Learn, Buy and Manage Insurance in your life

TRAFFIC ACCIDENT

2007-12-02T19:48:00.000-08:00

Remain calm and not panic at the situation...

1. If there are injuries, call 999 for assistance.

2. If there are no injuries, move your vehicle to a safe area away from traffic, where possible.

3. Note the names and addresses of the other driver(s) involved.

4. Note the model and vehicle registration number of the vehicle(s) involved.

5. Note names and addresses of witnesses, if any.

6. Sketch a simple diagram of the accident scene and the position of each vehicle right before and after the accident (Photos of the accident scene, if available, can be very helpful).

7. Exchange information on the names of your respective insurance companies / takaful operators.

8. Do not discuss on whose fault it was. This may complicate the handling of your claims.

9. If your vehicle needs to be towed, ensure that the vehicle will be sent to the correct workshop. Call your insurance company / takaful operator or its accident hotline number for the appropriate workshop.

10.Report the accident to the police within 24 hours.

11.Inform your insurance company / takaful operator even if you do not intend to make a claim. The third party involved in the accident may make a claim against your insurance company / takaful operator which would cause you to lose your no-claims-discount (NCD).

12.Complete the claims form in full and include any additional relevant information. If in doubt, ask your insurance company / takaful operator for advice.

sources: insuranceinfo.com.my

CAR STOLEN!!

2007-12-02T19:42:00.000-08:00

HOW TO CLAIM INSURANCE FOR STOLEN CAR

In terms of a stolen vehicle, there are a few procedures that must be followed:

STEP 1
You must submit a detailed report about the stolen vehicle, including a police report.

STEP 2
After submitting the claim form, you must cooperate fully with your insurance company or its representative during the course of investigation of the theft claim.

In view that the police and your insurance company will require time to investigate your claim, you will receive the offer of settlement from your insurance company within six months from the theft notification or upon completion of police investigation, whichever is earlier.

sources: insuranceinfo.com.my

Procuder for Claim Car Insurance

2007-12-02T18:08:00.000-08:00

HOW TO CLAIM??

When you are involved in an accident, you may either make an :
own damage claim OR a third party claim

1. Own damage claim
This refers to making a claim on your own insurance policy.You will lose your NCD entitlement

step 1
When notifying your insurance company of the accident, ask about the names of approved workshops near your location to send your vehicle for repair.
step 2
Submit the fully completed Motor Accident Report Form together with all supporting document as soon as possible to your insurance company.
step 3
The workshop will commence repairs on your vehicle upon the approval of your insurance company.
step 4
Upon completion of repairs, you will be informed by the workshop to collect your vehicle.

2. Third party claim
You may make a third party claim if you did not cause the accident you were involved in
(i.e. someone rams into your car because they beat a red light). You will retain your NCD entitlement.

step 1
There are two options of making a third party claim:

1.Submit the claim directly to the insurance company of the party at fault, OR

2. If you have a comprehensive policy, submit the claim to your insurance company. You are encouraged to submit your claim to your own insurance policy for speedier claims.

step 2
As the third party claimant, you must act to minimise your losses.

step 3
Appoint a licensed adjuster to assess the loss. The workshop or the third party insurance company may advise you on this.

step 4
Submit the report and the fully completed Motor Accident Report Form together with all supporting documents as soon as possible.

step 5
You are eligible to claim from the third party insurance company for loss of use and compensation of excess. For the loss of use of your vehicle under repair, this is based on the adjustera recommendation on the number of days required for your car to be repaired. Insurance companies, at their own discretion, may allow an additional seven (7) working days for any unforeseen or unavoidable delay.

Or, you may claim the cost of renting a replacement vehicle of equivalent type and capacity for the recommended number of days of loss of use evidenced by a receipt from a licensed car rental company.

sources: insuranceinfo.com.

VEHICLE INSURANCE

2007-12-02T07:55:00.000-08:00

INSURANCE YOUR
VEHICLE

You need motor insurance when you buy a motor vehicle. Motor insurance covers your vehicle, be it a motorcycle, a car or a lorry, in case of accidents or theft.

There are three common types of motor insurance available: third party; third party, fire and theft; and comprehensive cover.The level of your coverage dictates what you can claim if your vehicle sustains loss or damages.

CHOOSING THE POLICY...

When it comes to buying a policy, always:

1. Check the market value price of your vehicle. If it is a new vehicle, the insured value will be the purchase price.

2. Ensure that your vehicle is adequately insured as it will affect the amount you can claim.

3. Give all material facts about your vehicle, including previous accidents (if any), modification to engines,etc. When in doubt, it is best to ask your insurance company.

HOW MUCH SHOULD YOU COVER??
Make sure that the amount covered in your motor insurance certificate reflects the market value of your vehicle and not any other value to avoid over-insurance or under-insurance.

HOW DO YOU MAKE CLAIM??
If you are involved a motor accident and have a comprehensive cover, you may either make an own damage claim or a third party claim. There are different procedures involved. Inform your insurance company immediately and act according to their instructions. You may need to send your damaged vehicle to an approved workshop. You may check for the list of approved workshops from your insurance company. Make sure you send all relevant documents to support your claim to your insurance company as soon as possible.

CANCELLING YOUR POLICY..
1. You may cancel your motor insurance policy at any time by notifying your insurance company in writing, inclusive of the date you want to stop the policy.

2. It is a good idea to have a new policy in place before cancelling your previous one so there is no gap in between coverage.

3. Insurance companies also generally offer a refund premium based on how old your current insurance policy may be, the newer it is when you cancel it, the more refund you will receive.

source: insuranceinfo.com.my

What is insurance??

2007-12-02T05:32:00.000-08:00

TERM OF INSURANCE...

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. Insurer, in economics, is the company that sells the insurance. Insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

source: wikipedia.org

LIFE INSURANCE

2007-12-02T05:00:00.000-08:00

INTRO

Buying life insurance for you and your loved ones helps provide some financial security in times of hardship. The money from your policy will be paid to your loved ones when you pass away or to you should you suffer a total and permanent disability or loss.

WHY YOU SHOULD BUY LIFE INSURANCE??

To ensure that your immediate family has some financial support after your demise.

To finance your children’s education.

To have a savings plan for the future so that you have a constant source of income after retirement.

To ensure that you have extra income when your earnings are reduced due to serious illness or accident.

INCOME TAX RELIEF

You can claim for tax relief of up to a maximum amount of RM6,000 per year for an ordinary life policy. This is inclusive of any contributions you have paid to an approved retirement benefit scheme such as the Employees Provident Fund or other pension scheme.

CHOOSING A POLICY..

When it comes to choosing a policy, always:

Consider a policy that best suits your life stage

Understand the scope of cover provided under the
policy

Be aware of the circumstances should you need to switch policies

7 TYPES OF POLICY:

1. Term insurance
This offers insurance protection for a limited period only whereby the money is paid up if you pass away or if you suffer total and permanent disability.
2. Whole life insurance
Life-long protection and premiums are paid throughout your life and the money including any bonuses will be paid when you pass away or suffer total and permanent disability.

3. Endowment
A combination of protection and savings whereby the money will be paid at the end of a specific period upon your demise or if you suffer total and permanent disability.

4. Investment-linked
For investment-linked insurance, your premium is used to buy life insurance protection and units in a fund managed by the life insurance company. The benefits paid to you or your nominee will depend on the price of the units at the time you surrender your policy or when you pass away.

5. Life annuity plan
Series of payments paid to you until you pass away. Types of annuity include immediate annuity or deferred annuity.

6. Supplementary rider/cover
A rider is a supplement attached to the basic insurance plan such as endowment or whole life.

7. Mortgage reducing term assurance (MRTA)
An insurance protection plan that covers the repayment of an outstanding property loan to the financial institution in the event of untimely death, disability or critical illness of the borrower.

IMPORTANCE OF DISCLOSURE
Remember to faithfully disclose all the facts in your application form. If your insurance agent fills out your application for you, be sure to read and understand the requirements carefully before signing the form. Otherwise, any non-disclosure of material fact can cause your policy to be void.

source: insuranceinfo.com.my