Motor Insurance De-tariff - Is it Cheaper?

[Apeng08]

I thought this has been applied since ages.

Before this, the insurance only covered for the car. But starting last July, it include car + risk of the driver.

And after asking some of my friends, their insurance tariff increase around 150 to 200 from previous years.

If you were to say this, Lets say im paying RM1.5K now, the new one indirectly will be RM1.7K or so? Still money, can eat a lot with that amount wey :stupid:

 

[Nicholasng925]

My friend who works in insurance mentioned insurance companies loses out in Auto Insurance, so how can they reduce further....lol
Looks like we going to have to pay more, like 10 years old car loading, then 15 years, mine is 26 years, kena the highest loading....

Not necessarily. Again depends on the pricing model. Theoretically you are right though, the older vehicles will be charged higher loadings. But depends on how the insurers put the loadings on the age band and the weighting of the age component on the total loading to be added onto the premium.

As I said, every insurer will price the premium differently. Perhaps there is a fixed loading to be charged on each age range. Just need to do your due diligence to shop around.

For example, cars of age below 10 years will have no loading, cars of age between 10-15 years will have 5% loading, cars of age 15-20 years will have 8% loading, etc.

 

[vr2turbo]

Not necessarily. Again depends on the pricing model. Theoretically you are right though, the older vehicles will be charged higher loadings. But depends on how the insurers put the loadings on the age band and the weighting of the age component on the total loading to be added onto the premium.

As I said, every insurer will price the premium differently. Perhaps there is a fixed loading to be charged on each age range. Just need to do your due diligence to shop around.

For example, cars of age below 10 years will have no loading, cars of age between 10-15 years will have 5% loading, cars of age 15-20 years will have 8% loading, etc.

Not 5 and 8% brother. Mine already had them earlier, but then through friend manage to get them to take off, but friend have left and now with open tariff, my VR kena 20%....

 

[sweelt]

shit....like that my old 25yrs sentra kena 20% ?

 

[Nicholasng925]

Not 5 and 8% brother. Mine already had them earlier, but then through friend manage to get them to take off, but friend have left and now with open tariff, my VR kena 20%....

Just an example bro. I’m not sure what’s the exact loading rates but you get the idea. Probably it’s worth shopping around, hopefully to get a lower loading then. If no insurer wants to bear your vehicle’s risk due to its old age, last resort will then be MMIP (min loading rate for MMIP will be 50%).

 

[Nicholasng925]

any recommended insurance agent around Shah Alam? need to renew soon before December

I’ve no idea. As others have mentioned, walk-in customers get to enjoy 10% rebates off the premium. I don’t go through any agent neither, I’m a walk-in customer :proud:

 

[vr2turbo]

Just an example bro. I’m not sure what’s the exact loading rates but you get the idea. Probably it’s worth shopping around, hopefully to get a lower loading then. If no insurer wants to bear your vehicle’s risk due to its old age, last resort will then be MMIP (min loading rate for MMIP will be 50%).

Oh! ok, I have been through it, from 10%, 15% now 20%. The main problem actually is most don't want them under comprehensive 1st party insurance. They ask you to take 3rd. party with PA or some other crap that amounts back to 1st party price......lol

 

[Nicholasng925]

Oh! ok, I have been through it, from 10%, 15% now 20%. The main problem actually is most don't want them under comprehensive 1st party insurance. They ask you to take 3rd. party with PA or some other crap that amounts back to 1st party price......lol

If you take comprehensive 1st party insurance, the price will definitely be higher than 3rd party policy with PA and other riders. Up to this point, it's still unclear how most general insurance companies will price their motor premiums, so I guess just have to wait and see.

I'm optimistic that some companies will be able to offer better packages for higher risk profile cars (such as ours - highly modified, old high performance vehicles) than others. Just need to shop around. In the near future, I foresee comparison platforms (such as Ringgitplus and iMoney for personal finance) to emerge as well for insurance products.

 

[lsm1991]

Oh! ok, I have been through it, from 10%, 15% now 20%. The main problem actually is most don't want them under comprehensive 1st party insurance. They ask you to take 3rd. party with PA or some other crap that amounts back to 1st party price......lol

Oh so ur vr is stuck with 3rd party now?

 

[vr2turbo]

Oh so ur vr is stuck with 3rd party now?

Nope, I went to another company and insist on 1st party....

 

[6UE5t]

i thought that has been the case all these years?

It has always been the case, just that now the premium pricing is more risk-based rather than with tariff.

I thought this has been applied since ages.

Before this, the insurance only covered for the car. But starting last July, it include car + risk of the driver.

And after asking some of my friends, their insurance tariff increase around 150 to 200 from previous years.

I thought last time was purely based on car market value and age only, no?

 

[vr2turbo]

I thought last time was purely based on car market value and age only, no?

Last time, then yes.....

 

[6UE5t]

Last time, then yes.....

Hence my comment earlier.

 

[vr2turbo]

Hence my comment earlier.

Before de-tariff say will be cheaper, then goes up as like most promises........lol

 

[^pomen_GTR^]

yeahhh...damm detariff...


my car is just 12yo...
driver is over 30yo.. (which is over high risk inexperienced tenager clause)


but the car loading increased from 10% last year to 20% this year...

and thats a mutafxxkin perodua myvi 1.0 that nobody wants to steal or less likely to crash coz it wasnt fast enough to begin with...

 

[ixeo]

yeahhh...damm detariff...


my car is just 12yo...
driver is over 30yo.. (which is over high risk inexperienced tenager clause)


but the car loading increased from 10% last year to 20% this year...

and thats a mutafxxkin perodua myvi 1.0 that nobody wants to steal or less likely to crash coz it wasnt fast enough to begin with...

3rd party insurance?

 

[vr2turbo]

3rd party insurance?

I think is comprehensive. Mine the same, one Insurance ask to take 3rd party add this and that, the price almost same as comprehensive insurance, so change Insurance company......lol

 

[^pomen_GTR^]

3rd party insurance?

1st party for this one...

 

[vr2turbo]

1st party for this one...

Mine after 10 years which I did change insurance company a few times, so loading was sometimes 15%, sometimes 20% but now after 20 years is 20% already.....

 

[mag9556]

Mine after 10 years which I did change insurance company a few times, so loading was sometimes 15%, sometimes 20% but now after 20 years is 20% already.....

Get use to it man... me pay loading for nearly 5 years already from 5% to 30% although the agent is my aunt where she always get the best cover for my Kancil but this year 21 years already and she said not worth since loading is high, asking me to change to 3rd party since sum insured just 8,000 only..

To tell the truth.. no such things in bolehland change something without digging our pocket cheaper.. if got also in dreams..