Third Party Policy indemnifies the Insured against legal liability in respect of death and /or bodily injury or property damage to third parties. The policy does not cover damage to insured's own vehicle. However, Comprehensive Motor Policy besides covering against legal liability to third parties also provide protection against loss or damage to insured's vehicle.
Our geographical coverage for motor insurance includes the State of Sabah including Wilayah Persekutuan Labuan and Sarawak in Malaysia. So if you hold a Comprehensive Motor Policy, you can claim for damages to your vehicle if the accident occured in Miri, Sarawak.
Not all losses will be covered by a comprehensive policy. Under a comprehensive policy, you will be covered for claims made by third party or parties for deaths, bodily injuries and property damage caused by your vehicle. You will also be covered for loss of or damage to your vehicle due to fire, theft or any accidental causes. However, there are exclusions. You should check your policy for these exclusions, terms & conditions.
It is essential to insure your vehicle at the market value and not any other value to avoid over-insurance or under-insurance.
Over-insurance occurs when you insure your vehicle for a sum higher than the market value.
Under-insurance occurs when your sum insured is lower than the market value.
When you make a claim, the insurance company will only pay you the market value of your vehicle.
In such a case, you are considered to 'self-insure' the difference between the market value and the sum insured. Therefore, in the event of a loss, you have to bear your insured portion out of the total repair cost yourself, e.g. if you insured your vehicle up to 80% of the market value, the insurance company will pay 80% of the total repair cost.