FatBerry- About Motor Insurance
Not all losses will be covered by a comprehensive policy. Under a comprehensive policy, you will be covered for claims made by third party or parties for deaths, bodily injuries and property damage caused by your vehicle. You will also be covered for loss of or damage to your vehicle due to fire, theft or any accidental causes. There are many exclusions. You should check your policy for these exclusions.
You should also note that deaths and bodily injuries of the driver and passengers of your vehicles are not covered under your comprehensive cover. (covers under Personal Accident)
It is essential to insure your vehicle at the market value and not any value you choose to avoid over-insurance or under-insurance.
Over-insurance (your vehicle sum insure is higher than the market value)
When you make any claim, the insurance company will only pay you the market value of your vehicle. If you over-insure, you will pay a higher but unnecessary premiums.
Under-insurance (your sum insured is lower than the market value)
In such a case, you are considered to ‘self-insure’ the difference between these two values. Therefore, in the event of damage, you have to bear your insured portion out of the total repair cost yourself.
You have a choice either to submit your third party claim to the third party insurance company or, if you have a comprehensive policy, to submit your third party claim against your own insurance company. If you submit the claim to your own insurance company, you will not lose your NCD and the claim will be processed more speedily as the company already has your background information.
However, you need to submit your claim for ‘compensation for actual repair time’ (CART) claims for compensation of ‘excess’ to the third party insurance company, which is responsible for such claims. The number of days for CART that you can claim is based on the number of days needed for your vehicle to be repaired as determined by the appointed adjuster assessing the damage to your vehicle.
Loading is the additional contribution that you make, which is commensurate with the risk posed by yourself and/or your vehicle. Excess is the expense that you have to bear when you make a claim.
In a chain collision accident, if there is damage to your vehicle (the procedure is not applicable for deaths and bodily injuries) you should claim from the insurance company of the vehicle immediately behind you and you will not lose your NCD. If your vehicle is the last vehicle in the chain collision, you will not be able to make any claim against the other vehicles involved. However, you can make an own damage claim from your insurance company if you have a comprehensive cover.
An insurance policy is a contract between the insurance company and the policy owner. If the policy owner fails to report to the insurance company about an accident, the insurance company will not be able to entertain the claim made by any third party as the company has no contract with the third party.
Therefore, the third party insurance company will only be responsible for handling your claim if its policy owner has requested it to step into his/her shoes for the loss/damage caused by him in the accident.
However, for the convenience of the general public, insurance companies have agreed to entertain third party claims even though their policy owners fail to make a report. You need to submit the claim for the insurance company's consideration within 14 days from the date of the accident together with the following documents:
These cases are deemed to be acts of criminal breach of trust and cheating. There is also negligence on the part of the car owner in not exercising due care as to whom the property has been entrusted to. Loss/damage arising from such cases are not payable as these are excluded under the insurance contract.
FatBerry- About Travel Insurance
You must promptly notify the local police and the hotel, transportation company or transportation terminal authority, whichever is applicable. You should also take all reasonable measures to protect, save and recover your belongings.
Claims for damage will be paid immediately when proof of such damage is presented to your insurance company. For lost belongings, claims will be paid after the lapse of a reasonable time (normally 30 days) from the day of loss.
If you are hospitalised outside Malaysia, any bills paid in a currency other than the Malaysian Ringgit will be payable based on the quoted exchange rate in effect on the date that you were discharged from the hospital.
FatBerry- About Personal Accident Insurance
Yes, you are required to inform your insurance company should there be changes regarding your address, occupation and personal pursuits which would affect your risk profile.
Yes, you must inform your insurance company of any other insurance policies against accident or incapacity, except for a motor insurance policy.
Your friend may have taken the standard PA policy which excludes death or injury while operating or riding a two-wheel motor vehicle. However, by paying additional premiums, policy owners can extend their policy coverage to include the policy exclusions.
Under a PA policy, TPD is defined as a disability which prevents the insured from performing any work, occupation or profession. The insurer may have repudiated the claim because there is no evidence that the disability has prevented the insured from performing any type of work at all.
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