27 Oct '14, 8am

Motor insurance premiums to be risk-based from 2016

Motor insurance premiums to be risk-based from 2016

Motor insurance premiums are set to be based on a list of risk factors when the industry is de-tariffed in 2016 , Bank Negara Malaysia (BNM) has said, according to a report by The Sun . Various risk factors not included in the current motor tariff, such as residence location, vehicle make and model, use of vehicle, occupation of owner, claims history, gender and age will be taken into consideration, similar to the system employed in countries like the UK. In other words, the insurance premium rates you pay will depend on how much risk you are perceived to carry – for instance, owners of makes and models with high reported theft rates, owners of high-performance vehicles, owners with fewer years of driving experience or those who live in crime-prone areas will have to pay higher premiums. The central bank told the daily that it is working together with motor insurance playe...

Full article: http://paultan.org/2014/10/27/motor-insurance-risk-based/

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