Reply to thread

Click here to become an Official Member of BMW Club Malaysia Download Form

Message: <blockquote data-quote="devilsadvocate" data-source="post: 247811" data-attributes="member: 4411">bros, just stumbled upon this post today. i used to be an underwriter myself and very familiar with the Insurance industry. firstly i have to agree with most of you guys that the industry certainly lacks a great deal of professionalism. Mostly i believe it is because it is the general attitude of Malaysians. Most Malaysian believe that buying an Insurance policy is like buying a lottery ticket. The only big question in their mind would be  I have paid x dollars of premium - I am expecting the Insurer to pay me at least 100X. Trust me I have been a loss adjuster for five years - been there and seen it all. hence insurers to tend to pay tough ball. however in my career i have done assignments for various underwriters - the international (or those with foreign affliations) are generally very efficient - the ones whom i used to do work for  - will normally offer settlement within a week of the police investigation outcome stating that the car is yet to be recovered. Anyways back to the issue in hand. The general principal of insurance is that of indemnity i.e you can only be paid the amount of loss that you have suferred. and the only means of determining the value of a car is by way of a market value report. Some franchise holders do it for free - some charge a fee. Insurers are obliged to adopt the valuation done by the franchise holder - and in my experience they normally do. and the onus is yours as the policy holder to insure what you think is the market value and pay the appropriate premiums. And you must note that motor insurance is tariff in Malaysia - meaning the premiums, loading factors, policy wording has been prefixed and everyone has to follow(well technically everyone - as Takaful companies are not legally required to follow - but they do as a matter fo practice). The tariff also actually allows for what is known as Agreed Value . I.e the Insurer would agree with you prior to the commencement of the policy that in the event of a total loss - the value paid to you would be the value agreed upon in the very begining. Some Insurers like MAA Bhd have been oferring this since early 2007. but you must insist that you want Agreed Value Cover. hope the above clarifies. cheers bro.</blockquote>

Verification