When we are paying for the Insurance policy, we are actually transferring the risk of the vehicle to the Insurance company and one of it is theft.
According to PEMANDU, in 2014, one car is reported missing for every 45minutes in Malaysia and the figure does not change much up until now.
Just imagine when you are strolling back to your parking lot and your ride is nowhere to be found… a scary thought isn’t it?
In a situation like this, it is always good to know what you should do next.
First of all, do not get panic. As soon as you are sure that your ride is not at it is supposed to be, call the bank or the financing company, maybe it is because of arrears or some problem with the loan.
If everything seems fine to try the Municipal Council next, maybe it is been towed due to traffic obstruction.
If not, most probably you ride is stolen!
Yes, you may. Take note of this few points.
The insurance company will only compensate for coverage listed:
If u are currently only a third party policyholder, the Insurance provider will not cover your loss.
The Insurance provider will not attend to claims if you are willingly hand over your ride to another party in such case as:
All of the above is considered as negligence and will not be covered by the Insurance Provider.
If your policy entitles you to theft claims, the documents needed are:
After the claim forms are handed over, an Insurance Investigator will be appointed and please give full cooperation in order to expedite the claim process.
The current market value is derived from an evaluation system which is approved by the Persatuan Insurans Am Malaysia(PIAM).
Financing balance does not have anything to do with insurance claims. Any financing arrears are between You and the Bank. You will not get any compensation for additional accessories such as, In Car Entertainment, sports rims, sports exhaust, bucket seat, and others unless you have bought additional coverage for accessories.
For underinsured policies, claims are only up to insured value amount. That is why you must get an appropriate coverage value for peace of mind.
If so happens that you do not agree with the settlement value, you can always appeal to the Insurance Provider with supporting documents from reputable car dealers on the current value of the ride.
You will be getting you claims within 6 months from the reported date or as soon as the police investigation is closed, whichever comes first.
If you manage to get your car back within the claim process period, you are still the rightful owner of the ride. If any repair cost incurred, it is claimable from the Insurance Provider and your NCD will be forfeited. If so happen the Insurance Provider has settled your loss claims, you are no more the rightful owner of the ride and now it belongs to the Insurance Provider.
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