What is IKHLAS Motorcycle Takaful?
IKHLAS Motorcycle Takaful is a comprehensive motor takaful certificate issued by Takaful Ikhlas General Berhad. It covers loss or damage to your own motorcycle as well as your legal liability to third parties if you cause an accident that injures someone or damages their property. This certificate covers those claims, too.
The plan is available to all motorcycle owners and can be purchased online directly through Takaful IKHLAS, at their branches, or via their agents. Buying online gets you a 10% rebate on your contribution.
The Shariah concepts applicable to this certificate
IKHLAS Motorcycle Takaful operates under two Shariah concepts:
- Tabarru' is a donation made by takaful participants into a shared Risk Fund. When any participant suffers a covered loss, claims are paid from this collective fund, which is the core principle of solidarity and mutual assistance in takaful.
- Wakalah is an agency contract. Takaful Ikhlas General Berhad acts as your agent (wakil) to manage the Risk Fund on your behalf, and charges a Wakalah fee (ujrah) for this service. The Wakalah fee covers management expenses, which are set at 20% of your base contribution.
As a takaful participant, you are also entitled to a Surplus Performance Incentive (SPI) of 50% of the gross distributable surplus from the Risk Fund, where applicable. This is subject to Takaful IKHLAS's discretion and underwriting guidelines.
What does this takaful certificate cover?
Your IKHLAS Motorcycle Takaful certificate provides the following coverage:
Own vehicle coverage
- Accidental collision or overturning
- Impact damage from falling objects (not caused by acts of nature)
- Fire, explosion, or lightning
- Malicious acts
- Burglary and theft
Third-party coverage
- Death or bodily injury to a third party
- Loss or damage to a third party's property
What is not covered
Your certificate does not cover the following by default:
- Your own death or bodily injury from a motor accident
- Your liability against claims from passengers in your motorcycle
- Loss, damage, or liability caused by acts of nature which are flood, storm, landslide, and similar events
- Consequential loss, depreciation, wear and tear, and mechanical or electronic breakdowns
The first three exclusions can be covered separately via add-on endorsements at an additional contribution. See the optional coverages section below.
Optional add-on coverages
You can extend your certificate beyond the standard coverage by paying an additional contribution. The available add-ons are:
- Strike, riot, and civil commotion
- Special perils (flood, typhoon, hurricane, storm, tempest, volcanic eruption, earthquake, landslide, subsidence, and other natural convulsions)
- Legal liability to pillion (passenger)
- Separate cover for accessories fixed to your motorcycle
- IKHLAS Motorcyclist PA Takaful (personal accident cover for the rider)
- Extension of cover to the Kingdom of Thailand
- Extension of cover to Kalimantan
- Extension of cover for ferry transit to and/or from Sabah and the Federal Territory of Labuan
- Transfer of interest
- Fleet-rated risks: cancellation of No Claim Discount
- Reliability trials, competitions, etc. (own damage)
- Reliability trials, competitions, etc. (third-party cover only)
This list is non-exhaustive. Refer to the Takaful Certificate for the full terms and conditions.
How your contribution is calculated
Your takaful contribution depends on several factors tied to your motorcycle and personal profile:
- Market value and sum insured of the motorcycle
- Engine capacity
- Loading (based on claims history)
- Age, gender, occupation, and education of the rider
- Place of residence
- No Claim Discount (NCD) entitlement
- Any optional add-ons selected
Purchasing directly online qualifies you for a 10% rebate on your base contribution. The Wakalah fee (management expenses) is charged at 20% of the base contribution, and prevailing service tax and a RM10 stamp duty apply.
As an example, based on a sum covered of RM50,000 for a 30-year-old male with 0% NCD and RM200 in optional add-ons, the total contribution payable via the direct online channel works out to approximately RM1,176.40.
The coverage period is one year. You need to renew your certificate annually before it lapses.
How to make a claim
If your motorcycle is involved in an accident:
- Contact Bantuan IKHLAS Road Assist at 1-800-88-1186 to arrange towing to an approved or panel workshop, or ride the motorcycle there directly if towing is not required.
- Send the damaged motorcycle to any of Takaful IKHLAS's approved repairers or panel workshops.
- Submit your claim and track its status via the Go Serve Claims Portal.
For general enquiries, call Takaful IKHLAS at 03-2723 9696, visit takaful-ikhlas.com.my, or email [email protected].
Do note that if your motorcycle is also covered under another takaful or insurance certificate, Takaful IKHLAS will only pay its rateable proportion of the loss, not the full claim amount.
Can I cancel my certificate?
Yes. Give written notice to Takaful IKHLAS, and you'll receive a pro-rata refund of the contribution for the remaining unexpired period, subject to the certificate's terms and conditions. A handling fee of RM10 applies. No refund is available if a claim has already been made under the certificate.
