4 Key Factors That Affect Two-Wheeler Insurance Premiums in Malaysia

September 16, 2018 | Author: | Posted in Insurance

Having your own two-wheeler is almost a necessity given the issues with public transportation. Your own motorcycle ensures freedom, convenience, and availability at all times. But it is important to keep your vehicle guarded by insuring it. You need a comprehensive plan which covers you against man-made and natural mishaps. When you are secured under a good motorcycle insurance scheme, you need not worry about sudden expenses you may incur in case of unexpected events such as accident or theft.

Many articles about insurance news in Malaysia have stated that the phased liberalisation of motor insurance allows the insurance companies to charge a premium based on the risk profile of the individual. It is mandatory to buy an insurance cover for your motorcycle but there is no fixed price as the premium depends upon various factors and add-on covers that you choose under your motorcycle insurance plan. Understanding the factors affecting an insurance quote will help in finding the most comprehensive coverage at best price.

Here’s a look at the factors affecting the insurance premium of a motorcycle:

1. Type of insurance cover

Type of insurance cover you are looking for is a major factor influencing the final premium amount. Motorcycle insurance can either be just a third party insurance or a comprehensive insurance. Third party insurance has lower premiums as it only covers damage to a third party or third party’s property. It doesn’t cover the damage caused to your vehicle. A comprehensive insurance covers third party liability along with any damage to or the loss of the insured vehicle.

2. Type of vehicle

The type of vehicle you own also impacts the premium of the insurance cover. The make and model, place of registration, accessories, and modifications made to the vehicle along with the mileage play pivotal role in determining the premium. In fact, the cubic capacity of the two-wheeler also directly impacts your payment; higher the cc, higher the cost.

3. Rider details

Age, riding experience, and gender of the rider also affect the premium. Insurers give importance to stability and security. A male applicant with 5 years of riding experience pays a lower premium compared to the same person with only a year’s experience. Also, women riders are charged a lower premium than male riders as they are considered more careful.

4. Add-on covers

The number of add-on covers you choose to add to your existing premium will affect the final amount to be paid. The add-on covers protect you from incidents not covered by your regular policy, they come with a cost. In order to lower your premium it is important to choose the add-on covers carefully so that you pay only for what you need.

Explore the web for more information how to choose the best motorcycle insurance in Malaysia.

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About Author
Robinson James is an automobile engineer at a leading service centre in Malaysia. He is known for offering free advice on motorcycle insurance in Malaysia, auto insurance, and insurance risk assessment through his blogs. He loves to share latest insurance news in Malaysia with his readers to ensure that they stay updated with latest happenings of the auto world. Connect with him to get the best motor vehicle insurance plans at affordable rates.

Author:

PIAM Insurance makes the renewal of your motor & car insurance more reliable and offer the best insurance policy online in Malaysia.

This author has published 12 articles so far.

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