Affordable Car Insurance For Convicted Drivers
All car driver by law must buy a car insurance. This is to protect third parties against any loss and damage should unfortunate accident happen. It not easy to find a person with a clean licence. If you have a previous motoring conviction such as for reckless driving, caught speeding, drink driving and other alcohol related motoring offences, then getting a affordable price car insurance maybe difficult. Normally insurers will send their premiums through the roof or they may well not insure you at all, if you have had a motoring conviction. This does not necessary mean that you are a very bad person and you should not be able to find affordable insurance as insurance for convicted drivers are easily available.
One of the best way to save money on your convicted driver insurance is to shop around and compare policies from a variety of different insurance companies. Some insurance companies take a balanced and pragmatic view by recognizing that having driving convictions does not necessarily make a driver more likely to make a claim and your past is not necessarily a guide to the future.
There has been a phenomenal rise in the car insurance industry and each company offers attractive affordable packages along with amazing discounts to entice the customers. Therefore the insurance companies will help you insured with a minimum of fuss and expense .
Proportional premium for cars gets nod
Allianz M’sia: Proposed policy will help fight car thefts
PETALING JAYA: The proposal for a Proportional Insurance Premium policy by the Home Ministry, where car owners who install additional security features are charged lower insurance premiums, will help reduce losses through vehicle thefts, said Allianz General Insurance Company (Malaysia) Bhd chief executive officer Ng Hang Ming.
A flexible tariff structure to reward or penalise certain design features and drivers’ behaviour is necessary in fighting vehicle thefts, he said, citing research findings of Hartmuth Wolff, an authority on vehicle security issues and theft prevention with German-based Allianz Centre for Technology.
“Thus, through our German experience, we believe that there should be consideration in imposing a loss excess on vehicles that do not have any approved anti-theft device fitted,” he told StarBiz.
Early this year, Home Minister Datuk Seri Hishammuddin Tun Hussein proposed that owners of vehicles with security systems would enjoy lower insurance premiums than those without security systems.
The Home Minister had said that Bank Negara Malaysia, together with General Insurance Association of Malaysia (PIAM), would discuss and fix the Proportional Insurance Premium Policy, while the insurance tariff would be prepared by Bank Negara.
“Although this may not be the first time the idea was suggested, we feel it is a very good idea to help car owners in safeguarding their vehicles from theft,” Ng said.
He noted that many car owners believed that basic factory-fitted security devices such as a mechanical lock or a simple immobilizer would do the trick to prevent car theft.
“However, these tools may not be effective enough to prevent their vehicles from being stolen, so car owners are encouraged to install advanced electronic immobilizer and/or a Global Positioning System tracking system instead,” Ng said, adding that while this might incur additional costs, car owners would enjoy lower premium payments and significantly reduce the chances of car theft.
Insurers such as Allianz, for instance, offer customers optional added protection for policy holders with with anti-theft car devices.
“These prevention methods have helped improve our recovery rate of private cars over the last two years. With this method practised widely by the industry, in the long run, we believe that it will not only help customers to retrieve their cars but will also help curb the escalating trend of vehicle theft in Malaysia,” he said.
On problems arising from the implementation of different premium rates, Ng said the challenge was not so much on determining the premium rate but rather what device or system should be made eligible for the premium discount.
“Many of the vehicles stolen already have some kind of security system or have been fitted with an additional security system later, however, their effectiveness in preventing vehicle theft is highly questionable,” he noted, adding that customers might not be aware about this matter and needed to be educated on this issue.
Ensuring a smooth implementation process for the new auto insurance policy will require the consolidated efforts of the insurance industry, car manufacturers, Bank Negara, the police and customers, according to Ng
fr:biz.thestar.com.my/news/story.asp?file=/2010/3/23/business/5821608&sec=business
Bar Council submits memo opposing insurance scheme
KUALA LUMPUR: The Bar Council Malaysia submitted a memorandum to the Barisan Nasional Backbenchers Club yesterday in Parliament to oppose Bank Negara’s newly proposed third party motor insurance coverage scheme for bodily injury and death.
Its president K. Ragunath said the poor and low-wage earners would suffer if the new insurance scheme was to be implemented as planned by the second half of this year.
He said the quantum for damages for personal injury claims is severely limited under the Civil Law (Amendment) Act 1984 and any further limits would be to the detriment of the public.
It may result in additional strain on the public healthcare system, he said at a press conference at Parliament lobby yesterday.
He urged Bank Negara to provide a full and frank disclosure of the proposed scheme and consult all the stakeholders.
The proposal seems to be driven solely by the insurance industry on the basis of profitability without any consideration being given to public interest or social responsibility, he said.
“We are also concerned about the funding for the proposed scheme. We estimate that the initial cost of setting it up will amount to RM500mil and will very likely further burden the public,” he said.
Ragunath gave the memorandum to council chairman Datuk Seri Tiong King Sing.
Tiong said he would forward the memorandum to Prime Minister Datuk Seri Najib Tun Razak.
fr:thestar.com.my/news/story.asp?file=/2010/3/24/nation/5923066&sec=nation