10 Things You Should Remember To Do After A Car Accident
- By CompareHero.my
- October 18, 2021
Have you ever been in a car accident? Roadside collisions are a common occurrence in Malaysia, especially in the more crowded areas, such as Klang Valley. In 2016, Malaysia recorded a total of 521,466 car accidents, which was an increase from the year before when the total amount of car accidents stood at 489,606. The accident rate in Malaysia is rising and this is concerning.
With the accident rate rising, the chance you might end up in an accident yourself is rising as well. Do you know what to do when you’ve been in a car accident? To help you out, we have listed a quick action guide, so you can get on with your day as soon as possible!
Contents
- 1. Ensure your safety
- 2. Move your vehicle to a safer place
- 3. Step out of the vehicle and observe the situation
- 4. Stay calm and don’t panic
- 5. Take pictures and exchange information
- 6. Come to an agreement on the settlement
- 7. Make a police report
- 8. Decide if you want to claim insurance
- 9. Get your car fixed
- 10. Get on with your day
1. Ensure your safety
You have just been in an accident. The first thing to do is check for immediate danger. If you’ve been in a heavy crash your car might be in a bad condition. If for any reason, you suspect that it is no longer safe to remain in your car, you should get out immediately.
If you feel that you are safe, make sure to check yourself for any physical injuries. Be sure to check your head and neck very thoroughly, because whiplash is a very common injury in car accidents. Because of the shock, you might also not notice pain at first, so be sure to check yourself carefully.
If you are injured, you should seek medical attention before doing anything else. Make sure to obtain a medical report with copies that you can use for future claims.
2. Move your vehicle to a safer place
If you are safe and you feel fine, it is time to start dealing with the accident. If your vehicle can still move safely, it is advisable to move it to the side of the road or another safe place. This frees up the road for other drivers and allows you to get out of your car safely. However, before doing this, it is advisable to quickly snap a few pictures of the initial collision situation for your insurance claim.
3. Step out of the vehicle and observe the situation
Get out of the vehicle and start assessing the damages to your car and to the other driver’s car. Take pictures of everything and from every angle. If you plan to claim insurance, you will want as much evidence as possible before you file your claim.
4. Stay calm and don’t panic
It is important that you stay calm and don’t panic. During car accidents emotions tend to flare and it’s easy to throw accusations back and forth, but that is not the right approach. Think practical, for you to minimize your loss from this accident, you will need as much evidence and information as possible. You are more likely to obtain said information if you behave in a calm and composed manner.
5. Take pictures and exchange information
This part is very important so don’t skip it. In order to validate a possible insurance claim, you will need evidence that backs up your claim. The other driver might file a claim that disputes your claim, for example, if you disagree over who was at fault during the accident.
To make your claim stronger you can take pictures of the damages to both cars, and the situation on the road. Take pictures of anything that might be relevant. While you’re at it, take a picture of the other driver and his license plate as well, just in case he wants to deny everything.
After your photo shoot, it is time to exchange information. If you don’t want to settle this in a direct settlement you are going to need the drivers’ information for your insurance claim.
You will need the registration number of his vehicle, the make and model and the color. From the driver, you will need his name, address, IC number and driving license number and don’t forget his telephone number, just in case your insurance company wants to contact him. You might also need the contact information of his insurance company, just in case you want to make a claim against his insurance policy.
Lastly, it is smart to reach out to other people who might have witnessed the accident. If their account supports your version of the story, you can record their information and statements as supporting evidence.
6. Come to an agreement on the settlement
If you both agree, you can choose to handle the situation with a direct settlement. That means you both agree on who was at fault and how much the damage is. This can be tricky because the other driver or you might make an incorrect estimation of the repair costs involved. A direct settlement is therefore only a good option for minor damages. If your car is completely shredded, you are better off making an insurance claim.
7. Make a police report
Make sure that you file a police report within 24 hours of the accident. This is very important because the police report is a mandatory part of your insurance claim. Be sure to ask for a certified copy, as you might need it later during your insurance claim.
8. Decide if you want to claim insurance
Regardless of if you want to claim your insurance, you should report the accident to your insurance company as soon as possible. It is smart to record the accident hotline of your insurance company on your phone. It is advisable to call them as early as possible to let them know what happened. Your insurance company can also arrange a tow truck for you, should you need one.
Deciding to claim insurance means you have to let go of your No Claim Discount (NCD), which is an important decision. The NCD can be as high as 55% in Malaysia, which means that you could actually be worse off by claiming insurance if the claim amount is too low.
Another thing to consider is the excess clause. This is basically a clause in your insurance contract that prohibits you from claiming damages below a certain threshold. If you have an excess clause in your policy, your claim must be above the excess clause. Then, the insurance company will pay the difference between your claim and the excess amount.
9. Get your car fixed
If your car is pretty torn up, you can have a tow truck take your car to a panel shop for reparation. Before engaging a tow truck or a panel shop, consult with your insurance company. It could be that they have a preferred provider, which could make things easier when you want to claim insurance.
10. Get on with your day
If you have followed the steps in this guide, you should be in a comfortable position considering the situation. Let’s quickly summarize; to file your insurance claim without any problems you will need the following:
- The personal particulars of the drivers involved in the road accident: names, IC numbers, addresses, driving license numbers and contact details.
- The names of the insurers of the other vehicles.
- Make/models and registration numbers of the other vehicles in the roadside accident.
- Registration numbers of tow trucks (if applicable)
- Photos of the accident and the damages, notes of the extent of the damages
- Be sure to file a police report and inform your insurer within 24 hours of the accident.
Be sure to carefully read your insurance policy to check for any particular details regarding claiming insurance, as individual insurers might use different methods. Don’t have car insurance yet? No worries! You can sign up for a comprehensive policy from various providers with us. Click the below to know more!
Read More
10 Countries Tourists From Malaysia Can Now Visit Without Having To Quarantine
- By CompareHero.my
- October 15, 2021
Just a few days ago, the government announced that the MyTravel Pass (MTP) would no longer be needed for those wanting to exit the country. Now, you can go anywhere you want, as long as that country accepts travellers from Malaysia as well.
The only two requirements for now are that you must:
- Take two swab tests after their trip; one before entering Malaysia and one upon arrival
- Observe a 14-day quarantine once you’re back in Malaysia
Contents
1. Thailand
Image credit: Civitatis
Not ready to travel far yet? No worries, you can go visit our very own neighbour up north!
Thailand has been open since July 2021 thanks to their Phuket Sandbox Programme. For fully vaccinated tourists, you don’t have to be quarantined upon arrival if you want to holiday in Phuket. Just make sure that you arrive there with a negative PCR test. If you stay in Phuket for 7 days, you will be allowed to travel to other parts of Thailand.
Do take note that in order to enter the country, you will need approval from the Thai Embassy and get the Certificate of Entry.
2. United Arab Emirates
Image credit: Planetware
Since 30th August 2021, the UAE has revised some of their entry requirements for tourism purposes. They are now welcoming fully vaccinated tourists from all countries, but you must be vaccinated with a WHO-recognised vaccine.
Upon arrival, you’ll need to take a mandatory PCR test. For more details on travelling to the UAE, click here.
3. United Kingdom
Image credit: Travel Triangle
In September 2021, the UK announced that fully-vaccinated travellers from several countries including Malaysia would be allowed to enter the country. No quarantine is required, as long as the vaccine that you’ve taken is recognised by the UK. Take note that during this time, vaccines such as Sinovac are not recognised. For those who aren’t fully vaccinated or have an unrecognised vaccine, you’ll need to observe the quarantine upon arrival.
Travellers must pre-book a PCR test that will be taken on the second day of your stay. You must also fill up a passenger locator form 48 hours before arriving in the UK.
4. Qatar
Image credit: Daily Sabah
Joining the list of countries that’s welcoming tourists from Malaysia is this beautiful country in the Middle East. Qatar will allow you to enter without having to quarantine, but you’ll need to fulfill these requirements:
- Show a negative PCR test that was taken at least 3 days before arriving in Qatar
- Fill up the Undertaking and Acknowledgement Form before arrival
- Download the Ehteraz app (the Qatari equivalent of MySejahtera)
5. Canada
Image credit: World Nomads
- Pfizer-BioNTech
- Moderna
- AstraZeneca,
- Johnson & Johnson
Passengers must also have taken a PCR test at least 72 hours before leaving their country of origin and present proof of a negative test result.
6. France
Image credit: Hospitality Net
Why not go to the country where the City of Love is located? France has made travelling even easier as not only can you skip the quarantine if you’re fully vaccinated, you don’t have to take a PCR test as well. However, to be extra safe in these times, we do recommend that you get tested before you go.
You’ll need to get their Covid Health Pass which you’ll have to present at various locations that may require them. Once you’ve gotten your pass, you’re good to go!
7. The Maldives
Image credit: Lifestyle Asia HK
The Maldives are on many people’s bucket lists due to its gorgeous beaches and resorts. Go ahead and book a quarantine-free trip here if you’re fully vaccinated. Besides that, you’ll need to show a negative PCR test that’s taken at least 96 hours or 4 days before departing from Malaysia.
8. Egypt
Image credit: Asia Times
Take a trip to see the magnificent pyramids with your loved ones! Just like with France, Egypt doesn’t require you to quarantine or even take a PCR test if you’ve been fully vaccinated.
All you need to do is fill in their Health Declaration Form before arrival.
9. Turkey
Image credit: Where To Fly Next
Turkey is another country that does not require quarantine or testing for fully vaccinated tourists. Instead, these requirements only apply to unvaccinated travellers. They are currently open to tourists from all countries.
All travellers need to fill up the Traveller Entry Form at least 4 days before arriving in Turkey.
10. Iceland
Image credit: Uniq Hotels
From August up to April, you can see the aurora borealis in Iceland…you know, the unreal-looking magical phenomenon where the sky lights up in the northern hemisphere.
Iceland is also known for its black sand beaches and gorgeous natural hot springs. So, if you decide to go here, just take note that you’ll need to have a negative PCR test result that was taken at least 72 hours before departure.
As more and more countries are slated to open their borders in the coming weeks, this information is subject to change. There may also be countries that decide to restrict entry once more, depending on the situation. So right before you book your ticket, find out the most recent information from official sources and double-check if you can go ahead with your plans
Also be sure to know what rules your airline has set for travellers, as some of them may require a negative PCR test even if your destination country doesn’t.
Planning to book your holiday after seeing all these pretty destinations? Sign up for a credit card with CompareHero.my today and travel with ease!
Read More
How Much Money Should You Give Back To Your Parents?
- By CompareHero.my
- October 14, 2021
It’s an Asian thing to do, giving parents money.
For most of us, our parents worked hard to bring us up, and in those years, they would have spent a large chunk of their hard earned money on us. Therefore, the least a child can do upon entering the workforce is to provide their parents with some monetary assistance.
Even if our parents have pensions or retirement savings from EPF, the amount you hand to them can help them enjoy retirement without worry. And did you know that many Malaysians cannot afford to enjoy their retirement because they don’t have enough savings? EPF statistics show that two out of three EPF members aged 54 have retirement savings of less than RM50,000, putting them at risk of living below the poverty line. 50% of EPF members above the age of 55 exhaust their savings in five years while 31% of them achieve savings of around RM228,000 when they turn 55.
Learn to give
It will give you a sense of accomplishment, and you know how the saying goes “the hand that gives is better than the hand that receives.” Doesn’t matter how much you give to your parents, you learn the act of giving by doing so, and it also teaches you to care for others. While our parents will probably never admit it, they do feel proud of you because it shows you’ve grown into a financially stable adult who has their financial matters well under control.
So how much should you give?
Although most parents will not ask directly, or expect their children to give them much, do know that more often than not, it is the gesture that counts. And yes, it is a very strong Asian culture to practice filial piety.
Ideally it would be good if you can ensure the amount of money you give your parents takes care of their medical bills and basic expenses. But if that’s not possible, no matter what amount you give them it is bound to come in handy to relief some financial burden off your parents. Below is a guide of how much you can give your parents to cover for their necessities. But do note that you don’t have to make sure you provide enough to cover for all, although if you can afford to do so, you should!
- RM150 for electricity
- RM300 for groceries
- RM150 for insurance
So let’s say you give them RM500 every month, you will then be helping them out with their groceries and electricity. However, if you can only afford to give them RM200 a month, you’re still helping out with their electricity bills, so every bit really does help. Of course, there are other expenses that need to be accounted for depending on an individual and how much you can afford to give your parents will greatly depend on how much money you earn.
Do remember that your parents will be growing older and health complications are bound to come with old age, making a good medical insurance policy a necessity as well. Ensuring they have the right medical coverage and helping them with the monthly payments will also put both your parents and yourself at ease.
As we’ve mentioned before, most of the time it is not the amount but more of the act of giving itself.
But let’s say you really don’t have money to give your parents after you pay for all your financial commitments. Don’t worry, here are some suggestions on how you can give back to your parents aside from handing them cash. Because giving back to your parents need not always be about providing them with financial support per se.
- Visit more often. Your time is priceless to your parents.
- Do household chores for them
- Contribute by getting groceries for your parents
- Drive them to their doctor’s appointment
- Treat them to dinner or lunch every once in a while
So the next time your mother says, “I haven’t eaten at that seafood restaurant in a while”, take the hint and treat her to a meal at her favourite eatery! Although the difference in our upbringing can mean parents may or may not expect to receive money from their children, do know that there are other ways to give back to your parents, and it’s not always just about handing them money.
On another note, if you need help with budgeting your monthly expenses, you can consider using of these free apps:
Read More
5 Things You Should Know Before Investing In Cryptocurrency
- By CompareHero.my
- October 13, 2021
Despite the fact that a lot of people are still more comfortable with using traditional cash, crypto has certainly piqued the interest of many.
In Malaysia, there still isn’t much conversation on cryptocurrency, but with time, more and more people are interested to find out how it works. At this point you might be thinking of embarking on that crypto journey.
But before you do, there are some things you should know so you can decide what’s best. Here are 5 things to consider before investing in crypto.
Contents
1. Start off small
Crypto can be super exciting, and if you’re new to this, you’re going to want to jump right in. It’s great to get enough exposure, but it’s also wise to take one step at a time. Before you start investing, know what the market is like and what type of crypto might be suitable for you.
Once you’ve figured these out, start investing in small amounts first. The last thing you want is to quickly lose a huge chunk of your hard-earned money. Take your time to know the market well enough before investing more.
2. It’s not recognised as legal tender in Malaysia
Before you start investing in cryptocurrency, take note that at this point in time, cryptocurrency is not considered to be legal tender. This doesn’t mean that it’s illegal or that you will get in trouble for investing in it. When we say that it isn’t legal tender, it just means that it’s not accepted as a form of currency in Malaysia for now.So, you can go ahead and accept payments in cryptocurrency from all over the world, but you just won’t be able to use it to buy things the way you can with Ringgit Malaysia.
Related: If Someone Pays You In Cryptocurrencies, Should You Accept it?
Due to it not being legal tender, it’s not regulated by Bank Negara Malaysia. This simply means that it doesn’t have the same kind of protection that is given to legal currencies in Malaysia. Any money in your bank account is protected and insured by PIDM, which stands for Perbadanan Insurans Deposit Malaysia. Unfortunately, cryptocurrencies do not have the same protection for the time being.
3. You’ll need to be mindful of scams
Speaking of protection (or a lack thereof), you should take extra precaution to ensure you don’t fall prey to any crypto scams. Scams exist even in our daily cash transactions, but with crypto, it can be harder to identify them. There are Ponzi schemes, NFT scams, pump-and-dump schemes, and many more.
Before you invest, make sure the platform you’re on is legitimate. If something is too good to be true, that should already be a huge red flag. Look out for giveaways, job offers or other deals that promise you the moon and the stars, but don’t really have the credentials to back them.
4. Diversify your portfolio
The fact is, cryptocurrencies are volatile, and it’s very common to see the value of a crypto plummet within days and to see it rise again soon after. As an investor, your top goal is to get the best value from your investment by taking the least risks.
One way to ‘distribute’ your risks would be to invest in more than one place. That way, even if one investment dropped in its value, there might be others in your wallet that have great returns. By diversifying your portfolio, you’ll also eventually find out what type of crypto you enjoy investing in.
5. Find the right place to store your crypto
Speaking of wallets, that’s exactly where you’ll need to store your crypto. There are mainly two types of wallets: hot wallets and cold wallets. The first refers to online wallets, while the second refers to offline ones which don’t require an Internet connection.
Some examples of hot wallets are:
- Desktop wallets
- Mobile wallets
And as for cold wallets, some examples are:
- Hardware wallets that have a physical key storing your crypto
- Paper wallets that have QR codes
Crypto is an extensive subject and there’s a lot more we can say, but maybe we’ll save the rest for another article. For now, we hope this piece taught you a new thing or two!
Disclaimer: Neither CompareHero.my nor the content on it is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on CompareHero.my is for general information purposes only and is not intended to be personalised investment advice or a solicitation for the purchase or sale of securities.
Compargo Malaysia Sdn. Bhd. and/or its affiliates cannot and do not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. CompareHero.my may receive compensation from the brands or services mentioned on this website.
If you’re wondering when the right time is to start investing, feel free to check out the article below:
Read More
5 Things You Should Know Before Taking A Personal Loan
- By CompareHero.my
- October 12, 2021
When applying for a personal loan, be very clear of your goals and identify what you really want to achieve. Perhaps you want to renovate your home, or pay off your credit card bills? Always remember, a personal loan is a financial tool, not a cure-all to your financial problems. So check out the 5 things that you should know before applying for a personal loan.
Contents
1. Where should I apply for a personal loan?
There are several ways to apply for a loan; however you should always get yours from a financial or banking institution that is licensed by Bank Negara Malaysia. You must avoid borrowing from illegal moneylenders, as you may end up further in debt from their unregulated interest charges and practices.
Instead, you should always choose to use a reputable bank that offers you great service and one that can cater to your financial needs at all times.
2. How much can I borrow with a personal loan?
First, you need to learn how to calculate your debt service ratio and see whether you can afford it! Here’s how:
Total Monthly Commitments / Total Net Monthly Income X 100% = Debt Service Ratio
Ideally, you should always keep your debt service ratio below 60% to ensure you have the best chances of getting your loan approved. You should also keep in mind that banks may calculate the interest based on the total amount, the loan tenure and your credit score.
When applying for a personal loan, banks will usually agree to let you borrow up to three to four times of your monthly income to ensure you don’t overextend your finances. Most banks in Malaysia also issue personal loans at an average amount of RM20,000 – RM50,000 based on factors like the borrowers’ debt service ratio, monthly income and credit history.
3. How can I save on interest charges?
It was mentioned earlier about how the banks will calculate the interest rate on personal loans (the total amount, loan tenure and your credit score) that you need to know. So, one way is to choose a shorter loan tenure with higher monthly instalments that you can pay off quickly to save on the interest charges.
There is more to getting the best deal on your personal loan than just looking for low interest rates. For example, if the personal loan offers cash back on interest paid, this would mean that if you took a personal loan at an interest rate of 10%, a 20% cash back on interest paid would mean that you are actually repaying the bank at an interest rate of 8%!
With that in mind, make sure you check out what deals the banks have to offer, as you could save yourself hundreds of Ringgit!
4. What documents do I need for my personal loan?
The banks are required to perform their due diligence when approving personal loans, so you will need to have all your personal documents in order. This will help to prove that you can easily meet all of their requirements and cut down the back and forth between you and the bank. So here are some documents you would need to submit, and the exact list varies between banks:
- Your NRIC (MyKad)
- Your latest EPF Statement or
- Your latest 3 months’ salary slips
5. How fast can I get my personal loan approved?
The approval process is much faster these days and you can now even get your personal loan approved within 48 hours to even under an hour. Remember to bring along your MyKad and any necessary documents required by the bank to speed up the process even further!
Here at CompareHero.my, we help you find the right personal loan that suits your needs best. Click the link below and you’ll see several personal loans you can choose from today:
