Car Insurance-What We Don't Know

There is few aspects will determine how much premium payable namely:-


1) Type of Coverage-Comprehensive or Third party
2) Sum Insured
3) Manufactured year
4) Cubic capacity
5) NCD 


Additional perils
6)Windscreen-15% from its sum insured
7)Legal Liability to Passengers (25% of third party premium + RM 10.00 per additional passenger)
8)Strike, Riot & Civil Commotion (0.3% of vehicle sum insured)
9)Radio Cassette (15% of radio cassette sum insured)
10)Additional Named Driver (RM 10 per additional driver - apart from first 2 drivers)

for comprehensive coverage we may opt to purchase or not to purchase perils from 6-7, while
not for 3rd party. The main contributor to the premium amount is the car sum insured itself which 
can be manipulated by insurer or agent.


Today, we don't have to worry about NCD which will automatically captured in the system if we
opt to change to different insurer.While as for windscreen coverage also, we sometimes have no idea how exactly the cost of our car windscreen.In the market, locally made (MSG),Thailand made or original from car manufactured are available. 


But most of us did not bother to think about it since the workshop will replace for us  but how many of us know that sometimes we have to add our own money to cover the windscreen claim or we already pay excess from premium since our windscreen relatively cheaper than we insured.


So,in order to get optimal premium, we must ensure the policy taken is based on our car/windscreen market value. But at the end of the day, we have to make sure we can reach our agent afterward for claims, advise and all.

Major Fire Claims-Total Payout RM2,487,373.37

Burnt Generator Which Lead to Power Supply Cut & Stop The Ongoing Production
Total Payout is RM2,487,373.37

The Incident

FIRE DAMAGE TO LOW VOLTAGE ROOM & MOBILE CONVEYOR CRANE AS WELL AS
WIP STOCK IN THE MIDST OF BEING PROCESSED/MANUFACTURED ALONG THE PRODCUTION LINE

*Above caption is how to relate the fire incident which happen to one section of our client premises.The damaged caused by fire is not just to the burnt equipment but also interupt the production flow. normally there is three stage of claim namely:-

1) Interim payment
2) Electrical damage
3) Consequential Loss


Try to look at the policy

We can see that they cover as per below;
1) On Building                -RM19,412,548.00
2) On Plant                     -RM25,000,000.00
3) On Stock                    -RM10,000,000.00
4) Con Loss                   -RM  8,000,000.00


From the above fire incident description, we can see that all damaged claims and its consequential loss as a result of the business interruption are justified.


Here we go..what they received from the claims (three payment voucher)

So total settlement for small fire happen at low voltage room but has damaged the stock in progress and also distrup their daily business operation is RM2,487,373.37

(Some detail in policy/voucher has been heavily edited /erased to protect our client identity and also its trade secret)

Death Claim-The Policy & The Settlement

When one of our client staff passed away due to accident. He is covered under Group Personal Accident  Policy which sum insured of RM20,000.00. His only son still schooling in Mambau, NS. We have not just visiting him personally but also provide some assistance to open saving account to receive on behalf of his late father.

The Policy

The Death Cert

The Settlement

This posting does not intend to misuse or hurt the related person in this case but remind all of us,there is one cert that we would have one day..and we would not be able to collect it.

(Some detail in policy/voucher has been heavily edited /erased to protect our client identity and also its trade secret)

Fire Claims-The incident,The Policy & The Settlement.

This is one of many claims handled by us from engaging with friendly adjuster, haggling with repairer and harrasing claims dept officer to make sure settlement are in full.

The policy

The Claims

A lightning has struck to the electronic component of one of two units lift located
on the top floor. The lift manufacturer has quoted RM21,185.00 for replacement and repair
the damaged component.

The Settlement

We has engaged personally with the manufactured (EIA) to discount as per agreed
by adjuster, so the settlement has been paid to client exactly as quoted by The manufacturer /repairer i.e RM21,185.00. Claim Ratio; 100%

Claim Settlement - Total Loss Accident

This could happen to anyone of us..what do we need during this time of tragedy...a good agent which not just sell insurance but can be contacted 24 hours a day to settle the claims....like us, we have arrange a friendly adjuster,repairer & mingle with claims dept person in charge...for one reason ..to give the best service and for FREE. THE POLICY Customer Name Effective Date 18/06/2010  Expiry Date/Cancellation Date 17/06/2011  Product Code TGPC  Product Name Motor Private Car  Sales Channel Code T5100848 Sales Channel Name SERASI LINK & MANAGEMENT SERVICES  Sum Insured 70,000.00  West Malaysia	Type of License Four Wheel Drive	Usage Corporation Use	Make TOYOTA
Vehicle Model Hilux Double Cab 2.5G A	Other Vehicle	Vehicle Capacity 2494	Number of Seats 5
Number of Passengers 4	Year of Manufacture 2007	New Vehicle No	Vehicle No.
Chassis No. PN133JV2508517442	Engine No. 2KD6295465	Number of Claims 0	Log Book No

Let us see how much we manage to get the claim amount for our client...with our Personalised service..off course its included lengthy nego with adjuster and repairer.


THE SETTLEMENT

It's RM70,000.00 (as per sum insured) paid by Etiqa while the current market value on the date of accident is RM68,800.00. Above offer letter is revised from earlier settlement amount. but
somehow we made it 100% full payment.

Minimize Your Premium

Definition

The periodic payment made to an insurance policy. Premium payable is 
calculated by multiply the sum insured with rate,added of service tax and 
stamp duty. Below is the computation sample of Fire Insurance


Calculation Sample:
100,000 (sum insured) X 00.52 (rate) + 10.00 (stamp duty)/add 6% tax if 
company. So, the premium payable is shall be able to be minimize by 
reducing the sum insured or rate.As we all know the rate are fixed but sum 
insured can be reduce or increase by agent or insurer.Let's see it how it can
be done.....

for example :
BMW 320i, year 2007 E90 sedan Auto 2.0i

Your insurer quote (assuming NCD 30%)
RM170,000.00 sum insured
RM 4,000.00 windscreen
----------------------------------------
your premium payable shall be RM3,917.15

However in case of total loss due to accident (God forbid), with the repair claim 
adjusted above current market value. Insurer will pay a maximum of RM145,000.00
Why..because the current market value is just below that amount. Most insurer will 
deduct certain percentage from market value as settlement. But its not the case 
with Etiqa you may expect 100% settlement based on current market value 
( we will publish in later post sample claim done)

Back to premium, the optimum premium shall be RM3,328.15. based on current 
market value RM150,000.00 and windscreen RM2,500.00 (assuming NCD 30%)


You may save RM589.00 from the premium...and you may get us to assist you on 
claims or other related matter such as with JPJ, Puspakom or else for FREE......
so let's get Personalised with us today...off course in insurance matter only

Claims

Please click below link to get general overview...CALL us to get Personalised


About Claims


Takaful Claims Department is responsible for ensuring that all genuine and legitimate claims fro … Our Takaful Claims Department is working hand-in-hand with Conventional Claims Department, consists … Claims handling various types of general claims with a work force totalling 104 personnel.


     

Need any assistance? We would be delighted to assist you. Contact our friendly and warm Claims Assist personnel at  1-300-88-1007 or e-mail at claims@etiqa.com.my from 8.45 am to 5.45 pm; Monday to Thursday and 8.45 am to 4.45 pm on Friday.

   

The documents below will help you on your uncertainties and enquiries.
Panel of Repairers/Workshops	Auto Assist	Fast Track Claims

Corporate Insurance

Please click below link to get general overview...CALL us to get Personalised

Fidelity Guarantee

It covers loss of money or property of the insured or for which they are responsible as a result of acts of fraud or dishonestly by an employee.

Burglary

It covers loss or damage by theft or property belonging to the Insured or for which he is responsible.

Money

It covers loss of money whilst in transit and whilst kept in locked drawer, safe or strong room or by hold-up whilst on the business premises.

Motor

It covers motor vehicles against loss or damage caused by accidents and also legal liability to third party for bodily injury or property damage. Vehicles covered: Private Car Commercial Vehicle Motorcycle

Marine

It is to protect traders against losses at sea through maritime perils such as sinking, grounding, stranding, collision at sea or heavy weather.

Public Liability

Scope of cover • Accidental bodily injury to any person not being a member of the insured’s household or any person in the services of the insured. • Accidental damage to property not belonging to or in the custody or control of the insured. • Any legal expenses incurred by the insured in depending legal proceedings with the Company’s written consent happening during the Period if Insurance and caused in the course of the business within the territorial limit

Foreign Workers Compensation

It is mandatory for every employer to insure all the legal foreign workers employed by him under Foreign Workers Compensation Scheme in respect of any liability he may incur under the Workmen’s Compensation Act 1952.

Workmen Compensation

The Workmen’s Compensation Insurance is designed to cover the workers for accidental bodily injury and /or disease sustained whilst in the course of employment. The local workers may have common law rights against the employers and hence, Employer’s Liability insurance is to provide indemnity to the insured for this contingency.

Machinery Breakdown

It covers sudden and unforeseen damage occurring whilst the machinery is working or at rest, being dismantled, moved or re-erected for the purpose of cleaning, inspection, repair or installation in another position.

Consequential Loss

The fire material damage only provides indemnity to the insured in respect of loss of or damage to the tangible assets. Any loss from a fire or a major natural catastrophe such as earthquake, storm or flood could bring about serious disruption to the business activities of the insured in terms of loss or production, sales and consequently the earnings. It pays for the residual nett profit and fixed charges resulting from interruption of business following loss or damage by fire and the insured perils.

Fire

Individual Insurance

Please click below link to get general overview...CALL us to get Personalised Ensure that your claims are settled as soon as possible with Etiqa Private Car Takaful. Find out more

Protect your home and your loved ones with this policy. Find out more You’ll never have to worry about how to pay for medical attention and hospitalisation. Find out more   A special plan with fixed returns and freedom in financial planning for whatever you please. Find out more Enjoy the financial support you need in the event of injury caused by personal accident. Find out more         Personal Accident, female-related illnesses and crimes are all covered under this plan. Find out more