I recently tried to renew the 3rd party insurance for my company's vehicles and was shocked when our long time insurer said they no longer cover due to losses. Apparently this is the stand taken by most insurers now who have slowly and quietly cancelled coverage for 3rd party (and also vehicles above 10 years). We were advised that Takaful and Uni-Asia were appointed by the government to cover 3rd party. This is not a government regulation but an "industry practice".
Now, i'm trying to see if smaller agencies will cover. Has anyone faced this issue?
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Insurers No Longer Accepting Third Party Coverage
Started by
bigal26
, Mar 08 2010 11:50 AM, 39 replies to this topic
#2
Posted 08 March 2010 - 12:45 PM
rallychamp
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hands on habbit
yup....
due to no limit/real guide from G...we as consumer-road user have kena con@sepit by them...
due to no limit/real guide from G...we as consumer-road user have kena con@sepit by them...
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#3
Posted 08 March 2010 - 02:38 PM
lancer1981
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Yes I am having problems renewing my 3rd party, still negotiating. According to AAM, just spoke to them last week, they are only willing to renew 3rd party insurance for cars up to 20 years. Being AAM, I think they should be lobbying on the motorists behalf instead of having a blanket policy of renewing cars up to 20 years. Their silence in this is deafening!!!!
If you go to Takaful or UniAsia, car owners need to go to Puspakom for certification or otherwise they will not sell 3rd party insurance to you.
If you go to Takaful or UniAsia, car owners need to go to Puspakom for certification or otherwise they will not sell 3rd party insurance to you.
Have wheels will ride, beats walking.
#4
Posted 08 March 2010 - 04:09 PM
bigal26
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QUOTE (lancer1981 @ Mar 8 2010, 02:38 PM) <{POST_SNAPBACK}>
Yes I am having problems renewing my 3rd party, still negotiating. According to AAM, just spoke to them last week, they are only willing to renew 3rd party insurance for cars up to 20 years. Being AAM, I think they should be lobbying on the motorists behalf instead of having a blanket policy of renewing cars up to 20 years. Their silence in this is deafening!!!!
If you go to Takaful or UniAsia, car owners need to go to Puspakom for certification or otherwise they will not sell 3rd party insurance to you.
If you go to Takaful or UniAsia, car owners need to go to Puspakom for certification or otherwise they will not sell 3rd party insurance to you.
Apparently this happened because the govt refused to raise 3rd party premiums so the industry decided to go its own way. What a hassle with Takaful/Uniasia.
#5
Posted 08 March 2010 - 10:49 PM
fkmfkm
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QUOTE (bigal26 @ Mar 8 2010, 04:09 PM) <{POST_SNAPBACK}>
Apparently this happened because the govt refused to raise 3rd party premiums so the industry decided to go its own way. What a hassle with Takaful/Uniasia.
Post office also can....but need inspection also...
#6
Posted 09 March 2010 - 07:55 AM
bigal26
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QUOTE (fkmfkm @ Mar 8 2010, 10:49 PM) <{POST_SNAPBACK}>
Post office also can....but need inspection also...
Yes I heard about this too. Do you mean we have to send our vehicles to puspakom for certification then back to PO?
Inspection required for all vehicles or only those above certain age?
#7
Posted 09 March 2010 - 02:22 PM
lancer1981
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QUOTE (bigal26 @ Mar 9 2010, 07:55 AM) <{POST_SNAPBACK}>
Yes I heard about this too. Do you mean we have to send our vehicles to puspakom for certification then back to PO?
Inspection required for all vehicles or only those above certain age?
Inspection required for all vehicles or only those above certain age?
Yes first to Puspakom and then buy insurance. 3rd party insurance for all cars require certification by Puspakom regardless of age.
Have wheels will ride, beats walking.
#8
Posted 09 March 2010 - 10:25 PM
bigal26
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QUOTE (lancer1981 @ Mar 9 2010, 02:22 PM) <{POST_SNAPBACK}>
Yes first to Puspakom and then buy insurance. 3rd party insurance for all cars require certification by Puspakom regardless of age.
What a bummer
. Do we have to pay anuthing to Puspakom? Is the 3rd party insurance now more expensive?
#9
Posted 09 March 2010 - 10:45 PM
lancer1981
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QUOTE (bigal26 @ Mar 9 2010, 10:25 PM) <{POST_SNAPBACK}>
What a bummer . Do we have to pay anuthing to Puspakom? Is the 3rd party insurance now more expensive?
. Do we have to pay anuthing to Puspakom? Is the 3rd party insurance now more expensive?Ya must pay I was told it is about $25 or was it $35. At this moment 3rd ins premium from what I know it is $82.90 but most will have "conditions" like, you have to buy PA ins together with it.
When the new 3rd party ins policy comes out for sure the premium will increase. Personally, I think is long overdue for an increase but I hope it is not too much.
Have wheels will ride, beats walking.
#10
Posted 09 March 2010 - 11:03 PM
bigal26
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QUOTE (lancer1981 @ Mar 9 2010, 10:45 PM) <{POST_SNAPBACK}>
Ya must pay I was told it is about $25 or was it $35. At this moment 3rd ins premium from what I know it is $82.90 but most will have "conditions" like, you have to buy PA ins together with it.
When the new 3rd party ins policy comes out for sure the premium will increase. Personally, I think is long overdue for an increase but I hope it is not too much.
When the new 3rd party ins policy comes out for sure the premium will increase. Personally, I think is long overdue for an increase but I hope it is not too much.
Thanks for the info bro. Real hassle getting Puspakom certification. Since my company's vehicles, maybe I just convert all to comprehensive
