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What Does Car Insurance Cover?

What Does Car Insurance Cover blog

Whether you just recently joined the pool of vehicle owners in the country or just haven’t had that much time to go over the details of your car insurance policy, you may find yourself asking;

  • What does my car insurance cover exactly?
  • What is the benefit of even having coverage?
  • What events am I not insured for?

Hi there! I’m Stella and I’m Fincrew brand ambassador. In today’s video, I’ll be sharing with you on the details of your car insurance coverage, all you’re not insured against, and what you can do to help yourself get the best coverage available in Malaysia.

You spend a lot on your car insurance coverage yearly. Isn’t it high time to learn more about it? Don’t want to stress yourself while you do so? Then make sure you follow the Insurance360 Video Series! It’s informative, engaging, and breaks the complexities of vehicle insurance down into digestible bits! All you have to do is click on the Subscribe icon right now and turn on your notification settings, so you see our videos the moment it’s posted here!

The first thing you need to know when deliberating the extent of your car insurance coverage is that it is entirely dependent on what policy you sign on with your insurer. By extension, this means that what you’re financially protected by is directly tied to which of the three common types of insurance packages you took out on your vehicle. As such, if you took out a Third-Party Coverage, the only protection you can expect is that should you get involved in an accident that resulted in damage to the vehicle, person, or property of another individual, you won’t have to cover those expenses out of your own pocket. As a result, if you damaged your vehicle or your own person through that accident, you would have to see to fixing that out-of-pocket. However, if you are on a Third Party, Fire and Theft Coverage, you can expect a little more financial protection from your insurer.

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Not only will they cover all the expenses of the third party involved in the accident, but you also have the opportunity to file a claim if your vehicle gets stolen or vandalized. In addition to this, should your vehicle be involved in a fire accident, you won’t have to bear the cost of repairs or replacement by yourself. As you would expect, the Comprehensive Coverage Package offers an even more extensive range of protection for subscribers. In addition to taking care of all the two previous packages, it gives you a measure of financial backup if your vehicle gets damaged as a result of a collision. However, that is if and only if you weren’t the at-fault driver. Now that you know all the scenarios that the various car insurance packages cover, here are some events that standard insurance policies don’t cover you for. No car insurance covers you in the event of:

  • Bodily injury or your own death,
  • Bodily injury or death of your passenger,
  • The theft of retro-fitted accessories to your vehicle,
  • Damage to your car due to acts of nature like a flood
  • Damage or loss of your car as a result of wear and tear.

And now, you know all your insurance covers. If you have questions you’d like us to answer, don’t hesitate to drop them in the comments section below! Have you liked this video and subscribed to our channel yet? Don’t forget to do so before you leave! I look forward to seeing you in the next video!

Nick Lai
the authorNick Lai
Founder & CEO of NickMetrics Group

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