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Waja Stolen In Bukit Jalil


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#1
kuan

Posted 09 May 2009 - 01:08 PM

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Waja EE WMG9312 was stolen in Bukit Jalil

#2
GuyM

Posted 11 May 2009 - 08:17 AM

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QUOTE (kuan @ May 9 2009, 01:08 PM) <{POST_SNAPBACK}>
Waja EE WMG9312 was stolen in Bukit Jalil



Pray that the car is not to be found and then u claim insurance and buy a better car maybe a Jap car.

#3
ain206

Posted 11 May 2009 - 10:13 AM

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QUOTE (GuyM @ May 11 2009, 08:17 AM) <{POST_SNAPBACK}>
Pray that the car is not to be found and then u claim insurance and buy a better car maybe a Jap car.



principal of insurance say..... " amount to be paid is the market value of the vehicle at time of loss or the sum insured whichever is the lower figure"

if your car get stolen , not necessary the amount to be paid by the insurance company is sufficient for you to have extra money to buy another car..... it may only sufficient to cover your loan..... worst still if the amount to be paid is less than the amount owed to the financier.... which in the end oneself need to top up to settle the loan.....

estimated market value of the waja is between 35K to 55K for year make between 2005 - 2007.

so calculate this against the amount still owed to the financier ...whether it would be better to recover the vehicle or receiving compensation from the insurance co....

i hope the police is able to recover back the vehicle.....

#4
Newkelisa

Posted 11 May 2009 - 11:21 AM

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QUOTE (ain206 @ May 11 2009, 10:13 AM) <{POST_SNAPBACK}>
principal of insurance say..... " amount to be paid is the market value of the vehicle at time of loss or the sum insured whichever is the lower figure"

estimated market value of the waja is between 35K to 55K for year make between 2005 - 2007.


How does the insurance comp goes about determining the 'market value' for a car? Do they just look at today's Star Classified or MotorTrader and say that is
the market price? Or is there a compiled market price list done by some authority body?

Someone have argued with me that there is no such 'market price'.



#5
ain206

Posted 11 May 2009 - 01:59 PM

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QUOTE (Newkelisa @ May 11 2009, 11:21 AM) <{POST_SNAPBACK}>
How does the insurance comp goes about determining the 'market value' for a car? Do they just look at today's Star Classified or MotorTrader and say that is
the market price? Or is there a compiled market price list done by some authority body?

Someone have argued with me that there is no such 'market price'.



Market value will be determine by the licence loss adjuster as stipulated in the insurance industry practice guided by bank negara.

Yes market value is very subjective and there is no one correct value. Law of average come into play. Sources can come from various party i.e newspaper, used car dealar, internet/magazine, franchise holder etc. Depreciation , economic situation are amongst other aspect are also being look into. Normally the variance of value between these sources is small with an error of plus minus 5%.

Again i would say that market value is very subjective and the opinion is strictly on personal observation and does not in any way represent any company in practice..

#6
bOROi

Posted 12 May 2009 - 11:22 AM

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QUOTE (ain206 @ May 11 2009, 10:13 AM) <{POST_SNAPBACK}>
principal of insurance say..... " amount to be paid is the market value of the vehicle at time of loss or the sum insured whichever is the lower figure"

if your car get stolen , not necessary the amount to be paid by the insurance company is sufficient for you to have extra money to buy another car..... it may only sufficient to cover your loan..... worst still if the amount to be paid is less than the amount owed to the financier.... which in the end oneself need to top up to settle the loan.....

estimated market value of the waja is between 35K to 55K for year make between 2005 - 2007.

so calculate this against the amount still owed to the financier ...whether it would be better to recover the vehicle or receiving compensation from the insurance co....

i hope the police is able to recover back the vehicle.....


correct me if I am wrong but I do not think the Principal of insurance say ...."........" is totally right, the sum insured whichever the lower part.

I believe the insurance company will also use the subject to average clause. I think it works like this...Lets say you insure a car for RM100,000. At the time of theft the market value is estimated at RM90,000 (how the insurance co arrive at the market value is another major thesis), then they will compensate at RM90,000, but if you only insure for RM80,000 and the market value is RM90,000 then the subject to average clause will apply, meaning they will not compensate you the whole RM80,000 but rather RM71,111 that is RM80,000 divide by RM90,000 and multiply by RM90,000....this is because you have only insured part of the vehicle, RM80,000 out of RM90,000 worth so you cannot expect to be paid in full all your insurance cover when making a claim.

Similarly if you insure that car for RM150,000 for some unknown reason, you will be paid only RM90,000 because you have over insured.

If I am wrong I stand corrected.

Regards
Myah United Rules!!!!

#7
ain206

Posted 12 May 2009 - 01:25 PM

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QUOTE (bOROi @ May 12 2009, 11:22 AM) <{POST_SNAPBACK}>
correct me if I am wrong but I do not think the Principal of insurance say ...."........" is totally right, the sum insured whichever the lower part.

I believe the insurance company will also use the subject to average clause. I think it works like this...Lets say you insure a car for RM100,000. At the time of theft the market value is estimated at RM90,000 (how the insurance co arrive at the market value is another major thesis), then they will compensate at RM90,000, but if you only insure for RM80,000 and the market value is RM90,000 then the subject to average clause will apply, meaning they will not compensate you the whole RM80,000 but rather RM71,111 that is RM80,000 divide by RM90,000 and multiply by RM90,000....this is because you have only insured part of the vehicle, RM80,000 out of RM90,000 worth so you cannot expect to be paid in full all your insurance cover when making a claim.

Similarly if you insure that car for RM150,000 for some unknown reason, you will be paid only RM90,000 because you have over insured.

If I am wrong I stand corrected.

Regards



average clause only apply to damage claim ( due to accident) and not theft or total loss........ for theft or total loss compensation is base on market value at time of loss or the sum insured which ever is lower...

#8
bOROi

Posted 12 May 2009 - 07:47 PM

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QUOTE (ain206 @ May 12 2009, 01:25 PM) <{POST_SNAPBACK}>
average clause only apply to damage claim ( due to accident) and not theft or total loss........ for theft or total loss compensation is base on market value at time of loss or the sum insured which ever is lower...


I see.......and I stand corrected....

Myah United Rules!!!!

#9
Newkelisa

Posted 12 May 2009 - 08:13 PM

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ain206

Are u an insurance agent?

#10
ain206

Posted 12 May 2009 - 09:56 PM

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QUOTE (Newkelisa @ May 12 2009, 08:13 PM) <{POST_SNAPBACK}>
ain206

Are u an insurance agent?



no really............. i was an insurance underwriter but now as claim examiner with one of the insurance co..........