What is the AXA Affin Third Party Commercial Vehicle all about?
This policy gives you protection against loss or damage to your vehicle as a result of liabilities to third parties for bodily injury and/or damage to property arising from your vehicle.
How much premium do I have to pay?
Motor premiums are governed by the Malaysian Motor Tariff. The premium rating takes into account factors e.g. sum insured, vehicle cubic capacity, vehicle's age, insured's age, required optional benefits, no claim discount ( NCD) etc.
What are some of the key terms and conditions that I should know?
It is important that you disclose all material facts e.g. previous claims experience and modifications to your vehicle. You must ensure that your vehicle is insured at an appropriate amount and in a radworthy condition.
The AXA Affin Third Party Commercial Vehicle is transacted on Cash Before Cover basis. This means AXA Affin must receive the premium before providing cover. Lastly, you will come across the term excess in your policy contract. This refers to the amount of loss that you have to bear for any own damage claims.
What are the major exclusions under this policy?
This policy does not cover certain losses such as:
- Your own death or bodily injury due to a motor accident
- Liabilities to driver and passengers of own vehicle (injury, death or property damage)
- Consequential losses, depreciation, wear and tear, mechanical or electrical breakdown failures or breakages
- Loss/damage arising from an act of nature e.g. flood, landslide
Can I cancel my policy and get a refund?
You may cancel your policy at any time by giving a written notice to AXA Affin. Upon cancellation, you are entitled to a refund of your premium based on a pro-dated basis. Refund premium is allowed provided that no claim was made during the period of insurance.