QUOTE(abrar_iiu @ Nov 29 2018, 10:16 AM)
Hi guys.. been a while I didn't post anything here. I'm about to renew my insurance for second time for my wife 1.6 auto premium model made 2016. The thing is, I been asking several insurance companies on sum insured (agreed value) and they only can give me range from 37k to 42k only. Last year my sum insured is 60k at agreed value.. so much depreciation meh?
Appreciate if anyone here can show me which insurance company can offer higher agreed value for sum insured. Let say 45k at least. Highest I got from Lonpac & Kurnia at 42k. Liberty - 37k, Tokio - 39k, Alianz - 41k.
Thanks in advance.
Actually, no point going for over-insuring your car. This is because, you can only claim up to the current market value.
For instance, you can insure your car for RM60k when market value is i.e. RM45k... You'll be paying a higher premium and making the insurer happy. But when you claim i.e. total loss, they will only pay RM45k or lower depending on the market value then.
This however, does not mean that you would want to under insure your car as that would then subject you claim to a pro-rating.
For example, Market value is RM45k, but you only insure RM30k believing that is the market value after survey at Mudah. Insurance company will still accept, but it would then mean you are only insuring 66% of your car (30k/45k*100%)...
So when you claim i.e. total loss, and the market value then is RM30k, they will only pay 66% of the RM30k which is about RM20k.