Isn't this the largest insurance scam?

[ICEMAN 68]

A legalised daylight robbery..

oppsie i had my car stolen back in 2002 and they payed me the market value of that particular month of the incident. they had 3 quote's from 3 different car dealers and they will select the highest amount to offer you. And it took me 6 months till they payed me off and another thing is that they will have their PRIVATE investigators trailling you to ensure that you're a genuine victim. Infact they followed me for several times and notified me during the day of compensation.infact this is scary as if, your car is insured say rm50K for year 2006 and the insurance that you bought is from say mid 2006 ~ mid 2007, and your car gets stolen say on jan 2007 , they will then compensate you based on the market value of that particular year and not the market value for 2006. and if your car is stolen in 2006 you are compensated in full.So it;s better to insure a car from early jan till year end to be safe of the depreciation market value.

 

[ALBundy]

It all depends whether the victim will go to the distance. A friend of mine had his Camry carjacked in Shah Alam. Insurance company was only willing to pay the so called market value of the vehicle which was like 85% of the sum insured. Of course my friend said no, and told the agent that he will only settle for the sum insured since he has already paid a full premium. To make a long story short, he got 95% of the sum insured after 6 months.

 

[flash]

So in short we have to stand our ground and have to bear with the delays in payment .... but having a "helpful" agent is an asset ....

It all depends whether the victim will go to the distance. A friend of mine had his Camry carjacked in Shah Alam. Insurance company was only
willing to pay the so called market value of the vehicle which was like 85% of the sum insured. Of course my friend said no, and told the agent that he will only settle for the sum insured since he has already paid a full premium. To make a long story short, he got 95% of the sum insured after 6 months.

 

[Slide]

i have a positive story of sorts, my old citroen ZX got stolen and the insurance company then ( zulik ) gave me back the full sum insured, which was over the market price! however they refused to reinsure me ever since.

 

[BlueMixWhite]

Slide maybe can check with our buddy, that had total 2 cars!!

 

[et5]

Hi Sifu Esterix
The nature of the insurance industry in Msia is to screw the customer..hell thats easier than clamping down on the crooks..especially when the assessors and workshops work in league with each other to count coup on the motorists..says something about Msian culture isnt it when a survey says 30% of our young adults dont mind taking the easy way out via corruption

 

[scin]

Insurance companies are pulling a fast one on us all.

At the end of the day, if the sum insured is not higher than the market value at the time of paying the premium, I believe we should be given 100% OF THE SUM INSURED! It's only fair..

Otherwise why are you paying the extra premium to insure the said ammount in the first place?

Hence the term "sum insured"

But I know that is never gonna happen, so I never insure for the full ammount of the current market value.

Bear in mind, "current market value" does not take into consideration factors like the rarity of the vehicle, the desirability a particular spec of car, the modifications etc etc......

 

[bal3056]

Insure your vehicle value based on the principles of the 'Average Market Value Clause'. I call it the +- 10% Clause. Read your policy on what this clause means.

So if you think your car's currently worth RM80k in the market, insure it for 10% less at Sum Insured value of RM72k (can be rounded to RM70k). You'll not be penalised for underinsurance. Thus you should be paid probably very close to RM72k should a loss occur ... so the loss to you is not much.

Hope this helps.

Hatish Mayer

 

[safri]

Insure your vehicle value based on the principles of the 'Average Market Value Clause'. I call it the +- 10% Clause. Read your policy on what this clause means.

So if you think your car's currently worth RM80k in the market, insure it for 10% less at Sum Insured value of RM72k (can be rounded to RM70k). You'll not be penalised for underinsurance. Thus you should be paid probably very close to RM72k should a loss occur ... so the loss to you is not much.

Hope this helps.

Hatish Mayer

very wise indeed!.

 

[scin]

Insure your vehicle value based on the principles of the 'Average Market Value Clause'. I call it the +- 10% Clause. Read your policy on what this clause means.

That's what I do.... Coz we are getting cheated! If I pay the premium to insure the actual market value, if and when I make a claim, I will never get the whole ammount back!, so why bother insuring for the market value?????

 

[et5]

exactly scin why go thru the agro..

 

[scin]

Ya la!
Don't mind paying the extra premium IF I can actually get back the sum insured~! What's the point of paying MORE premium and still getting back LESS than the sum insured????

 

[WKK]

every body the era of problematic ins will be over soon... we will be going to the "Ageed Sum Assured" WILL BE COMING..... wait for the good news...I assure u is GENUINE.... Not more heartache and frustation

 

[funfer_fahrer]

every body the era of problematic ins will be over soon... we will be going to the "Ageed Sum Assured" WILL BE COMING..... wait for the good news...I assure u is GENUINE.... Not more heartache and frustation

Are you in the insurance industry?

 

[scin]

When ah??
My insurance is due to be renewed in NOV

 

[xcell60]

My friend had an accident in australia & car was total lost. After police report & confirmation is done, insurance company replace the car with a new one! Of course the insured car was less than a year old.

I thk consumers has rights, problem is in M'sia consumers lazy to fight for their rights. Just accept lor. Tidak apa attitude. If consumers start fighting back & demand what is rightfully ours then things will start to chg.

Agreed 100%. Not just in this instance but in all aspects of daily life.

 

[Jipster]

every body the era of problematic ins will be over soon... we will be going to the "Ageed Sum Assured" WILL BE COMING..... wait for the good news...I assure u is GENUINE.... Not more heartache and frustation

I have this funny feeling that good things like this dont come for cheap.....

 

[WKK]

yeap.. i am in the ins industry... at the midst of working with BNM (Bank negara) to get it roll out ASAP..... i wish i can just role out to all member 1st....

 

[WKK]

jispter, u r right good thing do come with a price... but i am looking not a premium entirely. other factor such as service history, appointed n qualified workshop, etc.... is a long list . will try to offer this coverage with minimum criteria. I hope from now u guys will keep good record of your service bill and please go to qualified workshop..

 

[bal3056]

I believe there must be a basis for underwriting on agreed values ... aint easy in Malaysia but it's a good start anyway.

I am also pretty sure there will be limitations set on the amount as well as the overall cover (probably total loss or theft claim cover only) as one cannot agree on agreed value of RM100k when the market value is only say RM70k.

Agreed Value basis will generally be more suitable for Classic cars where the values appreciate in time. Even then there is a guideline or benchmark to follow.

HM