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INSIGHT & TIPS
F A Q |
| Frequently Asked Questions |
Houseowner / holder
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Q: |
WHAT IS THE DIFFERENCE BETWEEN A HOUSEOWNER AND A HOUSEHOLDER INSURANCE?
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| A: |
Houseowner Insurance covers
loss or damage to the buildings of
the private dwelling house including
fixtures and fittings, interior
decorations, walls, gates and
fences.
Householder Insurance covers
loss or damage to the household
contents such as electrical
appliances, furniture sets & the
like and personal effects.
| Important note : |
| 1) |
The value of platinum,
gold and silver articles, jewellery and
furs payable under the Policy is limited
to one-third of the Total Sum Insured on
contents. |
| 2) |
No one article
(furniture, pianos, organs, household
appliances, radios, television sets,
video recorder sets, Hi-Fi equipment and
the like excepted) shall be deemed of
greater value than 5% of the total sum
insured on contents unless such article
is specially declared as a separate
item. |
| 3) |
This Insurance does not
cover property more specifically insured
or, unless specially mentioned /
declared herein :- Deeds, Bonds, Bills
of Exchange, Promissory Notes, Cheques,
Securities for Money, Stamps, Documents
of any kind, Cash, Currency Notes, Bank
Notes, Manuscripts, Medals and Coins,
Motor Vehicles and Accessories,
Livestock, Antique products and
Paintings. |
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| Q: |
HOW DO I DETERMINE THE SUM INSURED FOR MY BUILDING(S) ?
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| A: |
The sum insured is to be determined based on market or reinstatement value. A professional valuer may be consulted on the value of a house. The value must also include an amount for inflation during the period of insurance since there is always the possibility that the loss may occur on the last day of the insurance cover. |
Personal Accident
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Q: |
IF I PURCHASE 2 DIFFERENT PERSONAL ACCIDENT POLICIES FROM THE COMPANY, CAN I CLAIM FROM BOTH POLICIES IN THE EVENT OF AN ACCIDENT? |
| A: |
In the event of an accident resulting in an injury to yourself, you can claim from both policies, subject to the benefits you have effected in
each respective policy. It must be noted however, that for medical expenses, original medical benefits are required as this is on reimbursement basis. Hence if you have been fully reimbursed under one policy, you will not receive any further reimbursement. |
Motor Insurance
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Q: |
WHAT IS A COVER NOTE? |
| A: |
A Cover Note is a document issued by the insurer that serves as a temporary evidence of the policy contract between the Insured and Insurer. It is usually valid only for a certain period. The Cover Note should be replaced by a Policy of Insurance in due course. |
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Q: |
HOW DO I DETERMINE THE SUM INSURED FOR MY CAR? |
| A: |
The sum to be insured should be based on the market value of your car. Market Value represents the value of the insured vehicle herein at the time of loss or damage less due allowance for wear and tear and/or depreciation. |
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Q: |
IN THE EVENT MY CAR IS DAMAGED IN A ROAD ACCIDENT, DO I HAVE TO REPAIR IT IN A WORKSHOP APPROVED BY THE INSURANCE COMPANY? |
| A: |
Yes. You will need to refer to the list of PIAM (General Insurance Association of Malaysia) approved panel of workshops given to you along with your motor insurance policy. This list should ideally bet kept together with your policy in your car at all times. |
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Q: |
WHAT SHOULD I DO IF THE POLICE INFORMS ME THAT MY STOLEN VEHICLE HAS BEEN RECOVERED ? |
| A: |
If the vehicle is recovered before the theft claim is settled, you will have options to either:
(a) |
To withdraw the claim (if the vehicle is recovered in good condition)
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(b) |
To withdraw the claim and undertake the repair at his own expense
(if the vehicle sustained minor damage and the insured wishes to retain his/her NCD entitlement)
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(c) |
To withdraw the Theft Claim but pursue with Own Damage Claim (if vehicle recovered sustained extensive damage or has missing parts) |
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|
Q: |
WHAT IS NCD ? |
| A: |
NCD is the abbreviation for No Claim Discount. This is a discount given to the policyholders upon renewal of their motor insurance if no claim is made from the policy during a continuous coverage period of 12 months. Persatuan Insurans Am Malaysia (PIAM) Motor Tariff sets out a fixed rate for this discounts. These are as follows : |
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NCD For Private Car / Commercial
Vehicles |
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Private Car |
Motorcycle |
Commercial Vehicles |
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Period of Insurance |
Discount |
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After 1st year |
0% |
0% |
0% |
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After 2nd year |
25% |
15% |
15% |
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After 3rd year |
30% |
20% |
20% |
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After 4th year |
38.33% |
25%
(Max) |
25%
(Max) |
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After 5th year |
45% |
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| 5th
year onwards |
55% |
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|
Q: |
CAN ANY ACCUMULATED NCD BENEFIT BE TRANSFERRED FROM ONE VEHICLE TO ANOTHER ? |
| A: |
Yes. This can happen when one sells an old vehicle and transfers the NCD to the new vehicle being purchased. If no transfer of NCD is made to another vehicle, the NCD entitlement level will drop one level each year. For example, if the NCD entitlement is 55% this year, it will drop to 45% next year, if it is not transferred to another vehicle. This will continue until the NCD level reaches 0%. |
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Q: |
WHAT IS BETTERMENT ? |
| A: |
Betterment is a scale which is imposed to the vehicle aged 5 years and above when new franchise parts are used during an accident repair that was paid for by the insurance company. The insured is to bear the betterment charges because the vehicle's old damaged parts were replaced with new franchise parts since the motor insurance policy only indemnifies the insured's vehicle in the condition just before the accident. The application of betterment is at the discretion of the respective insurance companies based on the Scale of Betterment approved by Bank Negara Malaysia. |
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Q: |
WHAT IS AN E-COVER NOTE? |
| A: |
E-cover note simply means an electronic cover note issued by an Insurer and submitted to JPJ electronically and to facilitate the Insured to renew his road tax at JPJ office. The Insured will no longer be required to produce the physical cover note to JPJ. They will only need produce their vehicle registration card to JPJ after they have purchased their insurance. |
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Q: |
WHAT ARE THE BENEFITS OF E-COVER NOTE ? |
| A: |
E-cover note will eliminate cheating and issuance of forged cover notes. Fast policy turnaround time. For renewal cases Insured need not come to MPIB office. They just need to call our Customer Service, banking the appropriate premium into MPIB's designated bank account and present themselves at JPJ office to obtain their road tax. |
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Q: |
WHAT IS THE DIFFERENCE BETWEEN COMPREHENSIVE COVER AND THIRD PARTY COVER FOR MOTOR INSURANCE? |
| A: |
Comprehensive Cover refers to insurance coverage of loss or damage to the motor vehicle, accessories etc caused by : |
- Accidental collision or overturning.
- Fire, external explosion, self ignition
or lightning.
- Burglary, housebreaking or theft.
- Malicious acts.
- Falling objects
Third Party Cover refers to insurance coverage of legal liability to third parties arising out of the use of a motor vehicle resulting in death, bodily injury or damage to property only.
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Q: |
WHAT IS EXCESS ? |
| A: |
Excess refers to the amount that you are responsible to pay as per the policy terms & conditions in respect of each and every claim payable (including cost and expenditure incurred by the insurance company to conduct, defence and settlement of any claim for the loss or damage to your vehicle, and damage to third party property resulted from the accident arising out of the use of your vehicle for liability to third parties), in addition to any other excess that may be applicable. For example, the excess of your policy is RM300 and the total claim amount is RM1,800. Your insurer will only pay out RM1,500 for the claim while you have to pay the remaining RM300. |
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