Benefits Of Motor Insurance/takaful Liberalisation For Consumers

Motor insurance/takaful insurance car is a compulsory cover by law which vehicle owners are required to purchase to renew their road tax. However, motor insurance/takaful is not solely to allow you to renew your vehicle road tax but also provides you compensation in the event you meet with an accident and also pays for claims submitted by a third party against you in the event you cause bodily injury or property damage to this third party.

Motor insurance/takaful is currently under a tariff which sets premiums/takaful contributions that insurance companies and takaful operators can charge.  The motor tariff is regulated and supervised by Bank Negara Malaysia, the regulator of the insurance and takaful industry.

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