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Motor Insurance Tariff 2014

 Engine Capacity

 Comprehensive (RM) 

 3rd Party (RM) 

Not Exceeding 
(~ CC)

2014

2013

 2014 2013

 1,400

 261.55

249.50

 108.45

 96.30

 1,650

 292.00

 278.50

 121.50

108.00

 2,200

 323.80

308.50

 135.90

120.60

 3,050

 355.50

 338.40

 150.30

133.20

 4,100

 385.85

 367.40

 163.35

144.90

1 Liter = 1,000 CC (Cubic capacity) 
Effective: 15 Feb, 2014 rates shown above is for West Malaysia, Private Cars only.
Actual premium payable shall be [the respective rate + (Sum insured - 1,000)/1,000 x 26.00 x % of Eligible NCD]

How much is the impact?

For example:
Comprehensive Cover > Sum Insured = RM90,000 of a 1,800 cc engine car. Then,
premium = 323.80 + (90,000 - 1,000) / 1,000 x 26.00 = 2,637.80 x 0%NCD (2014 rate)
premium = 308.50 + (90,000 - 1,000) / 1,000 x 26.00 = 2,622.50 x 0%NCD (2013 rate)
^ Increased by 0.58%

3rd Party Cover > Sum Insured = RM30,000 of a 1,800 cc engine car. Then,
premium = 135.90 + (30,000 - 1,000) / 1,000 x 26.00 = 889.90 x 0%NCD (2014 rate)
premium = 120.60 + (30,000 - 1,000) / 1,000 x 26.00 = 874.60 x 0%NCD (2013 rate)
^ Increased by 1.75%

After the non-revision for over 30 years, BNM had announced that yearly revision of motor tariff premium rates will be implemented effective Jan 16, 2012.

The periodic revision is to ensure that the adjusted premium rates continue to be reflective of the claims experience.

This is part of the New Motor Cover Framework in addressing the structural issues within the motor insurance and takaful sector.

The framework will pave the way for the detariffing of motor insurance premiums in 2016 in which:
premium rates will be further differentiated in accordance to the risk profile of individual vehicles and fairer to vehicle owners as those with good claims experience would enjoy much better premium rates than those with higher risk profile.

The tariffs which have not been revised for more than 30 years had been a major source of difficulties faced by the public in recent years.