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Insurance360 | Does Your Profession Significantly Impact Your Car Insurance Rates

It is no secret that factors like age and driving history greatly impact your car insurance rates. But are you aware that your profession also affects what you pay as a premium? Do you want to know what aspects of your occupation your insurer assesses before issuing you a quote? How do you find out if you have a “High Risk or Low-Risk Occupation”? The relevance of auto insurance to the vehicle owner only continues to increase as the years pass. As a result, more car owners need to do what they can to gain more knowledge on insurance.

Not only does the work you do influence your car insurance rates to varying degrees, where you also work critically. Insurers are always looking for more efficient ways to evaluate the liability that vehicle owners pose. One of the avenues through which they do this is through reviewing statistics. Through an increasingly scientific process, they try to evaluate the likelihood of having an accident based on various parameters.

How does your job affect your sleep pattern?

How far do you have to drive to your place of employment?

What typical occupational behaviors come with your job?

By evaluating these occupational variables, insurance companies more accurately determine just how high or low to set your quotes. It is more so the case when you use your vehicle as a part of your occupation. If you travel with it for work often, don’t be surprised if the quote your insurance provider gives you falls a little on the high side. At its core, some significant factors that your insurer will look at about your occupation and employment conditions include;

The stress levels it generates,

What occupational training you have had, and

How often your work necessitates travel.

As a result of looking through these parameters, auto insurance companies can offer vehicle owners who are pilots, scientists, teachers, nurses, and police officers lower auto insurance rates. In the same vein, many, but not all insurers consider vehicle owners who are lawyers, doctors, and business owners, among others, higher risk and so award higher premiums.

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Save your life and your family's idea for the life of the insurance

Insurance360 is a knowledge-based content place about Insurance that includes Life Insurance, Car Insurance, Medical, Health, Truck & Accident Insurance, etc. We strive to supply our readers with insights into details, ideas, and ways to make success.

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Insurance360 | Adding a Non-Family Member As a Car Insurance Liability

Having solid, all-around financial protection for your automobile is an intelligent play under any circumstance. It means you want to make sure that your car is fully insured, regardless of who is driving it, how, and when. But that being said, how do you go about achieving this exactly? What does the rule book say about adding someone who isn’t an immediate member of your family to your policy? What are the relevant things you should know about this process?

So, ever wondered if you can add a non-family member to your auto coverage policy? Short answer; Yes, you can! It’s effortless too! What’s more, most times, it is even in your best interest that you do this!

Sadly, many vehicle owners aren’t aware of this little fact. One possible reason for this may be the common misconception that auto insurers follow the driver. In reality, your insurer follows the car, not the driver. What matters most to your car insurance provider is the type of person behind the wheel of your car and the driving history that they have managed to accrue. How you know the person or people in question is actually of little consequence. However, where things become a little more complicated is determining when to add the non-family member. For the most part, you are okay with letting a friend or colleague drive your car once or twice every few months without adding them to your policy. However, adding that friend or neighbor takes on a greater level of importance if you let them have your car with any measure of frequency. It is only reasonable as the more often they drive your vehicle, the higher the chances of an accident.

With this in mind, all you need to do to get that non-family member on your policy is reach out to your insurer and inform them that you would like to add someone. Of course, this would lead to your car insurance rates being reviewed. If the person has a worse driving record than you do, you can expect to start paying more for car insurance. If the person’s driving record is better than yours, your rates might be reviewed downwards. And with this, you’re ready to add anyone to your car insurance!

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保险360 | 影响你汽车保险费的三大因素

你和你的家人、朋友的车险费用都各不相同。当你在考虑为你的汽车投保时，是否想过保险公司是用什么标准来衡量而制定你的保险费呢？ 没有想过吧？那让我们来看看以下的因素来给你增广见闻：

第一、汽车保险的种类

在上集视频已经和大家简单解释了不同类型汽车保险，其中就包括3号保险 （3rd party Car Insurance）、2 号保险（Third Party, Theft and Fire Car Insurance) 和 综合性保险（comprehensive car Insurance）。3号保险是当中最为便宜的，因为所覆盖范围仅限于第三方。 综合性保险比2 号保险来的更贵一些，因为覆盖范围是包括了第三方、火灾和盗窃及车主本身的车子。因此，一定要记得，覆盖率越高，保险费就会越高。保险费高低和索得的理赔金额成正比的。

第二、汽车种类

你所拥有的汽车品牌及型号对于车险的保险费有绝对性的影响。比如说，一般比较高档的汽车的保险费都会比较高，这是因为汽车本身的零件可能比较贵。因此，修理费也相对的比较高。其次，盗窃可能性较高的汽车，保险费都会比较贵。根据马来西亚总保险公司发布，Toyota Hilux和Proton Wira是马来西亚最常被偷的两款车。

第三、个人因素

保险公司会依据车主，也就是投保人的性别、年龄、婚姻状态、行驶记录进行评估。一般上，年轻女性发生事故率比同年龄层男性更低一些。已婚人士的驾驶者一般都会被视为更加谨慎，所以发生事故率比单身或是未婚者更低一点。再来，就是行驶记录。如果你曾经接到罚单、发生事故而进行理赔，你的保险费可能会比没有收过罚单和没有发生事故的车主来的更高一些。这是因为，保险公司认为你很有可能再发生事故。

https://blog.fincrew.my/2021/08/12/影响你汽车保险费的三大因素/

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What Are Legal Liabilities To Passengers? 🚓 Legal liabilities to Passengers, commonly refers to as LLNP or LLTP. It is an extra coverage that you can take up with extra premium. 🚓 Whereby it covers you against legal liabilities sought by your passengers against you in an event of an accident due to your negligent. https://blog.fincrew.my/2020/11/07/legal-liabilities-to-passengers-lltp-insurance-coverage/ #insuranceagent #lifeinsurance #insurance #insurancecompany #insuranceclaims #carinsurance #cargoinsurance #insurance360 #fincrew #LLTP #AutoInsurance #motorinsurance (at Kuala Lumpur, Malaysia) https://www.instagram.com/p/CR8_lAiB9Mh/?utm_medium=tumblr

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What is Insurance360? A video series comes with 3 languages, Chinese, Malay and English. Each language hosted by different spokesperson and over 50 episodes. Where we talk about all different kind of insurance topics. Follow Fincrew and stay tuned on each of Insurance360 episodes. #insuranceagent #lifeinsurance #insurance #insurancecompany #insuranceclaims #carinsurance #cargoinsurance #insurance360 #fincrew (at The Vertical Office Suites at Bangsar South) https://www.instagram.com/p/CR8--MEBoQX/?utm_medium=tumblr

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Insurance360 | Can I Buy Insurance Before Purchasing a Car?

If you do not have a car and you are looking to get insurance, then you are in luck! There are easy ways for you to buy auto insurance without having a vehicle. But, you need to make sure you put a lot of things in place to ensure that. Getting insurance without a car is not only possible; it is easier than a lot of people know. The secret to it is ensuring that you go in fully prepared and armed with specific, helpful information. To start with, when planning to secure auto insurance before buying a car, the very first thing you need to do is,

Confirm The Specific Vehicle You Plan On Purchasing

As you probably know, the make, model, and specifications of a vehicle significantly factor into its auto insurance. Due to this, you have to be very careful and make sure that you confirm the car’s details thoroughly. Failure to do this might result in your having to pay some hefty cancellation fees if you don’t end up purchasing the vehicle for any reason. So, to get started,

Choose The Vehicle You Want To Purchase

It would help if you were as detailed as possible about the car you want to buy when taking out your policy. To that end, the more specific you are, the better.

Prepare An Agreement To Purchase The Vehicle

At this point, what you need to do is make sure you seal the deal as tightly as possible. You need to make sure you iron out details like price, liens, and vehicle history.

Use The Vehicle Data To Buy the Insurance

Next, you’ll also need to get important information like the Vehicle Identification Number handy when getting that auto insurance policy. After this, the one last thing to do is find an auto insurance provider with a policy that works for you and sign up with the details you’ve acquired! And that’s all you need to know about getting coverage before buying that car!

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Insurance360 | Does Car Insurance Cover You if Someone Breaks Into Your Car

The entire purpose of getting insurance coverage for your vehicle is to measure financial protection when the worst happens. But do you know all that your current car insurance coverage protects you?

What Happens If Your Car Is Burgled?

No one exactly plans for it, but the sad reality is that car break-ins and thefts are becoming an increasingly common occurrence all over the country. A recent car theft statistic showed that this crime had risen more than 20% in the last decade alone! Luckily, this is why car insurance exists! However, you must keep in mind that simply because you have a valid car insurance policy doesn’t guarantee that you are insured if your car gets burgled. It is because there are different types of car insurance. These various types of coverage, in turn, extend multiple levels of protection to your automobile. The three types of coverage available to vehicle owners are;

The Third Party Coverage

As the essential coverage policy you can get for your vehicle, you cannot get this type of coverage to cover the cost of repairs or replacement to any stolen part of your vehicle or any item inside.

The Third Party, Fire And Theft Coverage

Being a significant step up from the previous insurance coverage, this type of coverage offers you some measure of financial protection if someone breaks into your car. It is worth keeping in mind that the exact circumstance of the break-in factors into whether or not you get compensated for the incident.

The Comprehensive Coverage

Under Comprehensive coverage, you are entitled to file a claim for a full payout if your vehicle is robbed. However, this policy will pay out for replacing parts of the car stolen from the car during the break-in. It will replace your car stereo, wipers, and air conditioning system, but you are not entitled to any compensation if you lose your laptop due to the same incident. In essence, once you see signs of vehicle burglary and you follow the standard procedure of reporting the incident to the authorities, you can expect a payout accordingly.

In conclusion, this is without a doubt the best type of coverage you can have on your vehicle should it fall victim to theft or robbery.

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Insurance360 | Will Car Insurance Cover Engine Failures?

If you aren’t in the financial space, it’s actually hard to get excited when it comes to discussing the finer details of your auto insurance policy. Yet, knowing just what you are and aren’t insured against is crucial to maximizing your insurance coverage benefits to the fullest. So, do you know the full scope of your insurance coverage? Does your current policy cover you for the cost of repairs if your vehicle suffers engine failures? This is a somewhat complicated aspect of vehicle insurance. So take a moment to relax while explaining the nuances of engine failures coverage in your auto insurance policy.

As you would expect, the type of coverage you are operating comes into play where damages like engine failure are concerned. In Malaysia, vehicle owners have a choice of any of three types of auto insurance coverage. In broad strokes, the standard types of vehicle insurance in the country include:

Third-Party Auto Insurance

This is the coverage that vehicle owners who want to fulfill only the law’s barest limits opt for. This is because it only pays for the damages inflicted on the property or person of another individual. Consequently, if you’re operating this policy, you know there’s no scenario in which you are insured for engine failure.

Third-Party, Fire and Theft Auto Insurance

With this policy package, you have financial protection in the case of third party damages and also damages to your own vehicle due to fire, explosion, or theft. Now, subject to the exact specifications highlighted in your policy, you may be able to file a claim for payout in the event of an engine failure, if you can prove that the malfunction occurred as a result of a fire incident or theft. Keep in mind that should you suffer engine damage due to the collision, this policy will not pay out for that.

Comprehensive Auto Insurance

As the name suggests, this policy offers you the most extensive coverage you will find around. In addition to insuring you are on the same level as the previous two policies, you also get a few other perks. One of these is that you can file a claim to get your vehicle repaired if it was damaged due to an auto crash. Keep in mind that this perk only holds if you aren’t the at-fault driver. In this case, you may be able to file for financial compensation if you can prove that the engine failure you experienced resulted from a previous auto crash. However, you will be required to tender a few documents to your adjuster to support your claim. Some of which include:

A document confirming that you carried maintenance on your vehicle as at when due, and

A certified mechanic’s report showing that there was no problem with the system before the accident.

Ultimately, if you want to insure your vehicle for a broader range of engine failure issues, you would have to consider getting specific add-ons and special packages.

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Insurance360 | Can I Insure a Car Without a Driver's License?

Due to one reason or the other, you might find yourself needing to take on an auto insurance policy for your vehicle in the absence of a license. Are you wondering if it’s possible to get insurance without a valid driver’s license in the country? Would you like to find out how to go about it?

A driver’s license is a big part of getting auto insurance in Malaysia. One major reason for this is because any auto insurance company requires this information to research your driving history. If they don’t have it, then they can’t estimate the potential risk they’re taking on with your driving. By extension, this means that they may experience a little difficulty evaluating what you’ll pay a premium for your insurance. For this reason, finding an insurer that will offer you coverage in the absence of a driver’s license is a bit challenging. It’s challenging, but not impossible. Some insurers will still extend your coverage even when you don’t have a valid driver’s license. These insurers account for the fact you mightn’t have a license due to factors like using a chauffeur or having an existing medical condition. To that end, if you want to get coverage from these providers, you can do so using any of the following channels.

Name Someone Else as the Primary Driver You can simply buy the policy under the name of another individual. This works best if the person you’ll be using,

* Lives at your address, * Is related to you, and * Possesses a valid driver’s license

However, depending on your potential insurer’s exact requirements, the person filling for you as the primary driver may not have to meet all the demands just mentioned. Still, in line with this approach, you could buy the policy and list yourself as an excluded driver. Many insurance providers are usually open to this. You have to remember that should you get involved in an accident while driving, you won’t receive any payout to cover the resulting expenses.

List a Licensed Driver As Vehicle Co-Owner Alternatively, you could take out the policy and then list someone with a valid driver’s license as the vehicle’s co-owner. On many levels, following this approach may prove more convenient for you than the previous option.

Operate a Parked Car Policy If you have an exotic or expensive car parked in your garage that you simply MUST take on an insurance, you can work out an arrangement where your insurer drops other coverage but still insures your vehicle against theft, fire and damages. Essentially, these are the most common ways you can insure your vehicle without possessing a driver’s license. So what do you think of possessing cars without a driver’s license? Would you have done it?

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Insurace360 | What Happens When Your Auto Insurance Is Cancelled

So you’re sorting through your mail like you do every other day and smack! Your auto insurance provider drops a bombshell that they won’t be providing you coverage anymore! Where do you go from here? What should you expect, now that you no longer have auto insurance coverage for your vehicle? What do you do next?

If you’re wondering could your auto insurance company cancel your policy? The answer is YES–they can! However, they can’t do so without a genuine reason and giving you a proper heads up. You can’t take your vehicle out without a valid insurance policy which means that once your coverage is revoked, you’ll soon be stuck without a ride! Even worse, the longer you go on without coverage for your vehicle, the more you can expect any insurer to charge you when you finally try to get any package. For this reason, haste is essential! Remember that getting your auto insurance cancelled is not the same as being issued a non-renewal notice. In the case of the latter, your coverage is kept active until the date it’s supposed to lapse. Afterward, you just won’t be given the opportunity of renewing the package with the same insurer. Usually, insurers will cancel a policy only if:

You’ve not been paying your premiums or you’ve been paying late,

Your driver’s license was revoked or suspended due to one reason or the other,

They discover you weren’t entirely forthcoming with the information on your application

As such, the first thing you need to do is go through the notification you were sent to ascertain the reason for the termination of your policy. If it wasn’t stated, you should reach out to your insurer immediately to get those details. Once the issue has been identified, you can try talking things out with your provider. In some cases, this usually works out well and your insurer will rescind the cancellation notice. However, if your insurance provider just won’t budge, then you need to start shopping for another insurer pronto! Even though your coverage isn’t rendered invalid from the moment you receive the notice of cancellation, you don’t have much time to spare! This is more so if your insurance was cancelled due to any of the reasons mentioned earlier. You might find it challenging to get a new insurer as most coverage providers will see your cancellation notice as a red flag and consider you a high risk. When you eventually find a new insurer, your premiums will be significantly higher than it used to be. As such, it is always advisable to avoid getting your policy cancelled, if you can. But if the worst happens regardless, all is not lost.

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What Is Zero Depreciation In Auto Insurance?

Insurance lingo can be tough! Still, you've got to try to understand it as it is essential. One crucial aspect of auto insurance vehicle owners aren't very familiar with is Zero Depreciation or Nil Depreciation. What is this exactly? And how does it work? How can you benefit from this resource as a vehicle owner? Well, let's find out!

https://blog.fincrew.my/2021/06/03/what-is-zero-depreciation-in-auto-insurance/

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Insurance360 | How Do Auto Insurance Companies Check Your Background

Taking out auto insurance is a serious business; so much more goes into it than you might know. You may already be aware that auto insurance companies look into your driving history before offering you insurance. However, do you know they research your financial records and criminal history as well? Do you want to know how and why most insurers carry out this exercise? We’ll be revealing it all in this video!

One important thing you need to note about insurance generally and auto coverage specifically is that it is all about risk. There’s the possibility that you won’t end up costing your insurer more than you pay as premium. Similarly, there’s also the chance your insurer will end up spending more on maintaining your policy than what you pay as premium, in which case, they lose out. That is why risk evaluation is crucial to auto insurance. It has a direct bearing on what you end up paying as your premium.

Low Risk Equals Low Premiums, And High Risk Equals High Premiums

To accurately determine the level of risk offering you coverage poses, insurers will check the following about you:

   Your driving history    Your credit and financial history, and    Your criminal history

Your Driving History

This is usually the first and fastest detail that auto insurance companies can look up when preparing to offer you coverage. It is imperative to insurers because they believe that how you drove in the past is the clearest indicator of how you’re likely to drive in the future. Every auto insurer has a tool for looking into your driving history on their computer. If your history is filled with cases of filing at-fault claims, you can expect your premium to be huge.

Your Credit Record

The next thing they look over is your financial background. The primary motivation for doing this is to ascertain whether you’ll be able to pay what is expected of you as a premium. To do this, many insurers will usually use the credit information you filled in when applying for the policy to get in touch with your bank.

Your Criminal History

Certain criminal acts are actually relevant to your auto insurance policy. For example, if you’ve ever been involved in a hit and run, this might influence whether or not your insurer will extend your coverage. This is regardless of the outcome of the case. Sometimes, simple tools like search engines are more than enough to reveal a criminal record. In other cases, your insurer might reach out to the police force to request information about you.

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Insurance360 | The Essential Steps When Filing a Car Insurance Claim

In the country today, you can claim either of two types of insurance. You could file an Own Damage Claim or a Third Party Claim, depending on the nature of the accident. Here is a brief description of how you can file either claim!

Own Damage Claim

It’s important to mention that you can’t file this claim on just any auto insurance coverage. You need to have a comprehensive vehicle insurance policy in place if the accident didn’t come about as a result of something you did. However, you might end up losing your No claim Discount (NCD) privileges as a result. Here’s how this process works. First, you need to:

Get In Touch With Your Insurer

The sooner you are able to do this, the better. This is because they are responsible for telling you the next steps you are to take, including which repair workshop you are to take your vehicle to for fixing. The faster you do this, the sooner your vehicle can get back on the road.

File a Police Report

This step is so important and time-sensitive, you get fined if you don’t do it when demanded! Be sure you contact the police within 24 hours of the accident occurring at the latest.

Document The Accident

Take photographic evidence of all the vehicles involved in the accident, collect license information, license plate details, and all other relevant information.

Prepare Relevant Documents

At the designated workshop, you’d be required to tender certain documents. Some of which include original copies of your police report and investigations report, a claims form from your insurer, bill of repair work, your NRIC, and that of the third party. You’ll also be required to tender these same documents to your insurer and other necessary entities.

Third Party Claims

After you must have filed a police report within the 24-hour time frame, you must also:

Prepare Necessary Documents For Third Party Claims

These basically include photographs of your damaged vehicle, license plates, and car number plates, among other things.

Move Your Vehicle To The Third Party Insurance Workshop

This step is also very time-sensitive. Be sure to move your vehicle to the designated third party repair workshop immediately after the accident, as soon as you can.

Have A Licensed Adjuster Evaluate The Loss

You also need to bring a licensed adjuster on board to help you assess the cost of repairs and Compensation for Assessed Repair Time or CART.

Tender All Relevant Documents

These files include items such as the original copies of your police report and investigation reports, a claims form from your insurer, bill of repair work, your NRIC and that of the third party, and the Keputusan report given to you by the police.

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Insurance360 | What Is The Best Way To Switch Insurance Providers

Here's our 5-step approach to getting you the best vehicle insurance providers and policy out there!

Step 1–Explore And Weigh New Options First Take your time to research the many coverage options out there. The last thing you want to do is rush out of one lousy coverage policy straight into an even worse one. Find the right coverage policy that improves all the things you're dissatisfied with within your current coverage.

Step 2–Pick The Right Time With insurance, timing is crucial. Because you can't go out with your vehicle without having insurance coverage, you can't just ditch your current policy before activating the new one. Also, the duration of insurance policies varies, depending on which state you took out the insurance. This is a critical component to consider, especially if you're relocating during this period. So be sure to time the process of taking on that new insurance provider as entirely as you can.

Step 3–Reach Out To Your Present Provider Under certain circumstances, your current provider might be willing to make certain concessions to ensure you stay on with them. Before finalizing your move, you could contact your current insurer and highlight your pain points. If they are willing to compromise, great! If not, be sure to inquire if there are any penalties for opting out of your coverage before it ends.

Step 4–Research Your New Choice Extensively After looking through your options and settling for a new automobile insurance provider, don't sign on a new policy straight away. Be sure to take the time to research the new provider for possible red flags. You could check for reviews on the company from reputable sources, listen to previous and current insured members' opinions, among other things.

Step 5–Ensure Your Current Insurance Is Canceled And Take the Final Leap Don't make any assumptions here, as running two full insurance policies concurrently can have serious legal implications. Ensure you get in touch with your present auto insurance provider and ensure they've duly canceled your package before signing the final contract with your new insurer.

Read the blog https://blog.fincrew.my/2021/09/06/what-is-the-best-way-to-switch-insurance-providers/

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