What to Know When You Renew Your Car Insurance
As a car owner, it is mandatory to purchase car insurance for your vehicle. It is also important to make sure to renew your car insurance in time as failing to do so could lead to paying the penalty or buying a new policy.
However, if you’re unsure how to renew car insurance in Malaysia, keep reading on! Here are the few things you need to know when renewing your policy:
The market price of your car
As cars depreciate every year, it’s essential to know the current market price of your vehicle. Knowing the value of your car helps you determine how much insurance you need when you renew it, and it prevents under-insuring or over-insuring your vehicle. You can find out the market price for your vehicle from your insurance provider or by searching on the internet.
Insuring the right amount
If you insure your vehicle lower than its current market value, you will only be partially compensated. This means you have to pay for any difference that could arise in the event of an accident. However, if you insure higher than your car’s value, the maximum compensation you’ll receive is the actual value of the vehicle, resulting in a loss.
No Claim Discount (NCD)
If you have not made any claims from your insurance, you are entitled to a discount when renewing your car insurance, thanks to NCD. The longer you don’t claim from your car insurance, the higher the amount of discount you’ll get to enjoy. Make sure to consider your NCD when renewing your car insurance!
These days, it’s very convenient and easy to renew your car insurance, so there’s no excuse for letting it expire! Not only does renewing your car insurance protects you from unnecessary expenses, but it also gives you peace of mind with a sense of security!
Need help with renewing your car insurance in Malaysia? Do it online at https://www.aig.my/personal/auto-insurance today!