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Now, every cars can get covered... RHB Research: Bank Negara Malaysia (BNM) announced last week that effective immediately, members of the public will be able to obtain motor cover from all general insurers and their branches as well as at Pos Malaysia and its branches nationwide. All general insurers are committed to provide motor cover to all motorists including the "displaced vehicles" which generally comprise private vehicles exceeding 10 years old and motorcycles currently underwritten by the Malaysian Motor Insurance Pool (MMIP). Obligation to provide cover with NO excessive loading Based on this new ruling, general insurance players are obligated to provide cover to all insurance seekers, without excessive loading and cross selling of other classes of insurance to mitigate the risk. Although, general insurance players could still load the policies, albeit at a more reasonable amount and not 200-300% as previously charged by the MMIP for the so-called high-risk ...

Last year, Malaysia Automobile Association (MAA) reported a record number of cars sold. Are you one of them? If you're not in that statistic yet and planning to own a new car now, please read this post which could scare you away. In fact, petrol prices are heading up again since 2008 with prices of RON97 reviewing monthly. Without failed, the price of RON97 is going up consecutively for the past few months. Anyway, are you driving fuel-efficiency car like me? Despite that I am pumping RON95 petrol and driving the so called "fuel-efficiency" car, I still feel the pain of pumping money. Source: Malaysia Automobile Association What to do? If you don't eat, your car still have to " drink " ma. Uncertainties in Middle East is already spiking up oil prices globally. You think this is the worst for motorists like us? By "pouring oil on fire" (to make things even worse), government plans to gradually increase motor insurance premiums from 2012 onwards unde...

Effectively today (31st December 2010), the deposit insurance limit will be increased to RM250,000 per depositor per bank, announced Perbadanan Insurans Deposit Malaysia (PIDM). Below is the summary of the said announcement:- The new PIDM Bill 2010 has been passed in Parliament. The limit of RM250,000 will protect 99% of retail depositors in full. Under the new Bill, foreign currency depositors will now enjoy deposit insurance protection. The enhanced financial consumer protection package also includes the expansion of PIDM's mandate to include the administration of the Takaful and Insurance Benefits Protection System (TIPS). Licensed insurance companies and registered Takaful operators will automatically become member institutions of PIDM. PIDM was given the powers to intervene in or resolve troubled insurer members and ensure prompt payments to claimants. PIDM is Malaysia Government agency, mandated by Parliament, to protect depositors against the loss of their funds in the...

Still remember Obama’s health care bill which was passed recently? Why Obama want every citizen of US to have a chance to insured themselves? Because Obama knows the reasons below… In reality, insurance cannot protect property or lives, but it can protect those insured against the adverse financial consequences of losing property and lives. Likewise, an insured person cannot be protected against dying or disease, but the dependent is protected financially if such events occur unexpectedly. In any of such similar cases, the insured would be in economic dire straits if not for the financial protection conferred by insurance. In short, insurance as an economic device provides the insured with financial certainty in an environment that is filled with the possibility of losses. In providing such benefits, insurance brings peace of mind to people – and to society at large. Another benefit of insurance is its ability to provide for more optimal use of economic resources . Without insuran...