Insurance Premium Rates Increased

Premium rates of vehicle insurance for all types of vehicles will be increased from tomorrow, Friday, February 15.

The information obtained through circular sent to operators and insurance agents dated 7 February.

For vehicle owners, they will begin paying the new price tariffs starting tomorrow when it is fully enforced.

For the protection of third parties 100cc bikes and below, the proposed increase is between RM1 to RM3.50 and RM1 and RM2 per year for comprehensive cover.

For the protection of third party private cars 1,400 cc, the increase is between RM6 to RM34 per year for four years and RM7 to RM19 for comprehensive protection.

The circular was also informed approval of premium increases has been approved by Bank Negara before.

National Bank on February 26, 2010 has announced an increase in insurance premiums gradually over a period of four years from the year 201.
Increase insurance rates for all types of vehicles from today proof Umno government are concerned profit doubled compared difficulties borne by the people, said Deputy Chief Information JUSTICE, Sim Tze Tzin.
sim tze tzim "Rather than succumb to large companies that want to reap bigger profits. These are all beneficial to them. It gives space to banks and insurance companies to raise rates, "he said when contacted.
Information regarding insurance rate increases obtained through circulars sent to operators and insurance agents dated 7 February.

For vehicle owners, they will begin paying the new price tariff from today when it is fully enforced.
Third party cover motorcycle 100cc and below, the proposed increase is between RM1 to RM3.50 and RM1 and RM2 per year for comprehensive cover.
For the protection of third party private cars 1,400 cc, the increase is between RM6 to RM34 per year for four years and RM7 to RM19 for comprehensive protection.

The circular was also informed that the approval of premium increases approved by Bank Negara before.
INSURANCE-UP-01 "This is just the beginning, imagine if BN continues to govern, much the rate will be raised, including the price of groceries, electricity and the implementation of goods and services tax (GST)," said Sim said the increase.

According to the Legislative Assembly (Assembly) Gardenia Beach, Malaysians spend about 40 percent of the average income only to the vehicle for the purpose of purchasing a vehicle, fuel and maintenance.
"Expenses for vehicles is the second highest after the family household spending by 140 percent of the revenues. Malaysian family household debt is also the highest in Asia, "said Sim.

"Do not see the government leaders who have borne the burden of the people? They remember the giving 1Malaysia People's Aid (BR1M) have enough for when prices soaring? "Said Sim.

"Large corporations can profit millions, billions. Are they not able to cover the price of the old insurance rates up to raise? Obviously, they and the government just wants finds bigger profits, "he said.