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 How to check Sum Insured value for a car, Insurance related

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TSactivexxx
post Feb 6 2016, 11:53 AM, updated 9y ago

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Hi,

As you are aware, our yearly car insurance premium depends on the NCB points and Sum Insured value. As our car ages, the Sum Insured value decreases.

Is there any calculator to calculate for Sum Insured? I intend not to overpay the premium when my agent renew my car insurance.

My car is 6 years old now.

lawrencesha
post Feb 6 2016, 12:01 PM

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ask your trusted agent. They have to sell insurance according to a table. It states what car (make & model), what year and how much to insure.
TSactivexxx
post Feb 6 2016, 01:21 PM

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QUOTE(lawrencesha @ Feb 6 2016, 12:01 PM)
ask your trusted agent. They have to sell insurance according to a table. It states what car (make & model), what year and how much to insure.
*
I did check with my friend (non-insurance agent). She said normally the insurance company will mark up the Sum Insured amount. But if we were to really claim, we definitely will not get the sum insured. Therefore, she normally will inform her agent to mark down the Sum Insured by few thousands when she received the yearly renewal notice.
enduser
post Feb 6 2016, 05:31 PM

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QUOTE(activexxx @ Feb 6 2016, 01:21 PM)
I did check with my friend (non-insurance agent). She said normally the insurance company will mark up the Sum Insured amount. But if we were to really claim, we definitely will not get the sum insured. Therefore, she normally will inform her agent to mark down the Sum Insured by few thousands when she received the yearly renewal notice.
*
For allianz,sum insured (SI) value is generated from their system referred as 'agreed value'. U can request for a lower SI but its a risk that allianz term as underinsured. U might Google about underinsured. I believe others ins co also hv their own SI table. Just beware not to underinsured ur car.
acbc
post Feb 6 2016, 05:36 PM

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I renewed mine with Motor Takaful. There's a calculator to get the insured amount when filling up the online form.
ftptwistedclown
post Feb 8 2016, 02:13 AM

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there are few sites online. I hv posted at fnf before
Daniel John
post Feb 8 2016, 11:07 AM

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Hi there

i just renew my car ins n roadtax with allianz

here is the summary

by right sum insured = agreed value...this is "propose value" by the insurance company but u can always "underinsured"...

to get underinsured value is very simple...for my self...i went to used car are trying to "trade in" the car to know what is the exact market value for my car...or u just shave few thousand from the "agreed value"..

in my case
my car "agreed value" with allianz is rm25k but when i approach used car they willing to take my car rm19k-21k only...so my sum insured is rm20k with them and i need to fill up "underinsured" form...

with Allianz, if u cover rm20k n if anything happen to u say total lost...they will cover in full...

example
sum insured 25k...met with accident and total lost...Allianz will follow curent market value, E.G 20k...final amount u get is 20k

if sum insured 20k...under same scenario..u will also get 20k as final amount...

its my 4th year with Allianz...n im satisfied with them
TSactivexxx
post Feb 8 2016, 03:38 PM

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QUOTE(Daniel John @ Feb 8 2016, 11:07 AM)
Hi there

i just renew my car ins n roadtax with allianz

here is the summary

by right sum insured = agreed value...this is "propose value" by the insurance company but u can always "underinsured"...

to get underinsured value is very simple...for my self...i went to used car  are trying to "trade in" the car to know what is the exact  market value for my car...or u just shave few thousand from the "agreed value"..

in my case
my car "agreed value" with allianz is rm25k but when i approach used car they willing to take my car rm19k-21k only...so my sum insured is rm20k with them and i need to fill up "underinsured" form...

with Allianz, if u cover rm20k n if anything happen to u say total lost...they will cover in full...

example
sum insured 25k...met with accident and total lost...Allianz will follow curent market value, E.G 20k...final amount u get is 20k

if sum insured 20k...under same scenario..u will also get 20k as final amount...

its my 4th year with Allianz...n im satisfied with them
*
Hi bro,

That's what I am planning to do now. So, I need to fill-up underinsured form...thx
Daniel John
post Feb 8 2016, 03:40 PM

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QUOTE(activexxx @ Feb 8 2016, 03:38 PM)
Hi bro,

That's what I am planning to do now. So, I need to fill-up underinsured form...thx
*
yups...n thats all...if u bank in on wednesday..theres a chance u can self collect the next day...
they provide towing up to 75km...
TSactivexxx
post Feb 8 2016, 08:25 PM

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QUOTE(Daniel John @ Feb 8 2016, 03:40 PM)
yups...n thats all...if u bank in on wednesday..theres a chance u can self collect the next day...
they provide towing up to 75km...
*
Noted. I don't have friends working as Allianz agent. Can I apply online?
Daniel John
post Feb 10 2016, 11:58 AM

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QUOTE(activexxx @ Feb 8 2016, 08:25 PM)
Noted. I don't have friends working as Allianz agent. Can I apply online?
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https://www.allianz.com.my/car-motor-comprehensive-cover

try to play around with the website...hope it helps
lonely143
post Feb 10 2016, 02:45 PM

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You have to cover according to the sum provided by the insurance company.
If your cover sum is lower than what suggested by the insurance company, you have to pay some money when come to insurance claim.

Another tips, most of the insurance company offered 10% discount if you walk into their office to renew insurance.
If you dont trust your agent, just give call to the insurance company based on your model and year to get quotation.

REMEMBER the sum value is always higher than the market value and this is market practice.

This post has been edited by lonely143: Feb 10 2016, 02:47 PM
Zot
post Feb 10 2016, 02:49 PM

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QUOTE(activexxx @ Feb 6 2016, 11:53 AM)
Hi,

As you are aware, our yearly car insurance premium depends on the NCB points and Sum Insured value. As our car ages, the Sum Insured value decreases.

Is there any calculator to calculate for Sum Insured? I intend not to overpay the premium when my agent renew my car insurance.

My car is 6 years old now.
*
Just go to Maybank online and find insurance. Just say you want to buy. There got this calculator. Key in all the way except do not submit. You get all the detail there. Else you can apply online and get discount wink.gif

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