What are the different types of car insurance in Malaysia?
There are three types of motor insurance available in the Malaysian market, each unique in its purpose to cover you and/or your vehicle. A third-party cover is usually the cheapest among the three offered car insurance covers, and the most basic form of car insurance you can have in Malaysia.
How much is car insurance for a 20-year-old?
Car insurance for a 20-year-old costs $5,517 per year on average, or $460 per month. Young drivers, particularly those 25 and under, tend to have particularly high car insurance rates because they get into more accidents on average and are considered more at risk by insurers.
What is third-party car insurance in Malaysia?
A third-party cover is usually the cheapest among the three offered car insurance covers, and the most basic form of car insurance you can have in Malaysia. However, this policy doesn’t cover you for any damages to your own person or vehicle. Imagine this: it was a rainy night, and you’re driving home after a late night at work.
What is the purpose of car insurance?
Car insurance serves to offer financial protection to the parties involved in a traffic incident. The priority is the well-being of the other perso...
Is a car insurance compulsory in Malaysia?
Yes. Car insurance is compulsory in Malaysia. Without a car insurance policy, you are unable to obtain a road tax. No insurance means no road tax....