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Difficult to renew insurance for cars > 20years?

Discussion in 'Automotive Insurance and such' started by fabianyee, Apr 15, 2011.

  1. tongsatriani

    tongsatriani Club Guest

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    hi fab,

    you would need to scout around till a company is willing to insure you. 3rd party is pretty much impossible. if they accept, you'll be loaded, & possibility of buying an extra PA or such. yes, different companies have different underwriting rules.

    insurance companies run on stats to ensure insurability. for now, anything above year 10 is consider high risk. yeah, i know. our bmw is like an 8 year old to us. too bad, this is the case. good luck though!
     
  2. evilnickwong

    evilnickwong Club Guest

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    Just an update from my end with Chartis. My dad went to help me renew as I was still in SG at the time. They no longer accept comprehensive (which I had been doing for past 3-4 years with them). End up taking 3rd party + fire & theft, but also have to take a home assurance in order to get it done. -.-

    Only alternative they suggested was to go some Malaysia Consortium Assurance or something like that for third party, but then need the hassle of Puspakom check.

    So now 3rd party + home assurance, I end up paying similar amount as my comprehensive last time, but now my value coverage in case of theft oni 10k.
    Rubbish. >_
     
  3. maccasel

    maccasel Vice President
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    government just announce some new ruling for older cars....tink no more unnecessary additional charges
     
  4. evilnickwong

    evilnickwong Club Guest

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    I read that in the papers too, but it looks like it just means they can't charge us unnecessary loading like 10% or 20% extra just cause its an old car. Didn't say they can't continue to decline us unless we purchase other unrelated services.
    It also seems to suggest that older cars will need to go for checkup at Puspakom. -.- Hassle.
     
  5. W3S2H3

    W3S2H3 Club Guest

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    new ruling kills!!!
    heard from my insurance agent that the only one still accepting 3rd party is MMIP (or something like that)... and need Puspakom inspection.
    still need to check if POS requires inspection, but 1 thing confirm is that POS won't do any NCB deduction.

    in HUGE dilemma...
    my M20 needs a "head" job now :(
    to fix most likely few grand but afraid can't get it on the road later, road tax expiring this 23rd!

    anyone here just got their >20yo car insured after May 1, 2011 can share some thought?!
     
  6. Dipak7

    Dipak7 Club Guest

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    I think the new ruling means more companies will insure older cars. Dunno when it will be in effect though.

    But late last year I did my e23 insurance. After a lot of legwork and dead ends, here's what i found out:
    1. If its merely renewal, you can do it at any post office. Prob the easiest option.
    2. If its a new policy (as in my case), I got it done at Multi purpose Insurance, Menara Multi Purpose in CapSquare. Cant remember which floor. Cost me RM300ish for third party only.

    Either way, if your old ride is a cherished car, you still get a raw deal 'cos its still only 3rd party
     
  7. s1tl

    s1tl Club Guest

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    you can try third party fire and theft cover and purchase driver and passenger PA, appeal the case, most probably they will approve, best to go tru by agents
     
  8. s1tl

    s1tl Club Guest

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    my 1987 E Class still covered by comprehensive cover
     
  9. ah_Keng

    ah_Keng Club Guest

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    Hi, need advice here.
    Bought my E39 last year Oct... insurance bought at same time... so expiring this week Oct.
    The car road tax expired on Nov last year, and I renew it for half year.. till May this year..
    Now I am trying to renew my road tax for 6 months in post office, they said cant, becoz insurance left less than 6 months...
    Then I go to myeg to renew my insurance... also cant.. said can only renew 2 months before expiring... then how?? stuck..
     
  10. fabianyee

    fabianyee Founding Member

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    was in that situation before, insurance still have 5 months validity but can't renew roadtax. So had to get 12+1 months insurance. then renew roadtax. But no issues with buying insurance 5 months before expiry...
     
  11. fabianyee

    fabianyee Founding Member

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    Finally renewed my insurance at the Post Office with MMIP under 3rd party.
    No PUSPAKOM inspection required, get on the spot and can renew roadtax at the same time.

    Need photocopy of:
    #1 - IC.
    #2 - Driver's Licence.
    #3 - Vehicle registration card.
    #4 - previous insurance policy.

    Only had loading of 150%, no PA required.
     
  12. ah_Keng

    ah_Keng Club Guest

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    with MMIP got free towing or not?
    I like Etiqa becoz of this.
     
  13. fabianyee

    fabianyee Founding Member

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    hahaha.. MMIP is no frills insurance, umbrella oso no have lah, let alone free towing
    With additional RM75/year, can join AAM membership. still cheaper than other value-add insurers....
    for all my years with Kurnia, only used their 'free' towing services 3 times. but oso free for certain distance only. beyond that still have to pay.
     
  14. koolio

    koolio Club Guest

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    Fabian - which post office you did yours? been trying to sort this out since last week... 1989 E28...

     
  15. koolio

    koolio Club Guest

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    Done! Went to the post office in Bangsar. Make sure you have the photocopy of reg card, old cover note, ic and driver's license.

     
  16. ah_Keng

    ah_Keng Club Guest

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    Went to post office, they cant renew now as the expiry still long.
    Call Etiqa to extend my insurance by one month... and will go renew road tax this saturday...
     
  17. fabianyee

    fabianyee Founding Member

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    Forgot to mention tat the 12+1 month renewal was done with my regular Kurnia insurance agent... It was for 3rd party insurance.
     
  18. munk3ong

    munk3ong Club Guest

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    my turn to kantoi now...fab how much did u pay for the MMIP..how does it work out?
    been buying onli comprehensive all de while...no sure how MMIP/3rd party work...NCB and stuff still count
     
  19. JDY

    JDY Club Guest

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    Comprehensive Insurance

    Hi guys,

    Having the same problem now. all this wihle I have been renewing comprehensive but this year, car is 21 years old and cant seem to find any company that is willing to offer comprehensive. Any insurance companies that stil cater for our old classics ?

    thanks
     
  20. fabianyee

    fabianyee Founding Member

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    I just renewed my motor policy this morning for the MMIP insurance for the 2nd year... no frill 3rd party insurance.. RM128 with 55% NCD.

    Not sure if there's any insurance company still want to offer comprehensive for our classic...
     

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