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Malaysia
Agreed Value
Plan (AVP) is a comprehensive private car insurance plan designed
specifically to protect policyholder from financial difficulty arising
due to vehicle being stolen or damaged beyond economic repair.
- Compensation
Based on Insured Value Not Market Value.
The standard practice
in the insurance industry for stolen or total loss claims is to
reimburse based on the market value of the vehicle at the time of loss
or damage occurred, or the sum insured in the policy whichever is
lower. With Agreed Value Clause, if your vehicle is stolen or damaged
beyond economic repair, we will pay the agreed value specified in your
schedule, rather than the normal market or resale value.
- Vehicle owner
and their authorised driver(s) – anyone who resides in
Malaysia
aged 18 years old and above with a valid driving license.
- Private Car
(Proton and Perodua) aged not more than 7 years old.
- Premium
computation is based on 95% of previous year sum insured for Agreed
Value Plan.
Example:
Based on sum insured of RM100,000.00 and year of manufacture in 2010.
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Basis
of
Computation
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*Sum
Insured/Agreed Value
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Round
up to
Nearest '000
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<1
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-
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RM100,000.00
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RM100,000.00
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<2
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RM100,000.00 X
95%
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RM95,000.00
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RM95,000.00
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<3
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RM95,000.00 X 95%
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RM90,250.00
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RM91,000.00
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<4
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RM91,000.00 X 95%
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RM86,450.00
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RM87,000.00
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<5
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RM87,000.00 X 95%
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RM82,650.00
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RM83,000.00
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<6
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RM83,000.00 X 95%
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RM78,850.00
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RM79,000.00
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<7
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RM79,000.00
X 95%
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RM75,050.00
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RM75,000.00
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Comparison
Table (Agreed Value Plan VS Market Value Plan)
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Type
of Motor Plan
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Comprehensive
Private Car
(Based on Agreed Value)
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Comprehensive
Private Car
(Based on Market Value)
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Vehicle
Registration Date
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01.01.10
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01.01.10
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Loss/
Stolen Date
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31.08.10
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31.08.10
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Market
Value at the Time of Loss
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RM80,000.00
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RM80,000.00
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Reimbursement
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RM100,000.00
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RM80,000.00
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*Minimum
sum insured is RM8,000.00 and maximum sum insured is RM100,000.00.
- The total
premium that you will have to pay may vary depending on the
No-Claims-Discount (NCD) entitlement and the underwriting requirements
of our company.
- This offer
excludes stamp duty. Please add RM10.00 as stamp duty to your premium.
- If the driver
does not hold a valid driving license to drive the vehicle or if not
qualified for holding or obtaining such a license under the regulation
of the Malaysia Road Transport Department.
- While the
vehicle is used for illegal business as an unlicensed common carrier.
- If the vehicle
is used for hire, road rally pace making, speed-testing or use for any
purpose in connection with the motor trade.
- Your liability
against claims from passengers in your vehicle.
- War or
contamination by war, invasion, act of foreign enemy, hostilities or
warlike operations, mutiny, civil war, rebellion, revolution
insurrection, conspiracy, military uprising, martial law or state of
siege.
- Criminal acts or
terrorism.
- Bacterial
infections, suicide or self-inflicted injury, pre-existing physical or
mental defect or infirmity, HIV and AIDS related diseases.
- Influence of
intoxicating liquor, alcohol or drugs.
| IMPORTANT NOTICE TO
PROSPECTIVE POLICY OWNERS |
- Please note
that the exclusions, limitations, terms and conditions stated above are
not exhaustive. Please refer to the actual Policy for details.
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