What is MAA Takaful Comprehensive Motor Coverage all about?
MAA Takaful Comprehensive Motor Coverage provides cover against your liabilities to other parties for injury or death, damage to their property, and accidental or fire damage caused to your vehicle. Not to forget, you'll also be able to make a claim when your car is stolen.
This takaful policy follows the Syariah concept of Wakalah. MAA Takaful will charge you a Wakalah fee for their services and will invest into a Takaful fund. If at the end of the period there are significant profit in this fund, 50% of the profit will be shared amongs Takaful participants (yes that includes you, the policyholder) if no motor claims have been made throughout the policy term.
What are the optional covers or benefits provided?
Is your area prone to floods or rainstorms? Or do you fear people smashing your car windows to steal? Perhaps you'd want to add-on the optional benefits listed below:
- Windscreen damage
- Passengers liability cover
- Damage arising from flood and landslide
- Damage arising from strike, riot and civil commotion.
How much contribution do I have to pay to MAA Takaful?
Your total contribution may vary depending on the underwriting requirements of the Takaful Operator.
For example, you have a Proton Saga with an engine size of 1300 cc:
- Standard cover: RM1,003.50 contribution for sum covered of RM30,000
- NCD entilement: 25% or RM 250.88
- Additional cover: RM 75.00 ( windscreen cover for sum covered of RM500 )
- Add stamp duty: RM 10.00
The estimated total contribution: RM 837.63
What are some of the key terms and conditions that I should be aware of?
It is very important that you read your policy in detail, so that you know exactly what you can claim for and what you can't. We've highlighted some of the key terms and conditions below:
- Importance of disclosure – you must give all material facts in full such as previous accidents, claims experience, and modifications to the car engine.
- Insure the right amount - You must ensure that your vehicle is covered at the appropriate amount of the market value. Make sure not to under-insure or over-insure your vehicle
- RM400 Excess - The compulsory excess that is the amount you have to bear if your vehicle is driven by a person not named in your policy, holding P” and “ L Licence or under 21 years of age is RM 400. Becareful who you borrow your car to!