While e-hailing insurance premiums are inherently higher than those for private cars due to longer driving hours, higher mileage and increased accident risks, the finance ministry says that insurers and takaful operators cannot arbitrarily raise premiums for e-hailing vehicles without presenting clear evidence from claims data, The Star reports.
The ministry said that while there had been cases where claim costs have exceeded premiums collected, prompting necessary adjustments to maintain sustainability, any premium adjustments must be supported by actual claim data and implemented gradually with transparency and prudence.
In a written parliamentary reply last week, the ministry said that insurers are required to provide clear disclosure regarding protection scopes, exclusions and benefit structures, with consumer protection frameworks available to handle unfair practices. The ministry was responding to Zahir Hassan (PH-Wangsa Maju), who had asked about measures to regulate or standardise insurance rates for e-hailing vehicles.
It said that Bank Negara Malaysia has been tasked with monitoring pricing practices to ensure increases are not excessive. Additionally, to address long-term sustainability, the government, the central bank, insurers and the e-hailing industry are studying potential improvements to the sector’s protection structure.
Among the measures being considered are cost-sharing mechanisms with platform operators and the use of telematics technology to encourage prudent driving and enable premium pricing based on individual risk. It was previously reported that rising insurance and takaful costs have become a concern for e-hailing drivers, who say that the increasing price of premiums was putting further pressure on already thin earnings.
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From the looks of it, everytime we see a expensive luxury car on the road, it’s safe to assume that 90% of the time it has no road tax, no insurance, and the license plate is either a law-breaking fancy plate or a false plate altogether. So much for being “status symbols”. These cars have become nothing more than scammer symbols. so it is safe to assume that the T15 are lawbreaking crimimal scum , remind me again why they should be entitled to subsidies?
Better solution, sport cars must be banned from being road worthy. Sport cars only be driven at the racetrack.
Car insurance is a scam