How is car insurance calculated?

Last activity 20 February 2018 by Gravitas

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GuestPoster723Guest19 February 2018 08:18:26

214245

I´m in the process of buying a (used) car, as I´m currently driving my brothers old Myvi and want something better.

Trying to figure out the running costs I stumbled across an Online Insurance Calculator and was surprised to find out the premium depends mostly on the market value of the car.
For example:
Car value MYR 50,000, Third Party Coverage, engine 1600 cc MYR 1,400 yearly payment.
Car value MYR 100,000 everything else unchanged MYR 2,700 yearly payment.
Is that correct?

Another thing is the No Claims Discount. As I´m new to Malaysia I would have to pay full price, no discount. Is there any way to get a discount e.g. proving that I drove accident free in my home country for many years?

GravitasViP19 February 2018 09:45:21

9040

I recall there was no discount initially, but once local NCB was accumulalting it would be applied to the premium from the second year onwards. Do be aware the road tax depends on the CC and motor type of the car so check that too.

The logic is the insurance is with local companies (and underwriters) so overseas discounts can't apply.

GuestPoster723Guest20 February 2018 11:33:13

214245

Thanks Gravitas

I checked road tax too and it seems to be reasonable. The above example car with 1600 cc engine would cost MYR 90/year and a SUV with 2000 cc would cost MYR 440/year.

I understand that foreign discounts don´t apply. I guess it doesn´t count either that I´m driving a car already because it´s on my brothers name - difficult to prove, I know.
And impossible to change owner because he left the country and his fingerprint is required, I was told by a dealer.
Off topic: Is that true? A car can only be sold with the fingerprint of the owner?

GravitasViP20 February 2018 11:44:57

9040

Suggest you contact myeg for advice about the fingerprint. They deal with car stuff - https://www.myeg.com.my/services/jpj

Check you have everything in place for your driving licence being valid to use here as well.

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