Most of us are affected by the recent revision of the motor insurance premium. You may estimate your motor insurance premium/ takaful contribution by using the motor premium/ contribution calculator at the following links: www.insuranceinfo.com.myand www.islamicfinanceinfo.com.my.
Do you know that motor insurance premium rates in Malaysia is priced the same regardless the insurance companies you go to. The current motor insurance rating structure dates way back to the 1950s. When this structure was last reviewed in 1978, there was no real attempt to further improve and rationalise on the rating factors used at that time. Takaful operators adopted the same pricing structure when they came into being in 1980’s.
With the recent implementation of new motor insurance premiums, the rates are being revised gradually, with the first adjustment taking effect from 16 January 2012. The premium rates will then be adjusted every year over a period of 4 years, while the whole industry (including takaful operators) using a standard pricing, under a tariff scenario. By 2016, motor insurance will be determined in accordance to the individual motorists’ risk profile.