What exactly is motor insurance?
Motor Insurance is a sort of insurance coverage that financially protects your automobiles from any threats. The policyholder’s automobile or two-wheeler is financially protected against damages caused by accidents and other risks. Motor insurance is required in Malaysia.
Different Kinds of Auto Insurance
Specific Vehicle Motor Insurance – Private Car Insurance and Commercial Car Insurance
Personal automobile owners who use their car for personal purposes get private car insurance. A car owner can select from a variety of insurance coverage.
People who operate taxis or use their automobile for commercial purposes should purchase commercial car insurance.
Automobile Insurance Policies
- Third-Party Automobile Insurance Policy
According to the 2019 Motor Vehicles Act, Third Party Coverage is required. Without it, you will be driving your automobile on the road illegally, which will result in a penalty and/or punishment. This policy protects you against legal responsibility incurred by a third party as a result of your car or vehicle. In basic words, Third Party insurance covers injury or death caused by your car to a third party, as well as damage to property. Here’s an intriguing aspect of the cover. According to the Motor Vehicles Act, the claimant is not required to establish the carelessness of the motorist who caused the accident. Third Party Insurance, as the name implies, solely covers third-party liability. It does not cover car damage or theft. The premium is also reasonable given the nature of the coverage.
- Own Damage Automobile Insurance Policy
An Own Damage auto insurance coverage protects you against damage to your vehicle caused by incidents such as fire, theft, and so on.
In the event of an accident, an own damage cover covers you for the cost of repairing or replacing pieces of your automobile that were damaged in the accident.
This coverage will cover the cost of repairs to your automobile if it is damaged as a result of-
Natural disasters such as floods, earthquakes, and fires, among others
Man-made disasters such as graffiti, rioting, and terrorist strikes
In the event of an accident, you may sustain damage to your vehicle or your goods.
Theft or harmful behavior
- Comprehensive Automobile Insurance Policy
With comprehensive automobile insurance, you get Third Party Liability coverage as well as Own Damage coverage. It provides comprehensive, end-to-end security for you and your vehicle, as the name implies. The major aspect of this insurance is that it covers automobile theft as well as damage caused by a variety of factors. If you have this coverage and your automobile is stolen, you can be assured that it will be replaced. Comprehensive insurance covers a variety of risks, including vandalism, fire damage, floods, damage from natural disasters such as tornadoes and wind storms, glass breakage (e.g., windshield), damage from falling objects, and so on. You may also supplement your protection with add-on policies such as Personal Accident, Electrical Appliances, Zero Depreciation, and many others.
For more information about Motor Insurance online Malaysia, please visit https://www.lonpac.com/
