New motor insurance premium effective Feb 23

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KUALA LUMPUR: The latest revision to the motor insurance premium under the new motor cover framework introduced in 2012 will take effect from Feb 23, according to The General Insurance Association of Malaysia (PIAM).

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

PIAM said the adjustment would apply to policies purchased or renewed from Feb 23.

It said the revisions are only applicable to private cars, public taxis and express buses.  The rates for other types of vehicles remain the same, it added.

“The industry will play a more active role in improving road safety by working jointly with Malaysian Institute of Road Safety Research and other stakeholders to inculcate good driving behaviour and practices among all road users,” it said.

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

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

This article first appeared in The Edge Financial Daily, on February 18, 2015.