How to check your car market value ?
Check the market value price of your vehicle. If it is a new vehicle, the insured value will be the
purchase price. It is important for you to ensure that your vehicle is adequately insured as it will affect the amount you can claim and to avoid over-insurance or under-insurance .
How much should I Cover ?
For a new vehicle, the insured value will be the purchase price while for other vehicles, the insured
value is the market value of the vehicle at the point you apply for the insurance policy.
- Under-insurance : If you insure your vehicle at a lower sum than its market value, you
will be deemed as self-insured for the difference, i.e. in the event of loss/damage, you will
only be partially compensated (up to the proportion of insurance) by your insurance
the maximum compensation you will receive is the market value of the vehicle as the
policy owner cannot ‘profit’ from a motor insurance claim.
Where to Check Market price ?
Most of the people will check the car market price with used car or even check at car classified portal like mudah.my and motortrader magazines.
Do you know that you can check your car market price for FREE at www.mycarinfo.com.my. This portal is recognised by ISM Insurance Services Malaysia Berhad.
The values in the database are derived based on extensive research by their Automotive Intelligence team and updated on a monthly basis.
Before purchase your motor insurance, it will be good if you can check your car market value. Go to www.mycarinfo.com.my