What does the Overseas Assurance Third Party Fire and Theft Motor Insurance cover?
This policy covers your liabilities to others such as motorists or pedestrians for bodily injury, death, and property damage. It also insures your vehicle from fire damage and theft.
If you're looking for a middle ground between a third party only plan and a comprehensive plan, a cost effective solution would be the Overseas Assurance Third Party Fire and Theft package, especially if you're always out and about having to park your car at unfamiliar places.
How much premium do I have to pay?
Any premiums you pay will be determined by several risk assessment factors. It will help the insurer determine the amount and the calculations for your premium rates; some of the factors are as follows;
- Value of the vehicle
- Engine capacity
- Sum Insured
- Age of Driver
- Gender of Driver
- Occupation/Education of Driver
- Place of Residence
- Claim History.
What are some of the key terms and conditions that I should be aware of?
When it comes to buying an insurance policy, withholding information from your insurer will certainly do you no good! So, disclose all material facts about your prized set of wheels such previous accidents, and modification to the engine.
Ensure that your vehicle is insured at an appropriate amount and in a roadworthy condition. However, having an auto insurance does not mean you're free from financial responsibilities. An excess amount must be borne by you, the driver, if your vehicle that has been involved in an accident is driven by a person not named in your policy. A compulsory excess of RM400 will be charged.