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<blockquote data-quote="devilsadvocate" data-source="post: 328431" data-attributes="member: 4411"><p>Bro Quickflyer, </p><p></p><p>Motor Insurance is Tariff - i,e the premiums quoted by any one Insurer should be the same. (though Takaful companies need not follow Tariff there is a Gentlemens understanding that they will). However Insurers have some discretion on Policy Excess, Loading etc. </p><p></p><p>With regards to the Sum Insured - you must understand that the basic principle of Insurance is that of Indemnity. Now in case you have not purchased Insurance - you lost your car - how much would it cost to purchase a car similar to the one you lost i.e in terms of model/age etc. Well the Insurer is technically supposed to pay you that amout - i,e indemnify you of your loss. So the Insurer is obligated to pay you the market value of the car at the time of loss - usually Loss Adjusters are hired - who in turn would write to the Franchisor of the said m/car for a market value report. </p><p></p><p>Some like DaiXXXXX and NiXXXX XX and ToXXXX charge a fee for the same. Some like ProXXX and NaXX could not be bothered and would never reply. My exeperience during my tenure as an adjuster - the two leading German marques - issue this at no cost and pretty fast. </p><p></p><p>So the Insurer would then offer to settle the claim based on the market value report plus adjusters report. If the car is under Insured by more tha 10% then avarage clause may apply. </p><p></p><p>Nonetheless - within the motor tariff there is a provision for what is known as Agreed Value clause - this is the Insurer agrees to the value that you have proposed - so lets say you buy a spanking new 7 series for MYR 800K plus, come year end you loose the car - though due to the depreciation of the Euro - ecomonic slow down - etc/etc - the actual market value us MYR 700K - the Insurer is still bound to pay you MYR 800K. </p><p></p><p>Again generally most Insurers company are the same - they are full of people who do not understand what they are doing -hence many people have bad experience with them. So to me save for a few really-really rotten apples - the rest are about average and as long as you avoid a few - it makes no difference who you Insurer with. </p><p></p><p>Hope this helps. </p><p></p><p>Cheers mate.</p></blockquote><p></p>
[QUOTE="devilsadvocate, post: 328431, member: 4411"] Bro Quickflyer, Motor Insurance is Tariff - i,e the premiums quoted by any one Insurer should be the same. (though Takaful companies need not follow Tariff there is a Gentlemens understanding that they will). However Insurers have some discretion on Policy Excess, Loading etc. With regards to the Sum Insured - you must understand that the basic principle of Insurance is that of Indemnity. Now in case you have not purchased Insurance - you lost your car - how much would it cost to purchase a car similar to the one you lost i.e in terms of model/age etc. Well the Insurer is technically supposed to pay you that amout - i,e indemnify you of your loss. So the Insurer is obligated to pay you the market value of the car at the time of loss - usually Loss Adjusters are hired - who in turn would write to the Franchisor of the said m/car for a market value report. Some like DaiXXXXX and NiXXXX XX and ToXXXX charge a fee for the same. Some like ProXXX and NaXX could not be bothered and would never reply. My exeperience during my tenure as an adjuster - the two leading German marques - issue this at no cost and pretty fast. So the Insurer would then offer to settle the claim based on the market value report plus adjusters report. If the car is under Insured by more tha 10% then avarage clause may apply. Nonetheless - within the motor tariff there is a provision for what is known as Agreed Value clause - this is the Insurer agrees to the value that you have proposed - so lets say you buy a spanking new 7 series for MYR 800K plus, come year end you loose the car - though due to the depreciation of the Euro - ecomonic slow down - etc/etc - the actual market value us MYR 700K - the Insurer is still bound to pay you MYR 800K. Again generally most Insurers company are the same - they are full of people who do not understand what they are doing -hence many people have bad experience with them. So to me save for a few really-really rotten apples - the rest are about average and as long as you avoid a few - it makes no difference who you Insurer with. Hope this helps. Cheers mate. [/QUOTE]
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