Monday, 10 February 2014

Motor Tariff Premiums will increase starting on February 15 2014

Dear Malaysian citizens, be prepared and get ready for another hike in motor tariff premiums as it will take effect on February 15th 2014 which is just another 5 days left.

It is told that this motor cover framework introduced in 2012 with the gradual hikes over a four years period.

- General Insurance Asso­ciation of Malaysia (PIAM) said that for a private car of 1,400cc, the premium adjustment will be between RM6 & RM34 /year.

- Motorcycles of 110cc, there will be a premium increase of between RM1 & RM3.50.

- Express buses, the impact of the premium adjustment on passengers would be minimal at less than 10 sen per passenger per trip, PIAM said in a statement.

There is however no premium adjustment for commercial goods carrying vehicles, taxis and hired cars (chauffeur driven) for this round of adjustment.

The same goes for other classes of vehicles such as school-buses, factory buses, stage buses, tourist buses as well as hired cars (hirer driven).

Hope that its true that, PIAM said the new motor cover framework was a positive step towards promoting a liberalised insurance sector with further mea­sures taken to improve the motor insurance and claims settlement processes.

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