Best Motorcycle Insurance in Malaysia 2023
Motorcycle insurance refers to the policy of protection given to the owner of a motor vehicle in the event of something unwanted happening. Therefore, every owner of a motor vehicle is obliged to have insurance because it can help relieve the financial burden of an insured party from all aspects that may affect the owner of a motor vehicle as they are subject to the Road Transport Act 1987.
According to the Malaysian Highway Safety Research Institute (MIROS), statistics have recorded that almost 60% of accidents occurring on roads involve motorcycles.
Therefore, the motorcycle owned by the owner must be equipped with motorcycle insurance.
It’s not just to allow the motorcycle owner to get a road tax; it’s as a protection against the bike owner when something unwanted happens, and claims can be made when faced with such situation to alleviate the cost of repairs and medical costs incurred by the owner of the motorcycle.
Which Are 5 Companies Are The Best Motorcycle Insurance in Malaysia
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Allianz is among the insurance companies that offer the best motor vehicle policy protection services in Malaysia.
These services are provided to customers with the aim of helping to alleviate their financial burden in the event of unwanted events, as well as specialising in managing customer claims.
The service offered by Allianz is focused on the interests of the customer. All claims made by customers are processed quickly and effectively, aimed at alleviating any difficulties encountered by customers.
Under this Allianz motorcycle insurance plan, it offers a plan of protection to riders and motorcyclists from theft, defects, accidents, loss, third-party accidents, and the Allianz Road Rangers.
This policy is divided into two (2) protections that involve “single riders” or “all riders.”
This plan can be subscribed through the Allianz insurance agency or via the corresponding website: https://www.allianz.com.my
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This Etiqa company is often awarded as the best insurance company in Malaysia.
The service offered guarantees protection for customers from all angles. Its efficient service in providing protection to policy holders reduces the financial risks faced by them.
All claims’ processes by Etiqa are handled by professional individuals, and many discounts are given to customers when signing a policy with this insurance company.
The Z-Rider plan is a protection plan offered to the rider or motorcycle owner.
Among the benefits of protection provided under this plan are protection against loss and motor damage resulting from accidents, death, or injury to third-party body members, and property damage to third parties. Subscriptions can be made at https://www.zurich.com.my.
The protection plan known as Round-the-Clock Protection makes it easy for all Zurich policy holders to enjoy the advantages offered under the plan.
MSIG offers a protection plan to riders or motorcycle owners.
Among the protection benefits provided under this plan are comprehensive coverage, third-party coverage, fire and theft coverage, and third-party coverage.
Not only that, MSIG also protects users in terms of Smart Key Shield (non-tariff) to cover the loss or damage of the user’s smart car key, cover any damage to motorcycles of the policyholder during special perils such as flood, storm, landslide, landslip, or subsidence, and driver’s personal accident insurance (non-tariff).
5. Takaful Malaysia
The Takaful Motorcycle Safety Plan is a protection plan offered to the rider or motorcycle owner.
Among the benefits of protection provided under this plan are protection against loss and motor damage resulting from accidents, death, or injury to third-party body members, and property damage to third parties.
Subscriptions can be made at https://www.takaful-ikhlas.com.my.
In conclusion, Etiqa is the best insurance company that offers insurance protection against consumer motorcycles from all unwanted things.
The high level of protection and smooth claims process make this insurance company a popular choice.
How To Buy Motorcycle Insurance Online From Allianz Etiqa Zurich
Motorcycle insurance can now be renewed online. It’s faster and easier. This upgrade can be done through the Bjak app.
Here are the ways to buy motor insurance through the Bjak app:
- Click on the “Motor Insurance” section, then click on “Request a Free Quote”.
- Then, select the desired type of protection and click on the “Next” button.
- Enter the owner and vehicle information details correctly and completely.
- Next, click on the “Get Price Call” button.
- A list of insurance companies will be displayed, such as Allianz, Etiqa, Zurich, and many more, and customers can choose the insurance company they want to subscribe to.
- After that, payment must be made.
- Finally, after payment is processed, the vehicle owner’s motor insurance successful.
Does Motorcycle Need Insurance In Malaysia
Motorcycle insurance is a policy that every motorcycle owner in Malaysia must have. It is mandatory under Malaysian road law, as stipulated in the Road Transport Act of 1987.
The insurance policy owned by motorcycle owners and riders must not only be intended to get a road tax, but it must also be a protection for them.
Indirectly, it can be able to reduce the financial burden of motorcycle owners when involved in accidents, theft, and damage caused by events such as the following: Failure to have motorcycle insurance can be subject to coverage and legal action if a roadblock occurs.
A penalty of RM2,000 or three months in prison, or both, will be imposed on the owner of the motorcycle if they do not have motorcycle insurance pursuant to Section 90 of the Road Transport Act.
How Does Insurance Work On a Motorcycle
Motorcycle insurance works just like other types of insurance: car insurance, medical insurance, life insurance, travel insurance, and so on.
It serves as one of the means of protection given to individual policyholders so that they are not burdened with the impact of an accident.
Policyholders have to pay a premium for their motorcycle insurance each year.
Once a premium payment is made, the premium payment fund will be collected as an insurance fund by the insurer.
Next, the insurer employed by the policyholder will manage the funds and compensate the policyholder when they want to make insurance claims in the event of an accident involving the policyholder and his motorcycle.
What Type Of Insurance Is Available For Motorcyle in Malaysia
This motorcycle insurance policy is so important. Every rightful motor vehicle owner must have insurance as one of the safeguards.
There are three (3) types of motor insurance offered to vehicle owners in Malaysia. Among them are:
- Third-party insurance policies – these insurance policies offer minimum protection to the policy holders. Its protection is limited to protection against death, injury, loss, and property damage by third parties only. Policyholders are not protected under this policy. This insurance policy is one of the cheapest and most basic.
- Third-party insurance policies, fire, and theft – this insurance policy is the same as a third-party insurance policy with additional protection in the event of fire or theft.
- Comprehensive insurance policies – insurance policies here are known as first-party motor insurance”. It’s an insurance policy that protects against all aspects involving policyholders and third parties. The price of this police force is more expensive than any other police force. However, this policy is capable of guaranteeing good protection to individuals affected by accidents.
What Company Has The Cheapest Motorcycle Insurance In Malaysia
Generally, motor insurance is divided into three (3) types. Among these three insurance policies, third-party motorcycle insurance is the cheapest.
This is because the protection plan offered is limited to third-party individuals only. Besides, the type of CC motor vehicle owned by the vehicle owner also plays a role.
The lower the CC, the cheaper the subscription price of the insured parties need to pay.
Does Motorcycle Insurance Cover Car Accident
Motorcycle insurance and car insurance are different types of insurance, and their coverage is different from each other.
Motorcycle insurance covers fire, theft, loss, and damages to the insured’s motorcycle in an accident with another party on the road.
This policy also protects individual insureds when third-party bodily injury, death, or damages to their property are caused by insured default.
Thus, motorcycle insurance does not cover any damages caused by the car accident.
What To Do In Malaysia If A Motorbike Hits Your Car
Motorcycle insurance owned by motorcycle owners not only protects the insured party, but it also protects third parties when involved in an accident.
For example, in a situation where a motorcycle has hit your car, you can make an insurance claim against the motorcyclist who violated your car.
Insurance claims can be made against the motorcycle’s insurance policy.
Why Do Riders Need Insurance
Riders are individuals who operate goods delivery services by motorcycle. The risk of accidents and similar events is high when on the road. Therefore, riders must also have motorcycle insurance.
It is intended to protect riders when running delivery services as well as alleviate the costs involved when something unwanted happens.
How To Claim Insurance For Motorcycle Accident Malaysia
Insurance compensation claims can be easily made through any insurance company purchased by the customer.
The insured party must ensure that they have complete documents before making a claim for compensation.
Such documents include a claim form, a police report, the identity card and license of the policyholder and driver, a vehicle ownership certificate, and photos of the accident scene and damages caused to the motorcycle.
All of this must be complete; that would be proof of the claim.
Customers can refer to the insurance company’s official portal for policyholders to make claims on any part of the policy they subscribe to.
Once the documents relating to the claim to be made have been completed, the handing over of such documents should be done together with the properly completed and complete claim form to the insurance company.
The insurance officer will receive and process customer claims.
The claim will be confirmed within seven working days.
Finally, if there is no problem, the claim for compensation will be accepted by the insured party.
Can You Claim Insurance On Hit And Run
Hit-and-run cases involve cases involving motorcycle vehicles that were violated, but third parties who violated managed to escape.
Thus, victims of accidents, especially riders, will find it difficult to find any notes from the doers.
Nevertheless, policyholders can still make insurance claims on hit-and-run cases. Policyholders must verify their comprehensive insurance policies before making such claims.
Only comprehensive insurance covers such matters as are covered under the insurance policy “No-Fault Own Damage Claim”.
Is It Illegal To Drive Or Ride Without Insurance In Malaysia
It’s an offense if a motorcycle rider acts to ride and drive a motorcycle that doesn’t have insurance. In the event of an accident, the owner of the motorcycle could be subject to penalties and legal action.
Motorcycle owners and riders will also be charged repair and medical costs when involved in an accident.
Thus, every motorcycle registered with the Department of Road Transportation must have motorcycle insurance.
Hence, it is illegal to drive or ride motorcycles without any insurance, which gives them no guarantee when unwanted things happen.
What Is the Difference Between First Party And Third Party MotorCycle Insurance Cover
Individuals who wish to subscribe to insurance policies for their vehicles have the right to choose whether to obtain a first-party or third-party policy. Both offer different policy plans at different rates.
First-party police plans are the most frequently subscribed to by customers. This is because when an accident occurs, customers can not only make insurance claims against third parties, but it also protects the welfare of policyholders.
This plan is safer because the protection offered is comprehensive. It covers protection against damage, theft, misconduct, injury, and the death of the policyholder and third parties.
However, the subscription rate of this policy plan is quite expensive compared to a third-party insurance policy plan.
A third-party policy is the most basic insurance plan. This plan only offers protection services to third parties.
Policyholders will not be protected by this plan. Only accidents involving third parties will be protected. Therefore, accidents involving policyholders must be borne by them.
Claims can’t be made if they involve a policeman. Anyway, this plan is the cheapest one.