Must cancel insurance for old car b4 NCD transfer to new car. U tend buy a cheaper 3rd party insurance for the old car.
Insurance NCD transfer to new car
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 Feb 23 2014, 04:15 PM
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Feb 25 2014, 10:52 AM
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QUOTE(myroadtax.com @ Feb 25 2014, 10:50 AM) Yes. But most insurance company will not cover 3rd party if the age of the car is above 12 or 15 years. My 1990 Mitsubishi Galant VR-4 is 24 years August this year. AXA still ok with coverage because long time customer. Of course, with some loading. Every year need to write to them to say this car always inside my warehouse and only drive out every Sunday.This is because the vehicle is considered high risk.  You have to buy comprehensive cover and pay an extra loading charge or excess will be imposed.  For vehicle above 20 years, there is no other venue but purchasing Malaysia Motor Insurance Pool (MMIP) cover. The premium is the highest. Most insurance company don't wanna do this because of high risk and Malaysia Takaful Association ask all it's members to drop this type of coverage. So in conclusion you will get discount from NCD up to year 5 and enjoy the discount until year 11. In year 12 you will feel the insurance premium hike because of the above. Don't be surprise   |
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