol sub/person is RM1095/anum times (let say there are 20 million driver on our road today) = RM21,900,000,000 SPEND ON THE PETROL SUB ALONE PER YEAR..
and then let say on average (inc. local distribute vehicle) sum of vehicle (boat, cars, plane, motorcycle etc) on average been tax @ 50% of RM30k (assuming this is average market value of any kind of vehicle in Malaysia). and say we had mmmm 1mil new & second hand vehicles altogether change hand/sold per anum.. so simple calculation of yearly yeild of gov tax = (RM30,000 x 0.5) x 1mil = RM15,000,000 INCOME TO GOV..
well, still there are RM6.9bil short!!! and plus, we also gotta think of those who did not own any vehicle, who only use public transport, who almost make up to 20% of town population, and up to 50% of rural area.. RM21.9bil perhaps better off be spend on these group so that they could someday had a car of their own..
Correction. your facts is very misleading and totally inaccurate. By average say Rm10 a day for your petrol with 5.3liter (ron95 of course). so total subsidizing will 30 cent per liter so it will 5.3 liter X 30cents= rm1.60a day . 1.60 X 365day = rm 564 per year.
local car if you buy say rm 40k. include in the price is rm4k govt tax. so u actually have paid ur 7-8 years of subsidies. how about imported cars say rm100k, tax is already 50k. lets calculate tax rm50000/ rm564(annual subsidies)= 88 years of subsidies for a car or 88 cars subsidies for a year. imagine rm200k or 500k cars, how much with that amount of money, how many cars they can subsidies. think about that.
Very funny when you pull figures out like that.
Malaysia has 20million car drivers? Which I assume you also mean 20 million cars………….LOL.
You think we are those will be fool by your government type assumption? hahahaha….
haha.. yup i agree.. totally got it wrong, i just make up the figures.. so how bout this.. float up our petrol price up to the global market, but at the same time slash the tax percentage up to 50% (import).. i guess still u cant accept it right. why, because we’re Malaysian getting too comfort with subsidizing and choose to forget that the government not only govern us, auto users but laymen without vehicle as well. and plus, the tax one way @ another goes back to us also. in case u forgot, tax is main sources of gov. income.
for me, i dont mind paying more on petrol or car coz we bought what we ask for, equivalent to our earning.. let say if ur making RM1,500 net/month, takkan hanya sebab suka & minat sangat kat Civic, sanggup gak bayar bulanan dlm RM1k ++ sebulan. and the tax structure, haha every country had their own style.. maybe they charge low on tax, but higher on raw material, foods or etc. drp kurangkan tax kereta, baik kurangkan tax makanan, barangan & cukai perkhidmatan..lebih ramai rakyat yang merasai!!!
tapi cukai perkhidmatan pun dh naik gak.
Whatever it is, more in-depth studies need to be carried out. Simply naikkan insurance will not solve much if the mechanism/calculation is still the same. Banyak negara maju dah apply very advanced insurance structure so perhaps we can adopt some of the things they have been applying. Takat nak naikkan rate je then that’s a no-brainer kinda thing. Nanti x cukup, naikkan lagi. Yang merananya orang kebanyakan like us.
It justify Malaysian way of driving and riding. We deserved it until we change our habit / attitude.
Not fair to say this. There as much careful and responsible driver as a reckless and bad attitude drivers. Is like when the bad guy goes down, so will the innocent guy.
That doesn’t make any sense,every time on the highway,I saw so many cars speeding not just cars,Lorries and Buses also included.
Blaming the road is like showing one finger towards the road while showing the other three fingers back to yourself.
I don’t think Malaysian will choose public transport no matter how good will it be.
They still have some ‘ego’ when they drive their car.
not entirely true. i tried the public transport…and it doesn’t work for me. it took me twice longer on public transport (feeder bus-ltr-walking) then it was to drive to work. and if i have a meeting somewhere even within kl, getting there on a bus is not a great thing to do and i have to leave office much earlier to make sure i arrive on time. most people drive/ride motorbike not because of ego, but because we have to. why? coz public transport sucks (still).
cars, busses, lorries speeding? that’s down to poor enforcement. even police car also don’t follow road regulations. so how?
anyway, back to the topic…i totally agree with nono. why responsible drivers have to be penalised for the acts of bad drivers?
govt helping the insurance companies… at our expense! i notice that those things that are not beneficial to big companies & cost govt money are ‘liberalised’, allowing the prices to increase eg. petrol, insurance, etc.
other things that will lower prices, still being controlled, eg. cars tax, tolls, 2nd hand car parts, etc. so far, i don’t see any of the policies benefiting consumers.
when do they wanna ‘liberalise’ the car prices? since everything also wanna follow global prices!
ermm..maybe we should ask insurance company to merge?
NO. OF CARS INCREASE OFCOZ LA ACCIDENT ALSO INCREASE STUPID!
ITS RELATIVE LA.. THEY ALREADY MAKE DAMN HUGE PROFITS FROM INCREASING NUMBERS OF VEHICLES OTR TODAY COMPARED TO 30 YEARS BACK! DAMN U G!
Malaysia has the highest accident/ownership in our region.
More cars doesnt not directly mean more accidents.
It is the infrastructure, mindset and also the driver behind the wheel which would need to be accounted for too.
I suppose there are many of paultan.org reader/follower did not signaling when change lane or masuk simpang.. so you can judge our mentality or rakyat Malaysia mentality based on that fact.. thumb down for me pls
Might as well start charging us fr oxygen soon. With all the prices going up, i’m gonna be dead soon.
I really love BN and our Gomen + cronies. MACC is the bomb too. Salam 1Malaysia.
Could someone please enlightened me.
Example :
A 5 years car, we pay insurance based on Market Value of a 5 y.o. Car.
However, in the sense that the car is stolen or complete total lost, the insurance would only compensate a certain percentage of it.
My question is :
We pay according to market value, but when we claim, we claim only a fraction of it. Why ? (This is for stolen or complete total lost cases that the car is more then 3 years, i’m assuming)
x perlu insured lebih pada market value, ins comp akan bayar claim berdasarkan sum insured dan market value (yg mana lebih rendah). sekiranya total repair cost melebihi 65% daripada jlh yg di insured maka ins comp akan declare total lost …owner akan dibayar jlh yg di insured kan …kalau jlh tu kurang dr total full loan settlement maka owner kena bayar lg lah loan kenderaan tu..klu loan sikit saja..baki selepas ditolak loan (kalau ada la) akan dibayar kepada owner
Wah, my insurance has increase on last year. Then increase agian?? Walauuu!!!! Means my NCD will not reduce and still paid the same amount. uhuh
Most insurance company owns by our menteri… That is why it increase
Paul,where is the facebook like icon for each post?Not ready yet?
SUGGESTION
There should be a reward and penalty system which I have posted above. Those who caused more accidents, should be slapped with a higher premium. Those who had not caused accidents should have thier premiums reduced further more. 10-20 years of accident free should have extra premiums shaved off by 70%.
NCD is a flawed system for the reckless drivers and punishing for the safe drivers because you cannot go below 0% of NCD. Let’s do calculation:
1) Uncle A – Drive 20 years, no accident paid more than 30K insurance premium max 55% NCD
2) Teen B – Drive 1 year, 10 accidents paid only 2-3k + 200-300 loading. 1 accident cost 8-10k to fix. 10 accidents will probably cost 30-50k to repair? (minimum cost)
How many uncle premium is needed to offset the accident caused by teen B? This is why the auto industry are screaming but the system must be fixed to prevent cases like above! It takes at least 5-10 uncle’s premium to cover for 1 person’s reckless driving!
They should fix the NCD. Seriously flawed. NCD should go -%, the more accident u caused, the -% NCD is added, instead of +55% NCD, they should go -100% NCD. A premium of 3k will now become 6k if you drive reckless and claims a lot. Futher claims will go -150% to -200% where 9k and 12k respective premiums.
With this kind of high premium, I think reckelss drivers will think twice before the endanger the lives of others. Everything is about $, if it’s affordable, they can break the law. True?
SAFE DRIVER
good idea, quality of our drivers has gone down. Take an example at the traffic lights,
already some people are beating the red lights especially motorcycle riders. When
the traffic lights is not working then all hell break loose , nobody gives way.
Not to mention other road sins.
Equally Safe Driver
good idea, what about about overcharge claim by workshop… that should be filter in more detail in future….
Car price increase, petrol increase, etc… now insurance increase. Dare to shout “Rakyat Didahulukan”. Shame on our oil producer country earning tons of Billions but rakyat accumulate tons of DEBT!!!
GoVernmnt suck!!!Increment for motor insurrance is not relevant..most of the motorist are from poor diversity.Really suck
Now that I hate more towards Insurance seller!!
why you all think accident… motorcyclist never/very rare claim the insurance because of accident… it more to lost… do you know that 2nd hand modenas kriss value is RM600 but the insurance is RM300++… LOL
hate more towards insurance seller? Does insurance seller control the price? please read through before making any comment. thank you
ya thumbs down..do you all take the insurance after each renewal? it had listed how much you got to pay after you renew it.so you only have to pay the amount.why pay more? kriss insurance RM300++..hehe..a big water fish.
Wow…
First it was to make 3rd party insurance impossible to get.
Now even after having to pay 1st party insurance (and minimum 10k coverage to boot even if your car is not worth anything near that).
That said, this wont really make a ding in my pockets since both my cars are at 55% NCB already….but what about drivers with no NCB? As it is..ppl are already trying to underinsure thier cars due to cost…..
Accident rates are up? rated against what? Total vehicles on the road?..or just total accidents?
Thank you very much for another wonderful gift from our beloved & caring govt.
More gifts coming I foresee ….. what a wonderful world I mean Malaysia
Well it seems that the insurance companies’ staff are the only one will cheer about this great news, they can expect better bonus & increment !
If our car price CHEAPER, then the premium will goes south too.
Which company with motor insurance business not making money? they just want to make more and more money. thats the bottomline. whats fomca is doing?
Duit rakyat diutamakan, Pencapaian dilambatkan..
Most of the accident in Malaysia caused by our road condition..
People yg elak lubang can cause accident..and
People yg langgar/masuk lubang also can cause accident..
And now the G want more money from us..
Great!!!!!!
they say,no ‘more’ money no road maintenance hehe
These insurance companies should look at how claims are made. Adjusters work hand in hand with workshops to over claim. The last time my car met with an accident, I managed to get extra cash from the workshop. If I managed to get it, imagine how many workshops out there are over claiming from these insurance companies. There are many accident vehicles which are better deemed as total loss, but are instead repaired and put on the road. Why? Its because, these accident repair shops are able to make more money repairing the vehicle than to scrap it.
the workshop who cause this hike due to over claimed ..they are the one who make money …big money ..dats y claiming process became difficult nowadays ..the adjuster ll snap every parts that they claimed ..worst case if the workshop share with the adjuster …u re lucky to get extra cash .. my car nearly 2 month at workshop in status quo…the process claiming process are really suck!
I still remember last year, US’s FTC(not only EU) fined LG and Taiwan’s Chi Mei for price fixing(read from NST), Samsung are the one who reported this to FTC, though Samsung are not penalised, Samsung are one of them too.
http://www.reuters.com/article/2010/12/06/us-eu-cartel-lcd-idUSTRE6B52VC20101206
Our local insurance companies sure can team up and charge rakyat at higher premium. A cartel can be formed anytime soon.
Does Malaysian Law has any act that governs “price fixing” which would lead to higher inflations ?
Everything going….no wonder malaysian semua got darah tinggi….. :)
why insurance in thailand more cheaper than malaysia???also insurance thailand including polish…
abolish AP… minimum tax on cars….lower car prices lower insurance…nowadays insurance premium based on car price… actual car price is not that expensive…AP & FCUKing tax makes it high…..
Still wanna milk the “dry” cow?…..sigh….
You should eat grass more LoL
lets fight the $$$$ thirsty ‘G’…
gila ar… premium 1st party kapcai dah nak sama dgn premium pakai keta insured RM8k…
The gov is exercising everything then can to maximized the profit for all their cronies in the automotives industries, from the AP importax, higher the petrol price as like, to the abolished of 2nd hand spare parts, to this insurance, etc is maximising the profit BUT without giving the people any alternative of the public transport, or diesel petrol, AFTA (still exists) since they know we will still vote for them. look at the lately result. 1Malaysia my arse.
I feel that gov is trying to get as much money from the people and less expenditure. But the other side gov is protecting the business of those wealthy such as proton, and modenas, produa. Inequality increasing!!!!!
Below are amongs the insurance companies that provides motor insurance in malaysia. These are companies that will benefited with the increase in motor insurance premium. Listed are their CEOs (just for information, not necessarily they are the one cause the increase). Full list can get from Persatuan Insuran Am Malaysia (piam[dot]org[dot]my)
ACE Synergy Insurance Berhad
– website also down.
MUI Continental Insurance Berhad
– CEO, Mr. Su Tieng Teck, Daniel
Allianz General Insurance Company (Malaysia) Berhad
– CEO, Zakri Mohd Khir
Multi-Purpose Insurans Bhd
– CEO, Liew Yaw Lian
AXA Affin General Insurance Berhad
– CEO, Jahanath Muthusamy
Oriental Capital Assurance Berhad
– CEO, Mr. Lai Poong Shen
Berjaya Sompo Insurance Berhad
– CEO, Patrick Loh Lye Ngok
Pacific & Orient Insurance Co. Berhad
– CEO, CHAN THYE SENG
BH Insurance (M) Bhd
– Own by AXA Affin
Progressive Insurance Bhd
– CEO, Francis Lai
Chartis Malaysia Insurance Berhad
– CEO, MATT HARRIS
QBE Insurance (Malaysia) Berhad
– (no info)
Jerneh Insurance Bhd
– CEO, Lim Sun
RHB Insurance Berhad
– Site under construction
Kurnia Insurans (Malaysia) Berhad
– CEO, Mr. Wong Kim Teck
Tokio Marine Insurans (Malaysia) Berhad
– CEO, Dr Michael Heng Kiah Ngan
Lonpac Insurance Berhad
– CEO, Tan Kok Guan
The Pacific Insurance Berhad
– CEO, SONNY TAN SIEW HOCK
Uni.Asia General Insurance Berhad
– CEO, David Tan See Dip
AmG Insurance Berhad
– CEO, Duncan Brain
Etiqa Insurance Berhad
– Acting CEO, Hans de Cuyper
Malaysian Assurance Alliance Berhad
– cEO, Datuk Ramlan Abdul Rashid
MCIS Zurich Insurance Bhd
– CEO, MD Adnan Md Zain
Overseas Assurance Corp. (Malaysia) Berhad
– CEO, Mr Ng Kok Kheng
Anyone have time, can digg info on the owner/shareholders of these companies.
no need to digg so deep i bet there must be some politician hooked up with those co.
we dont need bet, we need facts
CEO alone is not enough..should check BOD as well..
How can they claim ‘unsustainable motor insurance framework’ when they are declaring profit every single year, it’s time these community provide back to the nation and the rest of the community!!!
I have not claimed a single sen from my Kur..a ins company for 15 years. Every year I pay pay and pay. Some more old car Kur..a insist on higher premium (I think they call it loading) cos old car and insist I over-insured for a RM3K Proton junk. I already not rich Bank Negara is helping insurance company to fleece me some more. For driving a car, I overpaid for a piece of Proton junk. I also always have to pay to the workshop cos Proton junk always rosak here and there. For donkey years I fleeced by insurance company cos of loading and over-insured.
Please la, Bank Negara. Help the poor people. Hidup kami susah. Pls don’t make our life even tougher.
diorang nak tolong kalo kita banyak duit je. contohnya, syarikat insurans lagi banyak duit dari kita, then BNM akan tolong diorang la. nama dah malaysia. memang sumer camtu.
contoh satu lagi. mungkin agak off topic bagi certain org. kerajaan mengharamkan penggunaan botol bayi polycarbonate. tapi lagi setahun. kalo betul nak tolong rakyat, mesti diorang akan haramkan serta merta. tapi diorang lagi prefer tolong company2 pengeluar botol ni so that stock botol yang dah di manufactured habis dalam masa setahun ni.
Not again, sad… another price increase, Gov tax up, credit card tax, astro & internet bill up. food restaurant gov tax, etc….
Our gov definitely short of $.
I guess most Malaysian (based on comments above) are so spoon-fed and cannot berdikari..everything want to pay cheap for a premium service..and cannot accept the fact that the world is struggling with economy and rising cost of maintainance..
no matter how many Govt you change, PKR or BN ..the scenario wont stop..u cant get things free or so cheap like 10yrs back man! face it!
change G? ure just like a spoiled kids who get mad with your father/parent who cut down your monthly allowances..and try to find new parents..end up new parents also will treat you nice at first and few years after its all back to the same story..Life is Life man! no matter which G..you live in 2011..not in 1991..ok! :P
You are living in capitalist era..capitalism of the new world order..face it or you will be left behind and die..
Sorry, we r the parents for the G and not the around as we pay TAX to the G to be use by them for us!!!
you must be the insurance guy…..
yeah rite… it like all the wealthy people r really2 independent… living in capitalism life style until cannot realise there is so many poor people cannot pay such high price insurance for their kapcai… authorities send saman ekor to poor people which using kapcai and somemore the kapcai was not insured at all…
It weird….cost keep rising but income is still the same.
The cost increase due to:
1. Inferior safety car, minor crash that ends up with major repair bills.
2. Poor driving attitude.
3. Road condition is bad!
4. Fraud in the company, Insurance agent, adjuster, workshop owner pakat with each other on claim. MACC should do some work on this.
5. Car theft
SUGGESTION
There should be a reward and penalty system which I have posted above. Those who caused more accidents, should be slapped with a higher premium. Those who had not caused accidents should have thier premiums reduced further more. 10-20 years of accident free should have extra premiums shaved off by 70%.
NCD is a flawed system for the reckless drivers and punishing for the safe drivers because you cannot go below 0% of NCD. Let’s do calculation:
1) Uncle A – Drive 20 years, no accident paid more than 30K insurance premium max 55% NCD
2) Teen B – Drive 1 year, 10 accidents paid only 2-3k + 200-300 loading. 1 accident cost 8-10k to fix. 10 accidents will probably cost 30-50k to repair? (minimum cost)
How many uncle premium is needed to offset the accident caused by teen B? This is why the auto industry are screaming but the system must be fixed to prevent cases like above! It takes at least 5-10 uncle’s premium to cover for 1 person’s reckless driving!
They should fix the NCD. Seriously flawed. NCD should go -%, the more accident u caused, the -% NCD is added, instead of +55% NCD, they should go -100% NCD. A premium of 3k will now become 6k if you drive reckless and claims a lot. Futher claims will go -150% to -200% where 9k and 12k respective premiums.
With this kind of high premium, I think reckelss drivers will think twice before the endanger the lives of others. Everything is about $, if it’s affordable, they can break the law. True?
SAFE DRIVER
– authorize workshops by any Insurance company need to be monthly @ at least every quarter/year send financial reports & get spot check by SPRM to ascertain their cleanliness.
My NCB is all I have to keep my premiums at a SANE level…my advice: don’t bother to claim for minor fender-benders.
It’s getting ridiculous really…we are already paying the highest car prices in the world…with all imaginable tax & duties levied, that it’s getting past the funny stage…plus the ADDITION of sales tax for good measure just to silence any lingering laughter… And bear in mind our rate of depreciation is slightly faster than say, the flying lap set by the Skyline GTR at Nuerbuerging…yeah, you get the picture. So the moment the nice salesman hands you the keys to your new pride & joy…you’re essentially screwed.
Because paying off, for example…a 9 year-loan on something which is essentially your “second-biggest asset”, but is bleeding you dry every month…while banks and insurers are the ones making any REAL profit…is something that you are made very much aware of every end of the month, when you take out the cheque-book…but you put it in the back of your mind…because like any bad nightmare, it’s best you forget and move on.
If the G is really not at fault in the matter…rather it’s the insurers’ demands for the increased rates…surely the G have it in their power to at least discuss or bring it up for review in Parliament or the Dewan. And insurance companies are getting more business every year (new vehicle registration) which is hundreds of thousands of new vehicle registration…so I believe they are not even REMOTELY in danger of going under anytime soon. But before proposing the new hikes, they should really look into other factors, like high accident claims which I think is one of the main culprits. Investigate the role of insurance adjusters and workshop owners hiking up the claims…not just simply take the easy way out and burden the rakyat by dumping new rates.
With crazy duties & taxes, unstable fuel prices, fast depreciation…and now insurance rates…it’s just a matter of time before the rakyat’s patience runs out. So the G can really live up to their motto “Rakyat Didahulukan…” by addressing and looking into everything that is NOT RIGHT with our automotive policy, which is what the rakyat REALLY demands, more than just a simple 60 sen reduction in tol…
Just my two cents k! (sorry, should be five cents…rounded up to the nearest figure…see, everything increase ?)
So this is what 1 Malysia really means. 1Malaysia, Rakyat Kena Dulu…Sigh.
All of you harp on about how much insurance you pay. Guess why the main reason it is compulsory? Driver Kancil, lose control and plow into a road bystander. That bystander sues you for negligence, and the courts award RM100,000 against you.
If you have insurance, hell no you don’t pay. Insurance company pays, even to the point of hiring lawyers to represent you in court. Cause if you drive a kancil thinking its a McLaren, the guy you just totaled gets nothing.
That’s why BNM won’t dare act against insurance company. Because no one wants them to stop paying negligence claim because of idiotic drivers on the road.
org insurans + org kuat ‘kerajaan’ je sokong cdgn naikkan premium insurans.
tahun lepas, aku renew insuran yamaha LC –> RM390. ko bayangkan punye la mahal aku byr untuk sebijik kapcai. ni nak naik lagi. nak bunuh rakyat ke ape.
ni belum cerita insurans kereta nasional aku lagi.
hurmm….
just my comment,
its about time… to think deeply rather than make accusation and self assumption and without any guilty blaming a government. BN? PAS? DAP? PAKATAN? KEADILAN? all are same. Dont easily assume that other political parties can solve all of your problems. That a reason why we need to increase the insurance since we haven’t done that for about 30 years from now. look at the fact rite now. Dont just blame blame blame. Even, to me its a burden to pay for a insurance. If,…. IF you are really a TRUE, KNOW WHAT TO DO, SUPER GENIUS FINANCIAL & ECONOMY DUDE, stand front, tell me what is your STRATEGIC master plan for organizing the WHOLE COUNTRY. If you failed to manage your own account, family financial. STOP BASHING PEOPLE around. STOP BECOMING 3RD WORLD THINKER. im sorry if my comments here is bashed by you guys. But, you should STOP bashing, and start THINKING. be a SMART person not some AH BENG’S…. just my 5 cents ( sorry, should be 7 cents, but rounded to the nearest figure… see, everything is makes sense.. )
The existing premium is already expensive…