car value

[racheltoh]

Hi, just renewed the car insurance for 325i msports 07 at 195k. is this the current market value? cos after i renewed, i realised other "brands" can go for a lower value.also, nowadays renewing insurance got no free gifts...is it the this particular company or all insurance companies dont give free gifts?

 

[astroboy]

Susah to get the best of both world.. still remeber those days when they reward me with a RM50 Jusco shopping voucher and a discount coupon for wash and wax at the "The Cars" for RM20.. now no more competition meh? Mugs and umbrella I have a lot la.. those voucher and coupons were handy. Not to mention those days, my sum insured was only RM20k.. for my 12 years old Perdana..

 

[chili e30]

all insurance company now are not giving out any gift.195k i think should be ok,don't go lower than market value.if you want the wright market value just call the finance and ask them what is the market value.

 

[E46Fanatic]

Hi, just renewed the car insurance for 325i msports 07 at 195k. is this the current market value? cos after i renewed, i realised other "brands" can go for a lower value.

also, nowadays renewing insurance got no free gifts...is it the this particular company or all insurance companies dont give free gifts?

I'm also due for renewal. Did you have an excess clauses in your insurance policy? Which insurance did you end up getting?

 

[Schwepps]

Yeah, getting zero excess for yourself and your named drivers, and getting zero loading, are more important than getting free gifts. I'd rather negotiate for those than for gifts. :wink:

 

[astroboy]

I never nego for excess clause in the past. All the policies for as long as I own a car were all zero excess. Same with loading.. I only put my effort to nego for goodies.. actually the goodies I would appreciate most is the 1st 150km free towing service.

 

[Schwepps]

How come you're so lucky? When I was younger, I always had excesses included. Loading also depends on the record of the car in theft statistics, etc. For some cars, I had to press hard for zero loading.

 

[astroboy]

Many insurers around ma. if one got loading or excess, move on to another lor. I was with MNI for a pretty long while due to its convenience and also since the day they offer me NCB protector plan (meaning I buy extra insurance to cover potential lose of NCB ). Phone in service, toll free number, can use credit card, no excess, no loading. Now they change to ETIQA liao and also because of 1 bad claim experience involving a motorbike where the biker was at fault and summoned, I claim 3rd party knock-4-knock, yet ETIQA threaten me to forfeit all my NCB just because the accident involved a motorbike. I ended up claim direct 3rd party. I boycotted them ever since.

I later found out its not their fault, its a general industry practice. If claim 3rd party knock-4-knock and involving a motorbike, u lose your NCB even though u not at fault in the accident.

 

[Schwepps]

Yeah, there are industry practices that we may not be aware of. :wink:

One involves named drivers. If an unnamed driver has an accident with your car, an excess applies even if you have a zero-excess policy. Adding one named driver is free. Additional named drivers cost a small amount. I add my wife, driver and kids although they're not allowed to touch my car. But there can be emergencies right?

 

[racheltoh]

geezzz so complicated one? as far as i know, i didnt have any excess or loading. clean record. **but again, let me double check when i go back tonight..check the policy**

i bought at IA..and they are with Allianz.

btw, is it true that if u hv an accident with a motobike, (car and motorbike), the car will always be at the wrong??

 

[David Yong]

not car always wrong... it is that you can't 3rd party claim the motorbike insurance for any damage repair and you have to pay for the repair yourself.

 

[astroboy]

... btw, is it true that if u hv an accident with a motobike, (car and motorbike), the car will always be at the wrong??

Not true...

Real experience:
I stop at a junction waiting for my turn to go out, a motorbike rammed into my side door. Police give the biker a summon and that allowed me to claim the biker's insurance. I can get my insurer to do a 3rd party knock-4-knock, meaning my insurance pay my repair bill first, then my insurer will claim reimbursement from the 3rd party motorbike insurance so I don't have to pay from my own wallet first for the repair. 3rd party claim takes time. If I do that, I lose all my NCB. So I end up claim 3rd party myself, and I pay for the repair first while waiting for the 3rd party insurer to reimburse me, without going through my own insurer, that way, my NCB retained.. isn't it ridiculous? :stupid:

I managed to claim RM6k to repair my Toyota rear door after a 3 months continuous follow up.. tiring though!

 

[antbody]

Hi, just renewed the car insurance for 325i msports 07 at 195k. is this the current market value? cos after i renewed, i realised other "brands" can go for a lower value.

also, nowadays renewing insurance got no free gifts...is it the this particular company or all insurance companies dont give free gifts?

hye there,
maybe u can click on this link....
http://www.carlist.my/search.php
http://www.carlist.my/listings.php?make=bmw&model=3

from there u can compare the market value among the all the 3 series beemers. im not sure whether this might help u, but just sharing some information...have a nice day

 

[Schwepps]

geezzz so complicated one? as far as i know, i didnt have any excess or loading. clean record. **but again, let me double check when i go back tonight..check the policy**

Not really Rachel. It's just that we don't read the fine print, and tend to assume that 'Comprehensive' means 'everything'. There are situations for which you may not be covered. Eg, before you risk driving through a flooded section of road when the water is still rising, consider whether you have flood damage cover. Eg, before you track your car at Sepang... etc, etc.

AB is not talking about establishing fault between bikes and cars. He's talking about making a 3rd party claim though his insurer: the basic principle is that any claim is a claim, and you'll lose your NCD as a result.

 

[BMWs]

Not really Rachel. It's just that we don't read the fine print, and tend to assume that 'Comprehensive' means 'everything'. There are situations for which you may not be covered. Eg, before you risk driving through a flooded section of road when the water is still rising, consider whether you have flood damage cover. Eg, before you track your car at Sepang... etc, etc.

AB is not talking about establishing fault between bikes and cars. He's talking about making a 3rd party claim though his insurer: the basic principle is that any claim is a claim, and you'll lose your NCD as a result.

No, AB is saying if you are not in the wrong and to claim the 3rd Party Insurance will take a long time, so we claim with our own insurance first which is called ODKFK (Own Damage Knock For Knock). Our insurance will pay for our repairs first and later claim from 3rd Party insurance. This way we don't lose our NCD (No Claim Discount)

If any of us get into an accident and you feel scared to get down from the car cause of his face or you feel that they might want to rob you, just take down the car number and go straight to the police station and make a report. Within 24 hours if the other party doesn't make a report, you might be in the right and therefore an official report will be released within a week.

With this report you are able to go to JPJ to get the car owners name with his/her house address and also Name of insurance company. Then you can make an ODKFK claim. Can also claim loss of transport during repairs. Send your car back to AB Glenmarie and you'll get everything original and brand new.

Cheers

 

[Schwepps]

No, AB is saying if you are not in the wrong and to claim the 3rd Party Insurance will take a long time, so we claim with our own insurance first which is called ODKFK (Own Damage Knock For Knock). Our insurance will pay for our repairs first and later claim from 3rd Party insurance. This way we don't lose our NCD (No Claim Discount)

Wait a minute... Let's get this right for future reference. If we make a ODKFK claim with our own insurer, will we lose our NCD or not? Anyone know for sure?

 

[racheltoh]

Just checked the policy. Excess 0 , loading 0

 

[BMWs]

Wait a minute... Let's get this right for future reference. If we make a ODKFK claim with our own insurer, will we lose our NCD or not? Anyone know for sure?

When you make an ODKFK claim. You will NOT lose your NCD. Unless you make a Own Damage Claim. Then you will lose your NCD.

To make a ODKFK. You need to produce Police report with results (Keputusan), 3rd Party Insurance Company Name and name of Workshop that you plan to send your vehicle for repair.

 

[Schwepps]

IC. What's the essential difference between ODKFK and OD claims, BMWs? And is this rule consistent across all insurers? It would be good to know the rules with clarity.

Many years ago when I was with another insurer (merged since) I had the same experience as AB, and was told that I would lose my NCD if I made a 3rd party claim through them. I had all those: police report, 3rd party details, etc, and I was willing to send the car to their panel workshops.

 

[astroboy]

ODKNK, you don't lose NCD because you are not at fault (u were not summoned). That's what insurance are for, to reimburse our loses, in this case, it's not even our fault. So our insurer get to claim from the fault party's insurer after settling our bill. However, when involving a motorbike (bike at fault), if u claim ODKFK, you lose NCD !! Under such situation, U are adviced to pay for repair first [make sure adjuster is appointed as u need to adjuster's valuation and approval for the 3rd party claim], then claim direct to the fault party's insurer. U still need to inform your insurer but tell them u are not doing ODKFK, so they won't forfeit your NCD.

Meaning if there were 2 vehicle coming at you when u are not at fault, you prey that the car hit you, rather than the bike. Because if car hit u, you can do ODKFK without losing your NCD. If the bike hit u, ODKFK will result in losing NCD, u must do a direct 3rd party claim to the bike's insurer to avoid losing NCD. But still not a 100% thing. If the biker is know about this ruling, u still lose your NCB if he do something u wish they don't.

There is a reason behind but it will be another topic for another day. PM me if u need to know the reason.. its actually very unfair to car owner.. The law is to protect the bikers. To me, the least people (biker) know the better.

OD is Own Damage, mean your own fault. Ram into tree, jatuh longkang or even ram into others, pedestrian or vehicle. This one, confirm lose NCD.

ODKFK, Own Damage Knock For Knock. If not mistaken, it means u claim your own damage, but not your fault. So own insurer pay for your repair allowing the workshop to release your car, then your insurer proceed to claim the fault party's insurer. You will only lose NCD when accident involving a motorbike even u not at fault.