Motor insurance rates have been revised upwards yearly in February since 2012, and the latest revision to the rates are set to come into effect on February 23, 2015.
The tables above list the old 2014 rates and new 2015 rates for private cars. The difference in rates are an increase of about the same amount as the adjustments made the previous two years.
Things will be different next year – 2016 is the deadline for planned detariffing of motor insurance premiums. When that happens, premium rates will be further differentiated in accordance to the individual risk profile of vehicles, owners, as well as potential pricing differences between insurers.
When the detariffing comes into effect, we might see the emergence of ‘full service’ insurers with higher rates but more perks such as complimentary tow truck service, as well as ‘budget no frills’ insurers.
Motor insurance is the dominant business line for general insurers in Malaysia, registering a steady 5.4% growth for 2014. The industry paid out RM5.04 billion in motor insurance claims last year.
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Sam Lorrr son’s proton got the lowest rate.
To all the insurance companies, pls don’t pretend to be innocent. You all know damn well that every adjuster of yours is working hand in hand with the police, investigation officer and the car workshop to get kickbacks. I myself had many accidents.
Infact the last accident I had, I sent my car to my own friend workshop, he said he will repair everything for RM1000. I tried another workshop, he assessed the repair to about RM1200. I thought, nevermind, I will send for insurance claim and I can save the RM1000.
So, I sent the car to the panel workshop. After repairs and all that, out of curiosity, I simply called the insurance company up to find out how much was the bill, it was shockingly RM8000. Yes, 8x the actual amount if I had the car repaired by myself.
We all know what happens. The IO (Investigating Officer), the Adjuster, as well as the bengkel and the ulat ulat runner boys will get their kickback. Biggest kickback would be the adjuster. At least he makan few thousand for his personal pocket.
The Insurance companies know about all this. Hundreds of cases happen everday. But they close an eye. They pass the problem and burden to the consumer with higher premiums.
Zeti, you know this happens but you too close an eye. This results in higher burden and premiums for the public.
Bank Negara, please read the above. I repeat, you also know about all this. But BNM just keeps quiet. You all just close an eye because the problem now goes back to the consumer with higher premiums.
With all this shit going on, last year, the Insurance industry dare to increase the car premiums for the motor industry every year.
That is Malaysia for you. The rakyat suffer the most because there is no proper enforcement and the insurance industry is full of cheats.
Everybody suffers when everybody along the line gets kickbacks from the police office, the police cameraman, the adjuster, the bengkel and the runner boys (ulat ulat).
The Motor Insurance Industry collected no less than RM100 billion in premiums last year. It is not fair that we public have to pay higher premiums because they cannot sort out the fraud in their own backyard.
Yup, regarding adjusters, they do get a lot from workshops. Not so much comprehensive claims where the Insurance company appoints the adjusters – in this case the adjusters will side towards the insurance company and provide a lower estimate.
When appointed by the workshops, mostly for 3rd party claims, they provide really high estimates. Fake damages are included in the report.
Eg:
1. They bend the radiator/ac condenser coils and spray WD40 around the area and put it in the report as “pierced”
2. Make a fine cut with a blade on tail lamps then cover the lines with chalk and report as “cracked”
3. Lots of other tricks including a wire behind the windscreen to make it look cracked. They purposely crack/break headlamp mounting brackets and claim for a new headlamp even though they don’t replace it. They even remove certain parts where they can claim that it fell off during transportation etc.
Also, in the adjuster’s report, prices are quoted for original parts, but of course the parts that they use aren’t original. So their profit margin is really very high.
An average adjuster can easily make RM1500 a day in “tips” without even trying. Free meals, free cigarettes.
Ministers as always asking for consumers to lower living price BUT
on other hand Government keep raising the cost of living !!!
And ministers never speak out for us… Malaysia a truly cronies country !!!
and don’t forget.. even the wife of a certain minister told the rakyat to spend money wisely.. while at the same time that minister’s wife gets to travel all over the world and go shopping on taxpayer’s money.. what a sick joke..
When the tariff rating goes free, no doubt you will see Toyota cars is one the most reliable car and enjoy lowest insurance rate.
Toyota cars already very reliable, Toyota drivers tend to be careful drivers (since when you see Camry tailgating like the Satria Neo?).
End up low insurance premium will be one of our selling point for Toyota.
For Proton, god bless the owners…
Lastly, junk (including Proton) is prohibited at my house, as junk always invite pest (cockroach, paulut and steven see).
Hem you must be workshop guy or insurance people who are offence by adjuster before. I got a friend working in adjusting firm but he is not rich or drive in fancy and expensive car or house if you said can easily earn RM1500 a day. In fact he said he don’t get any pocket money or help workshop to claim more. Pls get your fact right and don’t look down on adjuster as they doing their work fair, hard and reasonable. I was informed that their report are edited by their boss or editor before submit to the insurance.
If they can get good tips then everyone want to be adjuster. You need to understand adjuster work before blindly comment. The extra damaged on parts is the work of workshop and not adjuster. They do warn the workshop and cut out the item from their report.
Bro – You are right.
and these is another thing, goverment tax policy apply high vehicle tax also cause we pay more on the sum insure value.
not only that, we actually loaning the money for tax and we pay interest to bank..
for example – car price 50K and tax 20K total up the price 70K, and i loan 20K from bank, it actually we loan money just because for tax. and we have pay 20K + bank interest. that so call hidup malaysia!!
You know those low life kutu runner boys that come to your accident scene so fast? They earn at least RM1000 per day from the Panel Bengkel Kereta Worksyop.
Why bother studying being a doctor? Just be a runner boy. Polis also become your best buddy and any problem later in life, they help you out.
Work 30 days, you get RM30,000. Still want to work white collar office job?
So what even if they earn 100k per month yet it is illegal. Men with conscience will not want to do that. Most people ( including you) will want to earn money rightfully and sleep well at nights.
I think this one can sleep very well la… Not killing ppl.. Not causing ppl no job.. No home.. Just the insurance company earn less…
Why still got thumbs down for such a good comment? really sohai
U know who click that thumb down..hehehe
Couldn’t have been said better.
So what of we’re being whiny about it, we’re paying customers. We have the right to know why they need to increase the premium.
And we know these cases of fraud is rampant. It is only sensible we disagree to a premium increase lest they solve their own problem.
This increase is unjustified.
Yup, corruption is the root of all evil that economy wise from all level suffered.
This is why HK in the 70s ICAC was formed, overseen by then UK, and drastically changed the scenario.
Problem is, whoever overseen now also part of the whole supply chain..
HK dark age at 70s but lucky have ICAC.
Bolehland dark age were past 30 years ago and on going even we have MCAC and ISA it only act for Government and cronies right.
Useless and corruption keep going on until now !!!
reckless driver spotted coz involve in many accidents until he is “experience” enough to comment and correct.
And also, who on earth decided on the Tariff rate as per CC as elaborately staggered above and on what basis? Since all Insurance subscribe to a single Association / Body, who is controlling you scums?
Agreed. even the policeman got kantau from the towing agent. Once in an accident, i drove my car into a roadside pond.After it was pulled put, there were scratches all over the body of the car. hOW COME THOSE SCRATCHES? Then the insurance repair shop did shoddy job on the repair. THEY ACTUALLY DID NOT FLUSH OUT WATER FROM INSIDE THE PETROL TANK.
Ya.. setuju dengan saranan anda…
Malaysia dan rakyat malaysia amat rugi kerana isu yang amat dekat dengan rakyat seperti isu premium insuran kereta dan motor yang naik saban tahun ini tidak mendapat tempat dihati para pemimpin pembangkang, blogger pembangkang dan media pembangkang… yang mereka tahu ialah asyik pedulikan anwar… anwar nampak kurus, anwar dah makan ke belum, anwar dah mandi ke belum… masaalah rakyat tak ada yang perduli…
i also experienced the same incident few years ago.. Pay by cash MYR600.00 buy the insurance company’s panel workshop claim MYR3,000.00. These number was from the same workshop. So what are those main reasons that causing the insurance company “did not make money”? Frankly speaking they are making money… Just not as much as it should be else they will close down.. So all these “extra cost” we, consumer need to bear it?
well said lad…
Wow 718 likes. Is this a record Paul Tan?
” Open Letter to Tan Sri Zeti ”
Thank you for pointing this out .. this is the wrong that authority still yet has no courage to correct and make it right. ALl the ministers and authority responsible tidor for too long.
well said must send a copy to Bank Negara the biggest in kickback…
this is exactly the same thing that is happenging to the medical insurance industry…
the doctors are billing extra since the patient is not direclty paying… the insurance companies dont care since they are increasing the premiums anyways.. the patients dont know and even if they know and care and what to do somethig about it..
how to go about it? sue the doctor? sue the insurance company?
Company yg x pernah bankcrupt adalah company Insurance..Everyday make money!!!
Sometimes I accident, I am so happy. My workshop my kaki, he change nearly all non damaged but old worn out parts for free for me.
Once my workshop even change all 4 tyres for me for free. Thank you dirty adjusters. We love you so much!
Kalau co insurance bankrupt, sape nk bayar claim insirance aku.
PIDM kan ada….:p
True. Look at allianz. Two aeroplanes to cover. No problem.
Welcome to Malaysia where everything will go up except our salary.
Good job Malaysian govt!
How do we know the adjusters / bengkels are the government supporters? They might the pkr…
Including PR Penang & Selangor too.
Lesen naik harga, parking saman frequent sampai malam, cukai naik, harga air naik, harga rumah mampu milik naik.
poor people will curse you all.
But the MOST empty sweet promise before elaction- by BN- harga kereta TURUN.
The car price do “turun” after imposing GST. Tapi sini turun sana naik kuat kuat
Toyota and Honda will have the highest premium since the risk is higher of getting stolen.
Kimchi owners can rejoice since their premium will have the lower risk.
G everyday say want price for living go down, why G let them increase ?
I’m all for a more open insurance system, but I have not read anything about consumer protection. The insurance companies are already profitable and will only be more profitable in the future.
Hahaha. Welcome to Malaysia.
Anyway, having different premiums set to different individuals can be a good thing.
Cars with ABS or ESP should get rebates or reduced premium. Due to ability to reduce risks of collisions.
Young drivers, those who drink would have to pay full premium. Same goes to drivers who had made claims previously. Drivers who declared not a drinker but during collision found to be drunk, insurase has a right to reject claims.
With all that, we can hope to a better and safer roads to drive in Malaysia. Similar to UK or Japan where the drivers are better educated with higher discipline
Motor Insurance Industry collected about RM100 billion in premiums. Paid out RM5 billion in claims.
Untung bersih RM95 billion also still want to increase rates?
Maybe you clean up the corruption going on in your industry, you can even reduce premium rates for consumers!
BNM pls control the Insurance companies.
Lawak terbaik.. where got RM100 billion? but still got people like your comment… that lagi lawak….
BNM are the ones who set the rates, as for now, motor insurance is tariffed. Only in 2016 once it is detariffed, then insurance company can set their own rates and it will be different between each insurer thus creating competition. so we will be able to choose the insurer with the best rates.
Insurance co lose money with vehicle insurance. Their fat profit comes from life insurance. Bnm policies is that they must take all insurance. Cannot choose one.
i agree.
ppl pay premiums for 2k, claimed 60K when total loss.
any wonder where the 58K comes from?
or how about a simple accident… customer pays 2k for premium but claims 15k for repair? and everyone knows there are average 600 reported accidents daily.
Once again, the rakyat getting screwed by the GOVT..
I bet the next generation will be screwed harder and deeper….
CNY liao … So more ‘part-time income project’ for some parties – Esp those vehicles on road! Driver – U better watch your wallet/purse!
RM30-RM50 can fill up half of your car petrol tank !
Siapa kata insurans company kat malaysia tak pernah bankrap. Cuba google. Mana ada company yg buat bisnes tapi tak nak profit.
Kalau kenderaan2 di malaysia ikut hadlaju dan bertimbang rasa, aku rasa mmg tak naik tariff. Apa pun tunggulah 2016 nanti, bila open market bermula.Insurans keta baru murah, insurans keta lama tinggi.
Kawan saya, perempuan, eksiden sendiri… keta rosak sikit je… bila hantar ke workshop, kata siap cepat… ni sampai setahun lebih pun tak siap2… sampai bayar lawyer untuk urus keta dia kuar cepat… sebab keta yang rosak sikit tu dah hancur teruk… kerusi ntah hilang ke mana, karat sana sini, teh tarik ntah dah berapa bulan tergantung2 dalam keta… pengajaran untuk dia juga sebab serah semua kat bengkel… lain kali kena amek gambar siap2 masa mula eksiden dulu…
aa my name..my car track use only..no need roadtax
Motor is the biggest conman company. Tell you you must insure their minimum which is higher than the market rate by like 10-30%. And when want to insure it at the market rate of the car for that year, you have to write a letter. And when the time comes you need to claim (say total loss), they penalise you for under insuring, even though you are insuring it at the market rate.
And when you insure based on their rate, and you claim total loss, they give you the sum of the market rate, eventhough you insured 10-30% higher.
Of course. If not how to make money off you.
Got a way out though. Buy an old Wira or any cheap car <10,000. Insure thrid party.
But I fear, even that will be impossible once the insurance is risk based.
They are just going to put 500% loading on old cars, or not insure it at all. (hmm… this sounds like our Taxi service….rip off price or wait 1 hr for the next cab)
KL folks will get higher premiums.
Young drivers will get higher premiums
Popular (stolen) or accident prone no ESC God Car will get higher premium
Dangerous or careless (or old) drivers get higher premiums.
Cars will less airbags will get higher premiums
Sports cars will get higher premiums
Old cars will get higher premiums
So if you are a freshie, looking for a first car (likely a Myvi or Vios God car), UBER shall be your best friend.
If you are a retiree, and only can afford a Myvi or drive your existing old car – siince you are not working and cant buy a new car, UBER shall also be your best friend.
I should sign up being an UBER driver. Business is set to grow.
I am ok with the increase…. Provided they increase NCD to 65% for us too. We don’t claim a single sen its not right to simply increase premium and punish us. Should only punish those that claim regularly. Esp those that buy cars with poor security eg. camry n hilux are the most popular for car thieves.
Agree
chill everyone , lets all go play golf!!
Good Job eh! as a 19 years old boy who keep saving for an old 2nd hand proton satria Gti, what i could say is…
Okay. seems to be getting more and more unreachable.
FINE! Other than tolerate, what you could do with those shitty condition?
I like the Satria GTI part.
Well. if I manage to get the money. And yes, if I think I can afford those insurance…
I’m more intrigued to see how the risk based insurance will turn out, in that case, buying a Myvi may not become a good idea for example, since it is generally bought by younger buyers which equates to higher chances of insurance claims (in general). That’s the system in the UK, which is why insuring a Golf can be more expensive than insuring a slightly more pricey Volvo V40.
Precisely.
So if one is thinking of buying a car. it pays to wait or err on one with better safety gear.
I cant wait for 2016, when the insurance rates are detariff. Then we will see UK style insurance, with careful drivers rewarded and risky drivers punished. Soon all the crappy drivers in thier wiralutions and the aunties who crash every 2 months will find thier insurance so high that they cant afford to drive
yes, but who is going to be the “independent” adjudicator to make sure everything is going to be “fair”
My guess it, everyone will get a rate hike. just the matter of being more or madly more.
Malaysia’s insurance providers are still operating as a colluding oligopoly/monopoly. They control the price. Nothing you can do. BNM has no teeth. Until and unless there is healthy competition between insurance companies for your money, don’t hold your breath for something benefiting the consumer.
Its still a competitive market for insurance out there, insurance companies will have to compete by giving good rates and freebies, just like house loans now. If they attempt to collude, all it takes is a 1 player to not follow, to capture large market share.
and you better hope you don’t do a sales job that need you to drive your own car.
if you do, good luck with your premiums.
Electric and petrol price down now the more expensive insurance raise. Najib what comment u have for this situation?
Najib busy busy play golf, while wifey busy shopping around the world kot…
Rakyat poor?? They would care??
Ismail Sabri Yaakob please help us. Insurance naik harga!!! Please lead us to boycott them!!!
Since Kurnia Insurans has been taken over by AmAssurance.. >RM500m motor premium has been dumping out & let MMIP no choice to took the premium then pass back to all Insurance Company with same share. This cause extra loss RM5m to each Insce Company..
All Insurance Company are not happy with AmAssurance (Kurnia) coz they save a couple hundred million & taken just RM5m loss a month…
Govt prices are not controlled by the government themselves. There are powers at large in this country. The Rothschild aka Illuminati (Freemason) groups are the ones controlling most of the economics in the country. They are there to make public be in more debt and suffer like other countries. Do your homework and stay on the safe side.
PLEASE increase the NCD…
deeemmmnnn…up n up n up..lastly people suffer n dead..
To the comments on top, you all only see the surface of stuff. Change the situation around, get rid of motor insurance and I dare you all to drive your pricey car around. Accident? You pay lah. Your car condemn, buy new car lah. What for need insurance? I think the premiums you pay doesn’t even succumb any more than 10% of your car value from you buy the car until the
I don’t agree with the increase in motor insurance, but I don’t agree more with how people are commenting.
The towing price is also have become exorbitant… when will authority who always tidur will wake up to regularize this?
This is a rob , one tow is rm250 for 10km journey is too much.
Org lain yg buat onar claim mlampau lampau poket sana poket sini…tuan kete plk yg kena byr lebih insurans.
Kita smua tahu kes workshop tipu claim. Tp semua tutup mata termasuk la pihak2 yg terlibat sama dlm setiap kes.
Menteri2 @ MP tu…x nk komen apa2 ke?
#siap ko next election.
Do it case by case, they insured. U for 100k, maybe without ncd u have to pay 5k plus premium, but one year u drive like a @ssh0le and accident 3 time, claim 30k each. Now who’s talking?
“Open letter to dr zeti” do the workshop u quoted 1k for repair or replace ? And hard evidence to show the adjuster taking few k.? It’s that simple? ” why you never question insurance since it’s so much money involve? Are you taking money as well since they earn so much?
And for the rest, if being a adjuster is what u so call so untung gila ? Why u never join adjuster, I always see they publish on newspaper vacancy available and u can look for a job there to try how “well earn” is this job. “
Required Motor tariff for Zone-B J&K State