Malaysia Car Insurance Ncd Transfer
You will have to pay prorated non ncd value of the old car.
Malaysia car insurance ncd transfer. If no claims are made against it it will have 25 ncd in the next insurance renewal. Ncd is in fact applied to the policy holder and not to the car insured. That is ok because it will be lower than paying the full insurance price of the new car. Ncd in singapore is transferable if a singaporean buys and owns a car in malaysia.
An example of car insurance premium calculation for both comprehensive and third party fire theft coverage west malaysia. The amount of your insurance premium payable or saving is dependent on your ncd entitlement. The ncd discount rate is based on a fixed rate set by persatuan insurans am malaysia piam motor tariff and it goes higher the longer the car owner doesnt make any claims up to a maximum of 55 after five years. As such for the correct ncd amount please refer to your respective insurer or takaful operator for further details.
As the name suggest this no claim discount is extended to you when you do not make any claim toward your insurance during the in force period. If you currently own a car insured with a particular insurer and entitle to a ncd between 23 yo 55 and you buy a new car either brand new or 2nd hand you can transfer the ncd to the new car while maintaining the old car and insurance coverage. For east malaysia the basic premium for a new car of each category comprehensive rate for first rm1000 sum insured from the table above rm2030 for each rm1000 or part thereof on value exceeding the first rm1000. Assuming at time of transfer if your old car policy is already 6 months utilised then the pay back would be rm250.
On the same date of transfer your old car will no longer with any ncd thus your insurance company would have to pass an endorsement to the old car policy and you would have to pay the pro rata amount of rm500 back to the insurer. You top up money to withdraw your existing ncd to transfer to new car. The table below shows the ncd rates for private cars and commercial vehicles. However you need to either withdraw or lapse your singapore ncd then you can transfer.
The benefit is your new car premium should cost more than the old car so your capital outlay is lower compared to option 1. You will also need letter from your singapore car insurance company to show your ncd status and how many years of accidentclaim free before you can enjoy equivalent ncd. Therefore if you have an ncd of 30 and you decided to sell your existing car and purchase a new one you still retain your ncd of 30 which can be transferred to the new car. Once the ncd has been transfered your old car will command 0 ncd.