KUALA LUMPUR (Feb 17): The latest revision to the Motor Insurance Premium under the New Motor Cover Framework introduced in 2012 would take ffect from Feb 23 this year, according to the Genaral Insurance Association of Malaysia (PIAM).

In a statement today, PIAM said the New Motor Cover Framework was introduced by Bank Negara Malaysia to address the structural issues within the motor insurance sector, i.e. to enhance efficiency in the provision of motor cover by the industry with a gradual price adjustment that will ensure that public is able to purchase motor insurance at affordable premiums.

PIAM said the adjustment were announced by Bank Negara Malaysia in early February 2015 and would be applicable for policies purchased or renewed beginning Feb 23 2015.  

It said the revisions were only applicable to private cars, public taxis and express buses.  

The rates for other types of vehicles remain the same, it added.

It said the New Motor Cover Framework was a positive step towards promoting a liberalised insurance sector with further measures taken to improve the motor insurance and claims settlement processes.  

“Moving forward the industry will play a more active role in improving road safety by working jointly with MIROS and other stakeholders to inculcate good driving behavior and practices among all road users,” it said.

PIAM said it had also implemented the Accident Assist Call Centre (AACC) service to provide emergency assistance to the motoring public involved in road accidents.  

It said the 24 hour hotline 1300-22-11-88 offered accident towing services and attends to claims enquiries to help accident victims nationwide.

PIAM is the national trade association of all licensed direct and reinsurance companies for general insurance in Malaysia.

Currently, PIAM has 29 member companies.