Renew Car Insurance Malaysia Online

We, MHH Agency (JM 0655223-U) are registered Insurance Agent with Allianz General Insurance Company (Malaysia) Berhad under Allianz Malaysia Berhad (AMB). Our online presence is hope to provide car owners to renew their car insurance with a few buttons click away in front of computer without the hassle of driving out to look for insurance agent shop. We know that many people are busy at their work and only free at night or weekend but insurance shops in Malaysia normally close at the weekend and after 6pm. We strive to cater car owners a safe, fast and convenient platform to renew their car insurance online. We do also provide road tax renewal service. The road tax will deliver to your doorstep in 3 working days.

For car insurance renewal, all the required information needed can be submit to us via email at MHH.Agency@gmail.com or snapshot the previous car insurance policy e-cover note which contain all required information and send to us via WeChat at WeChat ID: alvin-wechat (016-888 4292). Your insurance premium can be made via Internet Banking. Internet banking is the best and safe online payment because the transaction is done through bank secure website and all the transaction recorded so no dispute may arise. Kindly notify us once the payment is made. Upon receiving your payment, we will proceed to renew your car insurance and send you a soft copy of car insurance policy e-cover note issued by Allianz in PDF format. With the car insurance cover note, you can proceed to renew your road tax. You can opt to let us to renew your road tax and it will deliver to your doorstep in 3 working days.

If you wish to know the estimate premium of your car insurance before car insurance renewal, you can use this car insurance calculator to get a estimate premium. Car market value can be found here. If you need an official car insurance quotes from Allianz, kindly submit the information required. We dedicated to revert back to you within the working day.

Information required:

1.  Name as per NRIC*
2.  NRIC Number
3.  Address
4.  Mobile Number
5.  Email
6.  Type of insurance coverage - Comprehensive Insurance*
7.  Amount to be insured (RM)
8.  NCD Entitlement
9.  Existing Insurer
10. Insurance Expiry Date
11. Car Plate Number
12. Car Model/Make
13. Engine Capacity (cc)
14. Existing Hire Purchase
15. Year Of Manufactured
16. Chassis Number
17. Engine Number
18. Windscreen Coverage (optional)
19. Name of Second Driver
20. Additional Remark

Please feel free to contact us should you have any inquiry at 016-888 4292 or email us at MHH.Agency@gmail.com

Fire insurance

Fire Insurance

Our house is one of the most expensive things we buy in our lifetime. Our house is where all of our beloved family live, rest and enjoy life. So, we must make sure our house is secure and protected if something happen to our house like fire. There are different types of fire insurance available in the market for home owner to select such as most basic and must have insurance fire insurance, and other home owners insurance like houseowner insurance, household insurance (content insurance).

Malaysia, being an equatorial country which is all year round hot weather is tending to be catch with fire. For this reason, banks that provide the mortgage loan require home owner to purchase the fire insurance before banks approved the mortgage loan. This is mainly for the protection and security of banks themselves and house owner.

What is fire insurance and what does it cover?

Fire insurance in Malaysia is a regulated insurance. It means that its basic insurance premium is calculated based on a standard fire tariff rate FTR define by Persatuan Insurans Am Malaysia (PIAM) and is affected by the type of building (detached, non-detached, flats or apartment), construction classification of the building.

The basic fire insurance policy covers loss or damage to residential building, furniture, fixtures and fittings caused by fire, lightning or domestic gas explosion. This compensation usually covers the cost of reconstruction, replacement, and repair of damaged property. In commercial fire insurance, fire insurance is required to safeguard your buildings owned by the business  to protect the contents of businesses  premises including machinery, equipment, stock, furniture against damages caused by fire or lightning.

Although the basic fire insurance policy only covers the building against fire damage, lightning and domestic gas explosion, home owner can extended the fire insurance policy to include perils such as Riot, Strike & Malicious Damage, Explosion (with / without Boilers), Flood, Aircraft Damage, Earthquake,  landslide, Impact Damage (including/excluding own vehicles). All of the extensions will come with additional charges added to the insurance premium.

What to do if we are planning to take up a fire insurance policy for our house?

Since the fire insurance can add extensions to tailor made your needs, it is important for home owner to understand what is his requirements to fulfill his/her needs. There are no cheapest home insurance or best home insurance but its suitability. Below are a few things to consider before taking up fire insurance for your property:

Type of property: If you are an house owner of a non-landed property, Management Corporation already bought master fire insurance for the condo or flat. You can however buy it for double protection or consider other protection plans like homeowners insurance or household insurance (home contents insurance).

 Evaluate the location in which your property is located: This is important to better protect your property against damages caused by geographical natural disaster like flood, theft and impact damages.  Fire insurance extended to include other perils providing you a more comprehensive coverage tailor to your needs for the location of your property.

Determine the appropriate sum insured: It is important that you factor in the cost of rebuilding or repairing your property when determining the sum insured.

Fire insurance in the event of property damages

You must notify your insurance company in writing with full details the soonest the best.

If temporary repairs are required to stop further damage, you should ensure that these are carried out immediately and the receipt of repair work must be kept as part of your fire insurance claims. An example of temporary repair is to use a waterproof material to cover damaged area to avoid further damage by rain water.

If the repairs required permanent nature, you should obtain estimates and send them to your insurance company for approval.

Settlement of fire insurance claims

The compensation amount depends on the basis of the fire insurance cover:

Indemnity basis will pay the cost of repairing the damaged building exclude the amounts for wear and tear and depreciation; or

Reinstatement value basis will pay the full cost of repairing the damaged building without any deductions for wear and tear or depreciation, provided that the sum covered is adequate to cover the total cost of reinstatement.

In the absence of any special provision, the fire insurance policy cover will be on indemnity basis. If you want to be covered on reinstatement basis, your fire insurance policy should have the relevant clause attached to it.

Excesses, being the amount you have to bear before your insurance company indemnifies you. It is applied to certain perils, such as landslide, windstorm, and flood claims.

Making a fire insurance claims

You must submit your fire insurance claims with all supporting receipts and documents to your insurance company. The more information you have on the damaged items, the easier and faster it will be for your insurance company to assess your claims. In the event of cooperation requested by investigators appointed by insurance company to assess your claims, remember to cooperate with them to the fire insurance claims faster and smooth.

Fire

Malaysia Car Insurance

In Malaysia, motor insurance is compulsory for all motor vehicle under the Road Transport Act 1987. To prevent the case such as motor vehicle owners not purchase motor insurance, government had implemented the rule that motor vehicle owner need to have motor insurance before they can renew road tax.

There are 3 main types of motor insurance in Malaysia, ranging from the most basic protection to more in-depth assurance to its driver, namely Third Party Cover, Third Party, Fire and Theft Cover, and Comprehensive Cover.

Third Party Cover

 
In the motor insurance terms, the “first party” is you (the driver), the “second party” is the motor insurance company and the “third party” is everyone else. A Third Party Cover is third party car insurance that insures you against any injuries or deaths caused to another person, as well as loss or damage to a third party property caused by your vehicle.

Fundamentally, third party car insurance provides the minimum level of cover to you as required by the law. With third party insurance, you cannot claim for any damages to your own vehicle. Its third party liability means that only third party (not your own vehicle) can claim for damages from your insurer, and you cannot claim for damages to your own vehicle in any accidents, fire damage or stolen.  

Third party insurance is normally offered at a cheaper premium if compared to Comprehensive Cover. Third Party Cover is the minimum level of coverage a motor vehicle owner needs to have in order to renew his/her road tax.

People who look for third party insurance are usually those whose cars are old and have completed car loan repayment. Even though Third Party Cover comes with a cheaper premium, with the nature of older cars tend to cause accidents, it could end up costing more.

The process to buy third party insurance is a bit more complicated, as most car insurance companies prefer to deal with Comprehensive Cover. The main reason is the recent rise in road accidents and claims cost, which had made third party car insurance less profitable for insurance companies. In addition, it is rather difficult to estimate the value of old motor vehicle, which is needed to work out the premium on the insurance. Some car insurance companies do not accept the old cars aged above 15 years, while other insurance companies value the 15 years old and above old cars at RM10,000.

For those who are looking at Third Party Cover, there will have a “loading” which a driver has to bear. The “loading” is an additional amount added to the insurance premium to reflect the additional and higher risk the insurance companies had to bear. Some insurance companies require the driver to get Personal Accident Insurance in order to secure third party insurance.

Third Party, Fire and Theft Cover

Basically, Third Party, Fire and Theft cover is the same as Third Party Cover, with the added car insurance coverage of fire damage and theft to your motor vehicle. Its third party liability is to protects you (the driver) against claims by a third party, be it bodily injuries or death, third party property loss or damage caused by your vehicle and with additional protection to fire damage and theft to your car.

Comprehensive Cover

A Comprehensive Cover provides wider range of protection for both driver and third party. With a Comprehensive Cover, you basically enjoy the same coverage as in a Third Party, Fire and Theft Cover, but with the added car insurance coverage of own motor vehicle damages.
Comprehensive Cover normally only available for motor vehicle that have not exceed 15 years old. It is advisable to get a Comprehensive Cover for your car insurance if your car is expensive, prone to theft or the repair cost tend to be expensive (especially imported cars with less spare parts available and not popular in Malaysia car market), as the more valuable your car is, the more protection value it offers to you.


Stolen car compensation

The standard car insurance practice for stolen motor vehicle or total loss claims is to compensate the policyholder based on the market value of the car at the time of loss (or damage), or the sum agreed in the policy, whichever is lower. However some insurance companies reimburse the policyholder based on an agreed car value specified in advance in an agreement with the policyholder, rather than the normal car market value.

Exclusions that not protected by above 3 types of car insurance policy:

1.      Your own death or bodily injury

2.      Your liability against claims from your passengers

3.      Theft of non-factory fitted vehicle accessories (car stereos, leather seats, sports rims etc)

4.      Consequential loss, depreciation, wear and tear, mechanical or technical breakdown failures or breakages

5.      Loss/damage arising from an act of nature, e.g. flood, landslide

However, you may pay additional premium for your car insurance to cover some of the above exclusions as below:-

Windscreen

Cover the breakage of glass in windscreens, front, rear and side windows. The damaged windscreen will be replaced and your NCD will not be affected. Its premium is normally 15% of insured amount.

Legal Liability To Passengers

This coverage protects the Insured against legal liability to the passenger in the event of a claim.

Legal Liability of Passengers

Covers the legal liability of passengers for acts of negligence.

Strike, Riot & Civil Commotion

Covers the vehicle against damage caused by strike, riot and civil commotion.

No Claims Discount (NCD)

Persatuan Insurans Am Malaysia (PIAM) has an outline rule for car insurance companies about discount on no claim car insurance. If the policy holders do not claim from car insurance companies for first year and subsequently years, they will entitle to No Claim Discount NCD from the first year of 25% to up to 55% in following years as attached NCD image.

This makes a substantial difference to the overall car insurance premium. If you do claim for damage on your own car where the damage was caused by you, you NCD will back to square at 0% and start from beginning. This is car insurance companies intention to encourage people not to claim. If the damage to your vehicle was by a third party, you will not lose your NCD by claiming from the third party car insurance companies. For those who want to replace new car or sell own old car, remember that NCD is attach to vehicle, not the driver. 

Excess

Excess is the amount that you have to pay in the event of a claim. For example, if the excess on a car insurance policy is RM500 and you make a claim of RM1,500, you will need to pay the RM500 and the rest of RM1,000 will be paid by the car insurance companies.

A Compulsory Excess is stipulated by PIAM for incidents in which the driver of the vehicle is:

1. not listed in the Policy Schedule
2. is under 21 years of age
3. is a Provisional license driver or held a full driving license for less than 2 years

Loading  

A loading is an additional charge on your policy that the car insurance companies added to your premium if they need to bear additional risk, including driver age or experience, age of vehicle, claims experience, sport and high performance car, carrying capacity, special vehicles carrying noxious or flammable materials, low loaders, timber/log carriers & petrol tanker.

Motor Insurance

NCD

Road Tax

Why we need to buy life insurance

Why we need to buy Insurance

Buy insurance is buy its multiple effect

For an example today I buy life insurance, unfortunately accident happen to me the next day, the life insurance companies  will pay me a large amount of cash that equivalent to many multiple amounts of insurance premium I have pay for the life insurance like 20 times of insurance premium. It is a great evidence to justify the important and benefits of life insurance in multiple effects.

Insurance protection is financial risk management  to divert the risk of unpredicted tomorrow

My friend told me that if today he buys a 1 million life insurance policies and every year he pay 50k of insurance premium, total premiums he paid for 20 years will also amounted to 1 million. If this is the case, why not he just saves the money monthly by himself and flexible to use the money? To answer his question, it needs to go back to the basic definition of risk management in insurance nature. Risk means that we don't know what will happen to us tomorrow. Tomorrow or accident, which will come first? Who know when accident will knock the door? Insurance protection is to protect for unpredicted condition. If risk is predictable, then there are no existences of life insurance companies. No company will want to make a loss business.

Insurance is for financial planning, not an investment

We always saw people calculating on how much he can earned if he bought life insurance policies now. The insurance agent also always emphasis on how much principal the policy holder can take back and interest earned after end of life insurance period. It is although correct and accurate, but it is not intended for investment purpose and you wouldn't gain the return as like investment in other financial products. Fundamentally, there is cost of protection an insurance company provides to you.

Let us consider a simple question: You have bought  1 million life insurance policies. Unfortunately accident knocks the door the next year, insurance company need to pay you 1 million dollar compensation. Do life insurance companies really pay for the compensation itself? Where the money come from? Frankly speaking it takes the insurance premium from other policy holders to pay for this compensation. This is the life insurance cost policy holders undertake when nothing happens to them. So if you want to make money from investment, don't buy life insurance. The only way you earn money through buy insurance is accident occurs to you during protection period.

Insurance is not a product that you can buy anytime you like

Many people have mindset that they are still young, always exercises, cautious in diet and drive slowly on the road. For the time being there should be nothing happen to him, buy insurance for protection can be waiting first until older age. 

I have one friend have such mindset and not bought any insurance. One day I received his call said that he has sudden stomach ache and conduct medical checkup. Doctor told him that the symptom is caused by myocardial infarction and he needs to place 2 frames inside. The medical fee cost him 70k. He is so regret for not bought medical insurance; otherwise he can claim from medical insurance company. He should even more regret because he is unable to buy health insurance in his whole life. 

Medical insurance only sell to people who are in healthy condition at the time he buy insurance.

Life insurance is writing a will

Chinese is not like westerners to have the habit of writing a will when they are young. Will writing by frankly speaking should not be a taboo. A person who already writting a will might face uncertainty and accident calmly and at ease because he know that he has already realize his love to his family through financial panning and financial support. His families wouldn’t facing economic difficulty although he is no longer alive or lose of working capability.

Life Insurance