How to calculate car insurance basic premium in Malaysia?
Formula to calculate your car Insurance basic premium For West Malaysia, the basic premium for a new car of each category = Comprehensive rate for first RM1,000 sum insured (from the table above) + RM26 for each RM1,000 or part thereof on value exceeding the first RM1,000. For East Malaysia, the basic premium for a new car of each category =
How do you calculate car insurance premiums?
The basic formula to calculate car insurance premiums is as follows: Car insurance premium = Premium (after NCD, if any) + Additional coverage (if any) + Service tax (6%) + Stamp duty (RM10) In conclusion, a few factors affect car insurance premiums. The factors include your car market value, type of car insurance and your No Claim Discount (NCD).
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.
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....