Car Insurance Comparison
Save time and money on price comparison
VICare Insurance System is a one-stop car insurance solution for individual and commercial of 21 insurance company. Easily get 3 request quotation selection of 21 insurance company done with just a few clicks.
How are Car Insurance Premium Rates Calculated?
We Compare 20 Car Insurance Brands To Bring You The Best Deals
Market Value vs Agreed Value
The difference between agreed value and market value
- What is market value car insurance?
- What is agreed value car insurance?
- Market Value Car Insurance
- Agreed Value Car Insurance
Car insurance market value is a recognized industry term for what your car would fetch on the open market, as is. It is not, say, the trade-in value, nor what an unusual purchaser, such as a collector, would pay for your car. It’s not the cost of replacing your existing car with a brand new one.
So if you insure your car for market value, the price you will receive from the insurer in the event that your car is written off will be the price that your insurer estimates your car was worth just before the accident.
Car insurance agreed value is a sum that has been fixed after discussion and agreement between the insurer and the individual taking out the policy. People who bought a car using a car loan might decide to insure it for an agreed value while they still have finance owing on it.
Under an agreed value car insurance policy, you can expect to pay higher car insurance premiums if the agreed value is higher than what the car would sell at on the market (market value).
- Amount is based on what your car is worth for resale just before the accident/incident
- Premiums could tend to be lower than insuring your car for a high agreed value
- There is a level of uncertainty about what compensation you will receive from your insurer if your car is written off
- There is no flexibility around the amount that your car is insured for
- Amount is based (within reason) on the amount that you want to insure your car for
- Premiums could tend to be higher than insuring your car for a market value
- Agreed value provides certainty about what compensation you will receive from your insurer if your car is written off. This is particularly useful if you have a car loan or other form of finance
- There is flexibility around the amount that your car is insured for
Car Insurance Companies in Malaysia with Plans
Insurance Provider | Type of Coverage | NCD | Free Tow | Mode of Premium Payment | Frequency of Premium payment |
---|---|---|---|---|---|
Etiqa Car Insurance | Comprehensive Cover | Yes | Yes | Cash, credit card or cheques | - |
Allianz Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes | Cash, credit card or cheques | Annual |
Berjaya Sompo Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes | - | Annual |
MSIG Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | - | Cash, credit card, or cheques | - |
Tokio Marine Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes (Up to RM200 for accidents and RM250 for vehicle breakdown) | Cash, cheque or credit card | Annual |
AIG Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes | Cash, credit card or cheques | - |
AXA Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes | Cash | - |
Kurnia Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes (up to 50 kms) | Offline and internet banking | Annual |
Maybank Car Insurance | Comprehensive Cover | Yes | Yes | - | - |
Zurich Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes | Annual | |
RHB Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes (Up to RM200) | - | Annual |
AIA Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes | Cash, Credit Card or Internet Banking | - |
Alliance Bank Car Insurance | Comprehensive Cover | Yes | Yes | - | - |
Ambank Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes (up to 50 kms) | - | - |
Berjaya Sompo Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes | - | - |
Chubb Car Insurance | Comprehensive Cover | Yes | Yes | - | - |
Lonpac Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes | - | - |
Tune Protect Car Insurance | Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover | Yes | Yes | - | - |