see the tricky part is like this about HIP insurance... first of all it is different from any comprehensive insurance...
HIP (honda) - pays you on 100% on insured sum (based on agreed value)
other type - pays you on market value
Honda did say
1st year -100%
2nd year -100%
3rd year-100%
4th year -100%
5th year- 100%
100% on insured sum... so take a look at the insurance policy for instance E spec...selling price 83800... sum insured 81k ..
81k sum insured is or 1 st year.... they pay 100%,
1st year - 100% sum insured ( pay off 81k)
2nd year -100% sum insured ( now no longer 81 k, car depreciate one year older.. maybe 75k)
3rd year- 100% and goes on..
even thou the sum insured is 100% which is better than any insurance... still the sum insured value drops every year..and this is what they mean t by 100% sum insured.. based on insured sum which drops yearly..
now on the interest part with the bank, try inserting details on this accordingly.. there will be discounts
http://www.autoworld.com.my/v2/tools/loan_settlement.aspbut as you pay/service more bank loans, you will rugi ...take instance E spec 83800, deposit 10% = 8.38k, loan amount 83800-8380=75420 .. around 76k loan sum, 2.6 interest 9 years around 868 per month
based on calculator.. if you paid 6 months of loans, and you full settle/insurance pay, insurance cover 76k enough to cover 1st year, but 2nd year onwards coverage lower..
say insurance enough to cover bank loans, you still lose 10% deposit around 8380 ( many got discounts 4k, 3k),license, plat numbers, tinting, locks upgrading.. ( maybe around 3k)
so total lost will be 4k deposit (after discount) + upgrading 3k = 7k..i saw there are surplus in the sum insured..but whether insurance will pay back us? no idea.. since it is only 3k..
but for those paid large deposits... like 20k to 30k... insurance say after paying bank, surplus will refund..
hope it helps
nvm, at least when the car get stolen i dint owe any money lol...