Third-party Car Insurance Premium Calculator – With effect from July 1, 2017, premium rates for comprehensive motor and third party motor, fire and theft products have been liberalized. Following the Bank Negara Malaysia (PNM) car price liberalization, premium rates are determined by individual insurers and Takaful operators. This innovation varies the cost of car insurance, giving consumers more options. For your knowledge, in this article we share the factors that affect car insurance costs and how to calculate car insurance costs.
One of the factors that affect the car insurance premium is the market value of the car. Generally, cars with a higher market value have a higher insurance value and therefore a higher premium. For example, a new BMW 2 Series Gran Coupe with a market value of RM199, 177 will have a higher insurance premium than a new Honda Jazz with a market value of RM75, 300.
Third-party Car Insurance Premium Calculator
However, keep in mind that car market value decreases every year. This lowers your insurance premium when the market value of your car decreases. Check the market value of your car at MyCarInfo for free.
How Much Car Insurance Do I Need?
Car manufacturing age also affects car insurance premiums. For example, a Proton Saga manufactured in 2016 will have a lower insurance premium compared to a Proton Saga manufactured in 2021. In other words, the insurance premiums for old cars are lower than the premiums for older cars.
Your No Claim Discount (NCD) also applies to your car insurance premium. NCD is a ‘reward’ plan that you earn if you don’t make any claims on an annual basis in your insurance plan.
NCD rates vary with different types of vehicles. For private vehicles, NCD rates range from 25% to 55%. The higher your NCD ratio, the lower your car insurance costs. Check out our look below at NCD charges for private cars in Malaysia.
The type of car insurance you choose also affects your car insurance premium. Comprehensive insurance is more expensive than the most basic insurance, which is third party insurance. Meanwhile, third party, fire and theft insurance is cheaper than comprehensive insurance but more expensive than third party insurance.
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For your information, comprehensive insurance is mandatory for vehicles 10 years and below. Third party, fire and theft insurance is recommended for vehicles older than 15 years.
Generally, insurance costs for cars in urban areas are higher compared to premiums for cars outside urban areas.
Apart from this, car insurance rates for cars in West or Peninsular Malaysia are higher than for cars in East Malaysia (Sabah and Sarawak).
If you are a good driver and have a squeaky clean driving record, your car insurance premium will be lower. Conversely, if you regularly break traffic rules and get into traffic accidents, your insurance premium will be higher because your insurer will consider you a high-risk driver.
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If your job requires you to frequently drive to high-risk areas, such as construction sites, your car insurance premium may be higher. This is because using your car because of your job exposes your car to a higher risk of accidents and damages.
Car Insurance Premium = Premium (after NCT, if any) + Local Surcharge (if any) + Service Tax (6%) + Stamp Duty (RM10)
Ultimately, certain factors affect car insurance premiums. Factors include the market value of your car, type of car insurance and No Claim Discount (NCD). As your insurance premiums also depend on the insurer’s risk assessment, it is important that you compare the coverages and premiums offered by different insurers.
To help you easily compare insurers and their offers, we recommend using one of the largest insurance comparison sites in Malaysia. At, you can get 15 free car insurance quotes. You can renew your insurance online in 5 minutes. Axis Bank Share Capital 959,850.47% Bharti Airtel Share Capital 9230.05% Ultratech Cement Share Capital 8, 2600.02% Tech Mahindra Share Capital 1, 089-4.62% Maruti Suzuki India Share Capital 10, 287% Share Capital Sandumas 70-2,921. 1.14% Mahindra & Mahindra Revenue Share 1,552.35-1.04% Titan Company Revenue Share 3,155.6-1.04%
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From June 1, the third party premium will be ₹ 2,094 for a car with 1000cc engine capacity.
New Delhi: The Insurance and Development Authority of India (Irdai) has announced the third-party premium rates for four-wheelers and two-wheelers for the financial year 2022-23. Premium for third party insurance will go up from June 1. These rules shall be known as the Motor Vehicles (Third Party Liability and Liability) Rules, 2022.
For two-wheelers with engine capacity less than 75cc, the third-party cover costs ₹ 538. For two-wheelers with engine capacity above 75cc but not exceeding 150cc, the premium costs ₹714. Two-wheelers with engine capacity above 150cc but not exceeding 350cc have a premium price of ₹1366. Two-wheelers with engine capacity above 350cc are priced at a premium of ₹ 2,804.
Factors That Determine Your Car Insurance Rates
Third party charges for private four-wheelers have also increased. From June 1, the third-party premium for a car with engine capacity below 1000cc will be ₹ 2,094. Above 1000cc, for a car with 1500cc engine capacity, the third party premium will be ₹ 3,416. For cars with engine capacity above 1500cc, third party premium is ₹ 7,897.
Listed below is the basic premium for unlimited liability third party insurance for various types of vehicles:
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Navneet Dubey is a self-taught writer and artist. Over the past decade, he has written stories on insurance, financial planning, credit and borrowing.
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You are now subscribed to our newsletter. If you can’t find any email from our team, please check your spam folder. When it came time to renew my car insurance last week, I got quotes from several insurers but wasn’t sure which one to get. So to educate myself I went through several sources on auto insurance renewal. Here I am giving the same details for your quick understanding.
Firstly, motor insurance is mandatory – cars are usually covered for the first year on purchase and renewed thereafter. An insurance policy covers damages to a third party, i.e. the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company). A third party is a person who may be harmed by you and who may claim damages against you. In addition to compulsory third party cover, it makes sense to cover loss or damage to the vehicle through a comprehensive/package policy, which covers both “liability” (ie compulsory third party liability) and “physical damage” to the motor. Vehicles.
Shopping For Auto Insurance
As premiums for the same policies vary widely between car insurance companies, it is best to choose an insurer that offers the best value proposition. Advisors offering motor insurance include New India Assurance, United India Insurance, Oriental Insurance Company, ICICI Lombard, Bajaj Allianz, Tata AIG, HDFC Ergo and Royal Sundaram. Most companies also offer online gaming quotes. If you are not satisfied with your current insurance, you can switch your car insurance to another company.
As explained above, the package policy consists of two components: “Bodily Damage Premium” and “Liability Premium”. The physical damage component of the game is calculated based on the following factors:
IDV – The insured value of the vehicle is the maximum amount claimed to cover any loss due to theft or accident. This is an important variable that affects the amount of premium. ITV is calculated based on the showroom price of the car. While renewing the insurance, IDV will compensate for any reduction during that period. Below is the deduction pattern from IRDA for availing IDV:
ITV for vehicles older than 5 years is calculated by mutual agreement between the professional and the insurer. Instead of depreciation, the ITV of older cars is derived from vehicle condition assessments done by surveyors, car dealers, etc.