All you want to know about... MOTOR INSURANCE

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MOTOR INSURANCE PREMIUM CALCULATION

PRIVATE CAR TARIFF 2015

(All rates are quoted in RM Ringgit Malaysia)

PRIVATE CAR SCHEDULE OF PREMIUMS

WEST MALAYSIA

Cubic Capacity (cc) Not Exceeding *Comprehensive (Rate for first RM1,000 sum insured) Third Party
1400 273.80 120.60
1650 305.50 135.00
2200 339.10 151.20
3050 372.60 167.40
4100 404.30 181.80
4250 436.00 196.20
4400 469.60 212.40
over 4400 501.30 226.80

*For West Malaysia, Comprehensive rate for first RM1,000 sum insured (from table above) + RM26 for each RM1,000 or part thereof on value exceeding the first RM1,000

EXAMPLE (WEST MALAYSIA)

Sum Insured: RM50,000     Make & Model: Proton Wira 1.5     Age of vehicle: 4 years

Cubic Capacity: 1468     NCD: 25%

(Premium Computation)

Comprehensive Cover (Individual)

Third Party, Fire & Theft Cover (Individual)

(a) 1st 1,000

RM 305.50

Sum Insured: RM50,000
(b) + 26 x 49,(000)

RM 1,274.00

(c) Basic Premium = a + b

RM 1,579.50

[a] Basic Premium (75% of Comprehensive Premium)

RM 1,184.63

(d) less NCD 25%

(RM 394.88)

[b] less NCD 25% = a x 25%

(RM 296.16)

(e) Gross Premium = c - d

RM 1,184.62

[c] Gross Premium = a - b

RM 888.47

(Additional Benefits) - Optional  

 

(f) Windscreen Breakage (15% of Sum insured RM500)

RM 75.00

(g) Gross Premium = e + f

RM1,259.62 

   
(h) 6% GST (with effect from 01/04/2015)

RM 75.58

[d] 6% GST (with effect from 01/04/2015)

RM 53.31

(i) Stamp Duty

RM 10.00

[e] Stamp Duty

RM 10.00

Total Amount Payable = g + h + i

RM 1,345.20

Total Amount Payable = c + d + e

RM 951.78

Note: The above rates are for private owned vehicles only and may differ from the actual premium. Coverage is subject to acceptance by the insurance company.  A 6% GST (calculated based on the Total Premium) is applicable with effect from 01/04/2015.  With effect from 01/01/2001, the Stamp Duty payable is RM10.  The minimum premium payable is RM50 (excluding stamp duty).

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