Best Third Party, Fire and Theft Car Insurance in Malaysia 2019

Protect your car with a third party, fire and theft car insurance coverage against unexpected situations.

Third Party, Fire and Theft Car Insurance in Malaysia

As suggested by its name, the third party, fire and theft car insurance policy covers more than a third party only policy.

The third party, fire and theft policy offers the same coverage as the third party only policy but with added coverage for damages from accidental fire and theft of your vehicle. With added coverage, the third party, fire and theft policy is relatively pricier than the third party only policy but more affordable as compared to the comprehensive cover.

What is covered by the third party, fire and theft car insurance policy?

On top of covering the same level of protection as third party car insurance, it also covers your car in the event where it’s accidentally stolen, damaged or destroyed by fire.

You are only able to make a claim in the event where:

  • Your car has been stolen
  • Your car is damaged by attempted theft (for example, broken door locks, windows or stolen audio and accessories.
  • Your car is damaged due to fire

With Tokio Marine Third Party Fire and Theft Motor Insurance, you can also opt for additional benefits such as passenger liability cover (yes, your passengers can sue you!). Similar to the third party policy, you will have to renew your third party, fire and theft car insurance policy annually!

For a refresher, check out what Third Party Car Insurance coverage is here.

What is not covered by the third party, fire and theft car insurance policy?

Just like the third party insurance policy, the third party, fire and theft car insurance won’t cover any loss or damage to your own vehicle, property or any injury you suffer as a result of the road accident.

Third party, fire and theft car insurance do not cover for:

  • Medical expenses for your own injuries
  • Legal fees for your own injuries
  • Your car’s damages in an accident you caused
  • Your personal belongings are damaged
  • Your windscreen is damaged

You might want to opt for a Comprehensive Car Insurance to have coverage for your own car or injuries you suffer.

How is this policy different from comprehensive car insurance?

This third party, fire and theft car insurance policy is an extension to the basic car insurance policy but without coverage that protects or cover for the loss or damage to your own car and first-party personal accident. These benefits are what make a third party, fire and theft car insurance slightly cheaper from a comprehensive cover.

Since it’s a lower level of protection as compared to a comprehensive cover, the premium charged is on average 25% cheaper.

Differences in the Types of Car Insurance in Malaysia:

 

Third Party

Third Party, Fire & Theft

Comprehensive

Bodily injury caused to 3rd party

Yes

Yes

Yes

Damage & loss to 3rd party property

Yes

Yes

Yes

Damage & loss to your car

No

No

Yes

Fire & theft to your vehicle

No

Yes

Yes

Relative cost of premium

Cheap

Average

Expensive

Is third party, fire and theft car insurance for me?

Indicators that a third party, fire and theft car insurance might be more suitable for you:

  • Your car is not brand new
  • Your car is an older model where it is inexpensive to repair
  • You are no longer under a financing agreement, such as Hire Purchase or a Car Loan

While third party, fire and theft car insurance comes with an average price tag, be reminded that you will be footing the bill for the damages incurred on your own car. So be sure that your car is not a new and an expensive model, where the high repair costs would negate all the savings you made by choosing a third party, fire and theft car insurance cover.

What is a “Policy Excess Fee”?

You will come across the term “Policy Excess Fee” in your insurance policy. This fee indicates an amount that you need to top up from your own pocket when making accidental claims.

For example, let’s say your Policy Excess Fee is at RM200 and damages to your car is RM4,000. You are only entitled to claim a total of RM3,800 with a loss of RM200. Hence, it’s vital to choose a policy with low to no Policy Excess Fee for better savings!

How else can I save money on third party, fire and theft car insurance?

As car insurance policies are priced based on risks, it is important to disclose all material facts such as previous accidents, no claims history and modification to engines to get a better idea of how much a third party, fire and theft car insurance might cost. This is because of driving history and other personal information will directly affect pricing.

How would third party, fire and theft policy compensate for my stolen car?

The standard practice for stolen cars or total loss claims is to compensate the first party (policyholder) based on the market value of the car at the time of loss (or damage), or the sum agreed in the policy, whichever is lower. The agreed car value can also be specified in advance versus the market or resale value.

However, the nature of the theft plays a vital role in determining if it’s an act of negligence or purely an accident. Let’s say you hand over your car keys to the carpark jockey and your car gets stolen, it will be considered as an act of negligence and the insurance company will not compensate you for the loss.

How do I apply for a third party, fire and theft car insurance?

You can compare and apply third party, fire and theft car insurance online!

Apply online now via RinggitPlus!

There are a few things that need to be kept in mind when applying for a third party, fire and theft car insurance online in Malaysia:

  1. Market Value of the car. If the car is new, the insured value will be equal to the purchase price.
  2. No Claim Discount (NCD) percentage. Choose a sustainable claim amount that is both affordable when it comes to paying the premiums and at the same time gives you a comfortable claim amount when an accident happens.
  3. Disclosure. Ensure that you give all the information about the car and your driving history in detail. This is essential in setting the right amount for coverage.
  4. Prepare Documents. Once you have decided on the insurance policy, prepare the necessary documents which include an insurance cover note, car grant and existing insurance policy (if applicable).

If you have the documentation ready, the application time will only take a few minutes.

How to renew my third party car insurance?

You can renew your third party, fire and theft car insurance (along with your road tax) via online on RinggitPlus, MYEG, JPJ branch or at a Post Office.

Have the below information ready for the renewal:

  • Vehicle registration number
  • NRIC
  • Type of Vehicle
  • Engine Capacity - CC
  • Year of Manufacture
  • Sum Insured
  • Windscreen (optional)

Some of the Best Third Party, Fire and Theft Car insurance:

  1. Allianz Third Party Fire and Theft Insurance
  2. Worry a whole lot less about your car catching on fire or stolen during a night out in the town! Cover for third party liability such as death and bodily injury included.
  3. Tokio Marine Third Party Fire and Theft Motor Insurance
  4. Protect all vehicles on the road, including your own! Get compensated financially for car loss or damage due to fire, explosion, lightning, burglary, housebreaking or theft.
  5. AXA Affin Third Party Fire and Theft Motor Insurance
  6. Worried about your car getting stolen or damaged from a fire? How about injury to other people on the road? Sign up now to get just the protection you need.
  7. Kurnia Third Party Fire and Theft Motor Insurance
  8. Unpleasant road accidents can happen no matter how safe you are on the road. Have peace of mind with third party protection including claims on stolen vehicles.
  9. Liberty Third Party Fire and Theft Car Insurance
  10. Don’t want to burn a hole in your wallet? Liberty Insurance will help keep the fire out of your wallet and car with protection against fire damage, theft and liability against third party claims.