If you aren’t in the financial space, it’s actually hard to get excited when it comes to discussing the finer details of your auto insurance policy. Yet, knowing just what you are and aren’t insured against is crucial to maximizing your insurance coverage benefits to the fullest. So, do you know the full scope of your insurance coverage? Does your current policy cover you for the cost of repairs if your vehicle suffers engine failures? This is a somewhat complicated aspect of vehicle insurance. So take a moment to relax while explaining the nuances of engine failures coverage in your auto insurance policy.
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As you would expect, the type of coverage you are operating comes into play where damages like engine failure are concerned. In Malaysia, vehicle owners have a choice of any of three types of auto insurance coverage. In broad strokes, the standard types of vehicle insurance in the country include:
Third-Party Auto Insurance
This is the coverage that vehicle owners who want to fulfill only the law’s barest limits opt for. This is because it only pays for the damages inflicted on the property or person of another individual. Consequently, if you’re operating this policy, you know there’s no scenario in which you are insured for engine failure.
Third-Party, Fire and Theft Auto Insurance
With this policy package, you have financial protection in the case of third party damages and also damages to your own vehicle due to fire, explosion, or theft. Now, subject to the exact specifications highlighted in your policy, you may be able to file a claim for payout in the event of an engine failure, if you can prove that the malfunction occurred as a result of a fire incident or theft. Keep in mind that should you suffer engine damage due to the collision, this policy will not pay out for that.
Comprehensive Auto Insurance
As the name suggests, this policy offers you the most extensive coverage you will find around. In addition to insuring you are on the same level as the previous two policies, you also get a few other perks. One of these is that you can file a claim to get your vehicle repaired if it was damaged due to an auto crash. Keep in mind that this perk only holds if you aren’t the at-fault driver. In this case, you may be able to file for financial compensation if you can prove that the engine failure you experienced resulted from a previous auto crash. However, you will be required to tender a few documents to your adjuster to support your claim. Some of which include:
- A document confirming that you carried maintenance on your vehicle as at when due, and
- A certified mechanic’s report showing that there was no problem with the system before the accident.
Ultimately, if you want to insure your vehicle for a broader range of engine failure issues, you would have to consider getting specific add-ons and special packages.
There you have it. Now that you know whether your car will be covered by your provider or not don’t forget to Like, Subscribe and enable notifications to our channel for more useful information like this one! Thank you for tuning in, and I’ll see you in our next video!