Hey there, Malaysian car owner! There must be a time when you wondered, “What happens if my car gets stolen? Do I have to pay a deductible?” You’re lucky because we are here to explain what happens in such a situation.
What Is a Car Insurance Deductible?
To begin with, let us first define what a car insurance deductible is and what its purpose is. A car insurance deductible is what you must pay out of your pocket to cover the damages resulting from an accident before the insurance company becomes responsible for any of them. It means that if you, for example, have a RM 500 deductible, you will have to pay RM500 to your insurance company before they are responsible for paying for any additional damages you encounter.
Stolen Cars And Deductibles In Malaysia
Let’s talk about the issue of stolen cars for a moment. Unfortunately, car theft is a reality in Malaysia, just like it is anywhere else in the world. Despite this, it is good news to know that if someone stole your car, you wouldn’t have to pay a deductible depending on your coverage. You read that correctly; that’s what I meant to say. It is usually best to pay a deductible after the insurer approves a claim and pays you the payout. In most cases, you will not need to pay the insurer in cash; they will cover your damages and losses. In other words, you will not have to pay anything out of pocket. The insurance company is responsible for protecting the loss in this situation.
In Malaysia, it is essential to note that most car insurance policies have a clause that covers theft as a part of the policy terms. Therefore, you must carefully read your insurance policy to understand your coverage in the event of theft.
Note that if someone stole your car in Malaysia, you would not be required to pay a deductible. The loss will be covered by your insurance company, depending on your policy coverage. You must read through your policy carefully so that you have a clear understanding of what your coverage is in case of theft. In addition, you should always lock your car and park it in a well-lit area to minimize the risk of car theft. Until next time, have a great (and safe) drive!