• Check your car market value first

    Posted on February 18, 2014 by in About Car Insurance

    Renewal of your car insurance is yearly task if you own a car.  How much should you insured your car when renewing your car insurance?  It is important that you do not under-insured your vehicle nor should you over insured.  Understand that insurance is about indemnity, that is in any unfortunate, unforeseen circumstances, you are protected and any losses that you suffered are to be adequately compensated.  You cannot profit from insurance coverage, thus, over insuring your vehicles above your actual market value does not mean that the insurance company will compensate you more.  When a claim is made, the insurance company will only compensate you based on your vehicle market value.  So, over-insuring your car basically bring you no benefit, only more cost (premium).

    Under-insured your vehicle put you into greater risk when you file for a claim.  The insurance company will only pay proportionate accordingly to your insured amount against your market value.  If your vehicle is under-insured by 20%, it is only fair that the insurance company pays you 80% of your entitlement.  Thus, determining your car market value is utmost important.

    To ensure that market value of your vehicle is agreed upon by the insurance company, you can check your car market value at this link: http://www.autoclaims.com.my/agv1/home.php

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