Why got concept like agreed value and market value when u do total loss claim

Like for example, my sum insured in 2019 is 80k, then this year quotation came for 2020 is still 80k. But when total loss before renew insurance, they say market value only 70k

you should lodge a dispute. insurance companies are like banks. legal ah longs.

thats where agreed value come in.
if you buy based on agreed value, then youh 80k will be compensated with 80k

does your motor insurance cover note stated agreed value? if it is stated then if claim arises, due to theft or total loss, the company should pay on agreed value.

when issue you agreed value you say your car not worth that much. want lower premium. when got something happen, then ask why so low

always buy agreed value...
not so rugi although the premium is slightly higher

So ngam my car is under MSIG LOL

So if my insurance is market value, then there is no way to argue with them? This year they proposed sum insured same as last year, make me think my golden butt sit in my car wont decrease value lol

do remember if it is market value

you over insure, you pay more premium but anything happens, they pay you market value only
you under insure, you only get paid partially for your claim

Always insure the car value based on their valuation at agreed valued. Then you'll be covered.

If every year follow proposed sum insured the value does drop. But if last year you ask for lower, then it might show same as this year.

This is how my system looks like.

MSIG Recommended SI:61000 (Agreed value) ISM-ABI Market Value:58000
Reply Date:09/01/2020 01:09:14
Response Code:ABI088 ISM Valuation Successful

I notice pemiums this year are a bit higher compared to last year, even if it's the same sum insured.

Unfortunately no way u can argue since u beli sum insured based on market value. If agreed value diff story, insurance must pay accordingly same to your agreed value.

But not all ins offer agreed value. U can compare price and benefits dengan company lain before purchase.

True. But not all insurance/takaful operator offer agreed value.

Since detariffication start, all insurance/takaful operator are free to revise their premium and guidelines. Ins premium no longer regulated by gov. Maybe pasal itu got some ins company increase their premium.

Or maybe itu agent suka suka letak valuation sum insured tinggi, higher premium higher commission.

This post has been edited by moodswingfella: May 13 2020, 12:30 PM

because after deregulation, the insurance company can charge any amount they want and can compete with each other.

usually they are very smart la, will increase step by step so no one notices

If you buy cars that depreciate kaw kaw then you better drive fast and wreck it. No wonder a lot of drivers of expensive cars are fucktards when on the road.

now every insurance different price and can buy direct
agent like me business dying ... please support tq

Most major one does I think. So far I've only dealt with 2 companies, Lonpac and Allianz, both does offer agreed value. Price not much diff, only about 10% of your premium.

looks like many buying thru online due to discount and MCO, maybe you can enlighten us what can we get if buy thru agent?

For my clients I m their agent for their life insurance , medical card, shop insurance, shipping insurance, company vehicle insurance, construction insurance

basically I handle a-z for their insurance matters. 2 months invoicing credit.

then every year will give hamper and voucher

Isit true that if buy toyota car with MSIG, then its less hassle to fix at toyota workshop (since MSIG is panel for toyota (?))

What i mean is some insurance company might haggle about what need to fix, how much it should cost etc

i think market value term is new concept.. before this, during claim, insurers will pay a market price, which is usually lower than the coverage value. Nowadays, a term agreed value is used whereby during claim, regardless of market price, insurer will pay based on agreed value. So, customers can get extra money (because agreed value can be higher than market value)