The Consequence If A Vehicle Is Underinsured
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THE CONSEQUENCE IF A VEHICLE IS UNDERINSURED
Let say
Sum Insured : RM 30,000 Market Value : RM 50,000 Amount Of Loss : RM 10,000 RM 30, 000 RM 10, 000 = RM 6,000 RM 50, 000
From the example above, the sum insured of a vehicle is much lower than its market value. At time of loss, AIG General Insurance (Malaysia) Berhad and any other general insurance companies in Malaysia will only bear RM 6,000 instead of RM 10,000. In other words, the policyholder has to bear RM 4,000 himself. If he doesn’t send his car to AIG panel workshops, he has to bear RM 4,300 (an excess of RM 300, 1 % of RM 30,000). This RM 300 is not applicable if he sends his car to AIG panel workshops.
Let say
Sum Insured : RM 30,000 Market Value : RM 50,000 Amount Of Loss : RM 10,000 RM 30, 000 RM 10, 000 = RM 6,000 RM 50, 000
From the example above, the sum insured of a vehicle is much lower than its market value. At time of loss, AIG General Insurance (Malaysia) Berhad and any other general insurance companies in Malaysia will only bear RM 6,000 instead of RM 10,000. In other words, the policyholder has to bear RM 4,000 himself. If he doesn’t send his car to AIG panel workshops, he has to bear RM 4,300 (an excess of RM 300, 1 % of RM 30,000). This RM 300 is not applicable if he sends his car to AIG panel workshops.
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