Motor Insurance De-tariff - Is it Cheaper?

ixeo

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ixeo

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The story was that government say after motor insurance de-tariff, our insurance will get cheaper. My question, any of you guys got it cheaper? Referring to comprehensive covers only.

Also, I heard if you walk in to the insurance company yourself, you are entitled to 10% off. How does it work? Anybody can share? Especially for a new car.
 

lsm1991

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lsm1991

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The story was that government say after motor insurance de-tariff, our insurance will get cheaper. My question, any of you guys got it cheaper? Referring to comprehensive covers only.

Also, I heard if you walk in to the insurance company yourself, you are entitled to 10% off. How does it work? Anybody can share? Especially for a new car.
i was told walk in, they give you a discount (cannot confirm, did mine over the phone)
in my case, i believe its actually abit more exp;
Previously was insured at 23k agreed upon value, comprehensive insurance, 4th year NCD. (that was their suggested value)(had to pay additional 25% loading due to vehicle age AND driver's age)
Now still insured at 23k but at market value, comprehensive insurance, 5th year NCD. (again their suggested value)(they said nowadays theres no loading, just the premium or something, didn't really press for more info since they were the ONLY ones offering me comprehensive!!! no other company wanted to offer me comp :thefinger:)

paid around the same amount. last year and this year.

edit: should mention my vehicle is 22 this year.....
 

Izso

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Izso

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The story was that government say after motor insurance de-tariff, our insurance will get cheaper. My question, any of you guys got it cheaper? Referring to comprehensive covers only.

Also, I heard if you walk in to the insurance company yourself, you are entitled to 10% off. How does it work? Anybody can share? Especially for a new car.
Cheaper my sorry flabby fat ass.

They ask you a few other things and start loading which balances out the savings to no savings.

- Your age : The younger you are the higher the insurance
- When was the last time you claimed? Within 5 years got claim - higher insurance
- Where do you park your car? Covered in landed or in apartment? Any sort of exposure means higher insurance
- Age of car : older is higher tariff. 17 year old car loading 10%. Older than 7 years is 5%. Older more loading.
- Is car modified? Yes higher insurance.
- Is your car high performance? Large CC? Yes higher insurance.

I got my 10% walk-in discount and get it countered with my 1JZ being 2.5 and the car being 17 years old. I have max NCD and no claims in the last 10 years end up the insurance is the same as I would have paid before the de-tariff.

The only way to get a good proper discount is to have a friend work in an insurance company and have them remove all the stupid loading and give you flat rate without loading. Then cheaper.
 

lsm1991

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lsm1991

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Cheaper my sorry flabby fat ass.

They ask you a few other things and start loading which balances out the savings to no savings.

- Your age : The younger you are the higher the insurance
- When was the last time you claimed? Within 5 years got claim - higher insurance
- Where do you park your car? Covered in landed or in apartment? Any sort of exposure means higher insurance
- Age of car : older is higher tariff. 17 year old car loading 10%. Older than 7 years is 5%. Older more loading.
- Is car modified? Yes higher insurance.
- Is your car high performance? Large CC? Yes higher insurance.

I got my 10% walk-in discount and get it countered with my 1JZ being 2.5 and the car being 17 years old. I have max NCD and no claims in the last 10 years end up the insurance is the same as I would have paid before the de-tariff.

The only way to get a good proper discount is to have a friend work in an insurance company and have them remove all the stupid loading and give you flat rate without loading. Then cheaper.
HAH!!! so there is loading.... no loading my arse..... should check the insurance cover letter(or is it called note) dont recall loadings being mentioned.

and yeah they did question me....
- Your age
- Any incidents in the last 5 years
- Parking which area AND if its covered
- Age of car
- Is car modified? YAY they didn't ask me this (cukur)
- Is this model a coupe?
- Alarm installed

they did say i got 10% off buying over the phone....
 

6UE5t

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6UE5t

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Cheaper my sorry flabby fat ass.
...
- Is your car high performance? Large CC? Yes higher insurance.

I got my 10% walk-in discount and get it countered with my 1JZ being 2.5 and the car being 17 years old. I have max NCD and no claims in the last 10 years end up the insurance is the same as I would have paid before the de-tariff.

The only way to get a good proper discount is to have a friend work in an insurance company and have them remove all the stupid loading and give you flat rate without loading. Then cheaper.
Huh, higher CC now gets more expensive insurance?? Hmmm another too simplified dumb rule! :banghead: I really need to change my car I suppose.

So who works in insurance company now? :biggrin:
 

lsm1991

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lsm1991

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Huh, higher CC now gets more expensive insurance?? Hmmm another too simplified dumb rule! :banghead: I really need to change my car I suppose.

So who works in insurance company now? :biggrin:
i thought that has been the case all these years?
 

Nicholasng925

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Can survey first before renew
Yes you are right. Now that the insurers are free to price a risk profile accordingly, everyone should and is encouraged to shop around for the best quotation for your motor insurance. The pricing models may be similar for some companies but chances are they are different.
 

vr2turbo

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vr2turbo

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The story was that government say after motor insurance de-tariff, our insurance will get cheaper. My question, any of you guys got it cheaper? Referring to comprehensive covers only.

Also, I heard if you walk in to the insurance company yourself, you are entitled to 10% off. How does it work? Anybody can share? Especially for a new car.
Yes, you get 10% off if you buy direct from Insurance company. If go through agent, agent gets the cut.....lol
 

vr2turbo

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vr2turbo

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Cheaper my sorry flabby fat ass.

They ask you a few other things and start loading which balances out the savings to no savings.

- Your age : The younger you are the higher the insurance
- When was the last time you claimed? Within 5 years got claim - higher insurance
- Where do you park your car? Covered in landed or in apartment? Any sort of exposure means higher insurance
- Age of car : older is higher tariff. 17 year old car loading 10%. Older than 7 years is 5%. Older more loading.
- Is car modified? Yes higher insurance.
- Is your car high performance? Large CC? Yes higher insurance.

I got my 10% walk-in discount and get it countered with my 1JZ being 2.5 and the car being 17 years old. I have max NCD and no claims in the last 10 years end up the insurance is the same as I would have paid before the de-tariff.

The only way to get a good proper discount is to have a friend work in an insurance company and have them remove all the stupid loading and give you flat rate without loading. Then cheaper.
My wife's forester comes with Metasat security, given free service for 1st year. It was mentioned if you have better security can get some percentage off, but seems they only tie up with AXA, so other insurance won't give the discount. The other part is get small discount but the renewal is like RM400 per year :banghead:......lol
 

adibkhld

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Huh, higher CC now gets more expensive insurance?? Hmmm another too simplified dumb rule! :banghead: I really need to change my car I suppose.

So who works in insurance company now? :biggrin:
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.
 

vr2turbo

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vr2turbo

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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.
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....:banghead:
 

Sidchan

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


Yes you are right. Now that the insurers are free to price a risk profile accordingly, everyone should and is encouraged to shop around for the best quotation for your motor insurance. The pricing models may be similar for some companies but chances are they are different.
 

Apeng08

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Cheaper my sorry flabby fat ass.

They ask you a few other things and start loading which balances out the savings to no savings.

- Your age : The younger you are the higher the insurance
- When was the last time you claimed? Within 5 years got claim - higher insurance
- Where do you park your car? Covered in landed or in apartment? Any sort of exposure means higher insurance
- Age of car : older is higher tariff. 17 year old car loading 10%. Older than 7 years is 5%. Older more loading.
- Is car modified? Yes higher insurance.
- Is your car high performance? Large CC? Yes higher insurance.

I got my 10% walk-in discount and get it countered with my 1JZ being 2.5 and the car being 17 years old. I have max NCD and no claims in the last 10 years end up the insurance is the same as I would have paid before the de-tariff.

The only way to get a good proper discount is to have a friend work in an insurance company and have them remove all the stupid loading and give you flat rate without loading. Then cheaper.
Sigh, have to re do and understand all over again. :mad:
 

adibkhld

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adibkhld

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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....:banghead:
Hahaha. They thought we buy new car every year :driver:
 

Apeng08

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Apeng08

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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

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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....:banghead:
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

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vr2turbo

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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%....:banghead:
 

Nicholasng925

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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%....:banghead:
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%).
 
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vr2turbo

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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:biggrin:
 

Nicholasng925

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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:biggrin:
If you take comprehensive 1st party insurance, the price will definitely be higher than 3rd party policy with PA and other riders. :rofl: 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. :biggrin:
 

lsm1991

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