It is a scary thought to think of owing a Civic.
As on insurance, the insurer will pay only 80% on the current market price LESS rd tax, insurance policy, reg. fee etc. So, if you bought yours at RM117K and current secondhand market is selling at RM100K, you can expect insurance to cover up to RM80K. You stand to loose at least RM37K (31% lost). But, that does not mean anything if you have been getting fat bonus (talking about x6 month bonus each year) every year.
The above is a wrong perception on what insurance is all about....... Insurance settlement dont work on percentage but RATHER ON MARKET VALUE AT TIME OF HAPPENING/INCIDENT/LOSS.
However, yes insurance dont cover your r/tax, regn fee , loan interest or any other misc charges.
A lot of people like to hear say but dont read the fine print of the insurance policy where almost every info needed is there for us to under stand on what is covered and what is not. Pls note that no insurance policy is giving a 100% coverage to the claimant but settlement will be fair and in accordance to the term & condition of the policy.
Again pls refer to the right people for the right answer rather than making assumption the we were unfairly treated by the insurance company when it come to settlement. Also change our mindset that insurance coverage is only for getting of roadtax . It is more than that. Find out more from your agent/insurance company so that we are clear and be certain that we have adequate coverage in the event of a mishap.