What is the importance of car insurance in Malaysia?
Car insurance provides financial protection in the event of a traffic accident that causes physical damage or injury. Car insurance is compulsory in Malaysia with the minimum requirement being the third-party insurance. Without a car insurance policy, the road tax could not be renewed for your car.
What is the market value of a used car in Malaysia?
Actual values may vary between RM2,000 - RM5,000, depending on the condition of the car condition. Market Value does not reflect Used Car Trade In Value, which will be lower because of the dealer's profit margin when the dealer sells it to the next owner at Market Value.
What is market value and agreed value in auto insurance?
Market Value – The sum of the insured amount based on the current market value of the vehicle Agreed Value – The sum of the insured amount based on the vehicle’s age and model Insured Value/Sum Insured – For new vehicles, the insured value refers to the purchase price.
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....