How To Calculate Car Insurance Price In Malaysia
- By CompareHero.my
- March 12, 2021
While there are a number of car insurance premium calculators available online, many Malaysians are still wondering what is the exact formula used to calculate their own car insurance premium and also, what are the factors involved?
The structure is slightly complex but with the tables shown below, we will break down the formula into different segments and to help you understand how car insurance premium in Malaysia is calculated.
Contents
Before you buy or renew your car insurance, you will need to know a few things first:
1. Your Car’s Gross Market Value
Your car’s market value depreciates on an annual basis and you must be able to get an estimation of your car’s latest market value to be able to insure it accordingly. You can either consult the nearest branch of your car’s brand provider, independent car workshop or just do it online!
2. No-Claim Discount (NCD) and Manufactured Year of the Vehicle
The NCD system (set by authorities and followed by insurance providers) allow car owners to enjoy discounts over time if they do not claim any damages from their insurance companies each year. Refer to the table below for the NCD you are entitled to in different categories of the period:
| Coverage Duration | Discount (%) |
| First Year | 25 |
| 2nd Year | 30 |
| 3rd Year | 38.33 |
| 4th Year | 45 |
| 5th Year | 55 |
3. Types of Car Insurance
As you may already know, there are three types of car insurance in the market: comprehensive; third party fire, and theft; and third party standalone. To calculate the car insurance premium of a third party (insurance owned by the majority of car owners), you will need to start by calculating the comprehensive insurance coverage.
4. Your Location
If you live in West Malaysia, you will be charged a higher car insurance premium than those in East Malaysia due to higher risks and the car’s higher market value in West Malaysia in general.
5. Your Car’s Cubic Capacity
Basically, this is the engine power of your car and it is important as it determines the car insurance basic premium you will need to pay according to the latest table below for both West and East Malaysia.
| Private Car Schedule of Premiums | ||||
| West Malaysia (RM) | East Malaysia (RM) | |||
| Cubic Capacity (cc) Not Exceeding | *Comprehensive (X – Rate for first RM1,000 sum insured) | Third Party | *Comprehensive (Rate for first RM1,000 sum insured) | Third Party |
| 1400 | 273.8 | 120.6 | 196.2 | 67.5 |
| 1650 | 305.5 | 135.0 | 220.0 | 75.6 |
| 2200 | 339.1 | 151.2 | 243.9 | 85.2 |
| 3050 | 372.6 | 167.4 | 266.5 | 93.6 |
| 4100 | 404.3 | 181.8 | 290.4 | 101.7 |
| 4250 | 436 | 196.2 | 313.0 | 110.1 |
| 4400 | 469.6 | 212.4 | 336.4 | 118.2 |
| over 4400 | 501.3 | 226.8 | 359.5 | 126.6 |
For West Malaysia, the basic premium for a new car of each category =
Comprehensive rate for first RM1,000 sum insured (from the table above) + RM26 for each RM1,000 or part thereof on value exceeding the first RM1,000.
For East Malaysia, the basic premium for a new car of each category =
Comprehensive rate for first RM1,000 sum insured (from the table above) + RM20.30 for each RM1,000 or part thereof on value exceeding the first RM1,000.
An example of Car Insurance Premium Calculation for Both Comprehensive and Third Party, Fire & Theft Coverage (West Malaysia):
Note: The above rates are for private owned vehicles only and may differ from the actual premium. Coverage is subject to acceptance by the insurance company.
Table 3 shows the calculation of gross premium for a four year-old Proton Wira 1.5 with the insured sum of RM50,000 for both comprehensive and third party, fire & theft coverage. With cubic capacity (cc) at 1468, the basic premium will be calculated using the second tier in the previous table (refer to Table 2).
Though the car may be four years old, (d) 25% NCD is applied here and it is possibly because the owner has made a claim two years ago which disqualified him from enjoying the fourth year NCD (refer to the Table 1).
To get the final premium payable for a comprehensive insurance coverage, you need to add in 6% GST, optional insurance coverage (windshield, flood, audio system and others listed below) and a stamp duty fee of RM10.
Final Premium Payable for Comprehensive Coverage =
Gross Premium + Optional Coverage (If any) + 6% GST + Stamp Duty (RM10.00)
If you are only opting for a third party, fire, and theft insurance coverage, you will need to find out 75% of the gross premium for your car’s comprehensive insurance. Then, you can get the premium payable after deducting NCD (if applicable) and adding on GST as well as stamp duty.
Formula of Third party, fire & theft coverage premium =
75% (Comprehensive coverage premium) – 25% NCD +6% GST + stamp duty (RM10.00)
Optional insurance charges
Some insurance companies may offer optional insurance coverage such as flood and theft packaged with the third-party coverage, so make sure you ask clearly what you are paying for as well as coverage.
(Note: Comprehensive insurance coverage does not include optional insurance coverage as listed below.)
- Audio system and windshield – 15% of sum insured.
- Driver (first two are free) – RM10.00
- Strike, Riot & Civil Commotion (SRCC) – 0.3% of sum insured.
- Special Perils (Flood, Landslide, Storm) – 0.5% of sum insured.
- Legal liability for Passenger Act of Negligence – RM7.50 per vehicle.
If you prefer to save yourself the headache, you can easily get an estimation of your car insurance premium through this calculator. However, it is always better to check it on your own and ask us any question if you have any!
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Difference Between Profit Rate And Interest Rate
- By CompareHero.my
Do you know the differences between Islamic Finance and Conventional Finance? Some would probably simply say that Islamic Financing disallows interest-based transactions. Sounds easy to understand, right? But if interest rates are prohibited, then how does anyone gain from the initial investment. We’ll cover the main differentiating factors between these two types of financing right here.
Before we move further, let’s take a brief history lesson about Islamic Finance in Malaysia. The Islamic financial system in Malaysia has witnessed a tremendous growth in demand, acceptance and development since its introduction in 1963. It began with the establishment of the Malaysian Pilgrims Fund Board (Tabung Haji) and the country’s first Islamic bank, Bank Islam Malaysia Berhad (BIMB), which began operations on 1 July 1983.
Related: The Best Islamic Personal Loans in Malaysia
The Malaysian Islamic finance model is now one of the most advanced Islamic banking systems in the world. The goal of the Malaysian Islamic financial model is to operate in parallel with Malaysia’s conventional financial system. To achieve this, the Islamic financial system presents itself as a viable alternative to the more established, conventional system.
What these two concepts really are?
Islamic personal financing has to be structured differently. This is because Islamic financial institutions are prohibited from making money through interest rates by lending money, There are various concepts, but most of them include the buying and selling of approved commodities and services following Islamic principles to make it Shariah-compliant.
Islamic personal financing is structured with profit rates, over the conventional interest rate. This is because the Islamic loan is not set up the same way a personal loan is.
An Islamic finance that works under the principles of Mudarabah is a form of business relationship: you provide the money, and the bank does business with it. As part of this relationship, a profit sharing ratio (PSR) is stipulated. Simply put, ( 95% of profits go to the bank, and 5% of the profits go to you).
Unlike interest, which is promised in advance by the bank regardless of how much profit the bank earns. The profits you earned (according to the PSR) are divided by the original amount you invested, which shows the percentage of profit.
Related: A Guide on Islamic Personal Loans
What’s the difference between the two types of financing?
Conventional Financing Principles
In Conventional Financing, lenders lend to borrowers to make a profit from the interest charged on the principal amount. For property loans, borrowers pay an interest on the outstanding principal amount. Interest rates can be a fixed rate or based on a floating rate (e.g. Base Interest Rate (BLR),Kuala Lumpur Interbank Offer Rate (KLIBOR).
The loan contract for Conventional Financing is known as a Loan Facility Agreement. Payment is made over a set tenure by installments. A portion of each installment paid goes towards servicing the interest, while the remainder goes towards paying down the principal. The sooner the borrower can pay down the principal, the cheaper the amount of interest paid.
Islamic Financing Principles
Islamic Financing avoids interest-based transactions (Riba), and instead introduces the concept of buying something on the borrower’s behalf, and selling it back to the borrower at profit. In place of interest, a profit rate is defined in the contract. Like Conventional Financing, profit rates can be a fixed rate, or based on a floating rate (Base Financing Rate or (BFR).
Riba is a concept in Islam that refers broadly to the concept of, growth, increasing or exceeding. It has also been roughly translated as illegal, exploitative gains made in business or trade, under Islamic law.
Related: All You Need To Know About Loan Interest Rates
Pros and cons between both types of financing
Here’s a short clip to understand Islamic Finance in under 2 minutes.
(Video courtesy of Al Rayan Bank YouTube channel)
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Tips Beli Barangan Guna Pelan Bayaran Ansuran
- By CompareHero.my
- March 11, 2021
Jika anda merupakan pengguna kad kredit, salah satu ciri kad kredit ini sudah pasti anda ketahui. Tetapi, adakah anda tahu bagaimana pelan bayaran ansuran ini berfungsi? Artikel ini akan menghuraikan fakta tersebut dan juga membantu anda untuk memaksimakan kelebihan yang terdapat pada ciri tersebut.
Apa itu pelan bayaran ansuran?
Pelan bayaran ansuran (instalment payment plan) atau pelan bayaran mudah (easy payment plan) adalah perkhidmatan yang sama. Ia memberikan kemudahan untuk menggunakan kad kredit anda untuk pembayaran berjumlah tinggi kemudian membuat bayaran ansuran untuk satu tempoh tertentu.
Tempoh tersebut bergantung kepada bank pengeluar kredit kad. Biasanya tempoh tersebut sekitar 3 hingga 36 bulan. Pelan bayaran ansuran ini berguna terutama untuk membuat bayaran bagi produk dengan harga yang tinggi, seperti barangan elektrik dan perabot. Namun ada beberapa perkara yang anda perlu tahu untuk mengambil kesempatan daripada perkhimatan ini.
Bagaimanakah anda boleh memaksimakan kelebihan pelan bayaran ansuran?
1. Pastikan caj faedah ialah sifar
Bagi memaksimakan kelebihan pelan bayaran ansuran anda, pastikan pelan tersebut menawarkan kadar faedah 0% . Kadar ini sebenarnya bergantung kepada bank dan juga peniaga yang mengambil bahagian dengan perkhidmatan ini. Kadangkala anda akan dikenakan caj apabila menggunakan pelan ini.
Tip: Pastikan anda membaca dengan teliti terma dan syarat pelan bayaran ansuran kad kredit anda bagi memastikan tiada kos tersembunyi.
Baca juga: Perbezaan Diantara Kadar Keuntungan dan Kadar Faedah
2. Pastikan anda membeli barangan di peniaga yang mengambil bahagian
Sebelum anda terburu-buru membeli barangan yang anda inginkan, pastikan peniaga tersebut merupakan sebahagian dari senarai peniaga yang mengambil bahagian dalam pelan bayaran ansuran kad kredit anda. Ingat, bukan semua peniaga tersenarai, jadi pelan ini hanya boleh digunakan dengan peniaga tertentu sahaja.
3. Fahami terma dan syarat pelan tersebut
Sepertimana pembelian dengan kad kredit, anda perlu membayar ansuran tepat pada masanya. Jika tidak, kadar faaedah 0% yang ditawarkan mungkin akan ditarik balik dan anda akan dikenakan faedah 12-18% untuk baki tertunggak ansuran. Jadi, jangan bertangguh dalam membuat bayaran!
Selain itu, sesetengah bank turut memberi kelonggaran bagi anda untuk membuat bayaran minima 5% atau sekurang-kurangnya RM 50 berbanding bayaran ansuran penuh. Tetapi, harus diingat yang baki tertunggak anda akan masih dikenakan kadar faedah penuh jika anda memilih cara ini.
Situasi anda tidak patut gunakan pelan bayaran ansuran
Gajet elektronik seperti telefon bimbit baharu atau komputer riba kebiasaanya berharga tinggi dan boleh memberi kesan kepada kewangan anda. Jika anda lakukan pembayaran menggunakan kad kredit, tetapi anda tidak mampu untuk melakukan pembayaran penuh pada akhir bulan anda kemudiannya akan perlu menanggung kadar faedah setiap bulan untuk baki yang anda tidak mampu bayar.
Oleh itu jika anda untuk membeli telefon bimbit baharu atau ingin beli gajet elektronik, anda disyokan untuk menggunakan bayaran ansuran. Ini boleh membantu anda untuk tidak perlu keluarkan satu jumlah wang yang besar sekaligus.
Contohnya anda ingin membeli Macbook. Jika anda memiliki kad kredit AmBank, anda boleh membayarnya dengan ansuran menggunakan Pelan Bayaran Mudah AmBank pada kadar faedah 0%. Tetapi ini hanya jika anda membeli di kedai Machines yang merupakan salah satu peniaga yang mengambil bahagian. Anda kemudiannya boleh lakukan bayaran ansuran sehingga 24 bulan.
Anda berminat? Klik dibawah untuk memohon kad kredit AmBank dan anda boleh menggunakan Pelan Bayaran Mudah AmBank pada kadar faedah 0%.
Untuk peralatan perumahan seperti peti sejuk atau ketuhar yang juga merupakan barangan yang berharga mahal, sekiranya pilihan untuk membayar menggunakan pelan bayaran mudah anda juga seharusnya ambil kesempatan tersebut. Ini kerana dengan menggunakan pelan bayaran mudah akan bantu anda menguruskan aliran tunai anda.
Situasi sesuai untuk anda gunakan pelan bayaran ansuran
Jangan gunakan pelan bayaran ansuran untuk membayar pakej gymnasium atau salon. Ingat bahawa anda akan tetap perlu bayar kepada pihak bank walaupun pihak gim atau salon tersebut menutup perniagaan. Jadi elakkan daripada menggunakan pelan bayaran ansuran untuk membayar perkhidmatan.
Selain itu, jangan beli apa yang anda tidak mampu. Pelan bayaran ansuran seharusnya hanya digunakan untuk membantu aliran tunai anda apabila anda perlu lakukan pembelian yang memerlukan wang tunai yang banyak. Ia bukan untuk membeli barangan yang diluar kemampuan anda.
Ini kerana sekiranya anda melalukan pembelian diluar kemampuan anda menggunakan pelan pembayaran ansuran, anda boleh kehilangan wang anda jika anda tidak mampu dan tidak berdisiplin. Jika anda terlepas bayaran, kadar faedah 0% tersebut akan ditarik balik tanpa notis.
Anda kemudian akan dikenakan caj kadar faedah setinggi 18% untuk jumlah baki sehingga anda habis lakukan pembayaran. Selain daripada itu, anda juga akan dikenakan caj oleh kerana pembayaran lewat, jadi akhirnya anda perlu membayar lebih mahal daripada harga asal barangan tersebut.
Ingat apabila anda menggunakan pelan bayaran ansuran akan menjejaskan had kad kredit anda. Contohnya, jika kad kredit anda mempunyai had RM10,000 dan anda gunakan pelan bayaran ansuran untuk membeli telefon bimbit baharu berharga RM3,300. Had kad kredit anda kemudian akan menurun ke RM6,700. Tetapi jangan risau, had kad kredit anda akan kembali ke jumlah asal setelah anda melangsaikan bayaran ansuran tersebut.
Berkaitan: Kelebihan Menggunakan Kad Kredit Berbanding Tunai
Pelan bayaran ansuran terbaik di Malaysia
Pelan Ambank 0% Easy Payment
- Kadar Faedah 0%
- Pelan ansuran untuk 3 hingga 24 bulan
- Belian minima: RM 500
- Peniaga yang mengambil bahagian termasuklah: AEON, Harvey Norman, KPJ, Machines, Ogawa, dan Tomei Gold & Jewellery.
- Tiada caj pengendalian.
Pelan Maybank EzyPay
- Kadar faedah 0%
- Pelan ansuran untuk 3 hingga 36 bulan.
- Peniaga yang mengambil bahagian: Harvey Norman, Benz & BMW Service Centre, Fotokem, Tropicana Medical Centre, dan Celcom.
- Untuk pengguna kad kredit Mastercard, Visa, atau American Express yang dikeluarkan Maybank dan Maybank Islamic.
- Tiada caj pengendalian.
Pelan BSN 0% EasyPay
- Kadar faedah 0%.
- Pelan ansuran sehingga 36 bulan.
- Belian minima: RM 500
- Rakan Niaga: Gintell, Ogawa, Courts, Celebrity Warehouse, dan Seiketsu Enterprise Sdn Bhd.
- Tiada caj tambahan.
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6 Ways To Sell Your Unwanted Stuff For Money
- By CompareHero.my
Looking to sell that old guitar you never play or the camera stand that was never put to good use? It is time to do some spring cleaning and sell the stuff in your house to make some money.
There are so many platforms (online or offline) to sell used items and you can make some money from selling your used items to recoup some of your money.
1. Cash Converters
With nine branches in Klang Valley and Johor, you can easily bring any used items from wallets, cameras, PlayStation consoles and even shoe racks to sell to Cash Converters at any of their outlets. By offering solutions to people who seek to sell their items fast to get immediate cash, Cash Converters has been operating in Malaysia since it opened its first branch at Taman Sea, Petaling Jaya in 2001.
The store takes in household products such as TV’s, Hi-Fi, electrical appliances, computers, jewellery, sporting goods, musical instruments and other items such as clothing, books, and magazines. However, do take note that bulky furniture and large electronic products such as refrigerators and washing machines are usually not traded.
Their staff are well-trained to evaluate all items in line with the store’s policy and you will not have to worry about getting paid under market value.
2. Car Boot Sales/Flea Markets
You can leverage on any car boot sale or flea markets that are organized from time to time around Klang Valley or within your residential community. Just make sure to do your research and find out the deposit or fees needed to book a spot for selling your used items. Usually, it costs around RM40 to RM60 and the weekends are always a good time to spend with your family or friends to get rid of your old stuff and earn some extra cash together.
You get to bargain with your customers for a better price and also mix around with the local community. Only thing is some of the car boot sales are in open parking lot spaces with no shade and the heat can be annoying. Bring your umbrella and plenty of water.
Here are some of the on-going car boot sales in Klang Valley:
3. Chai & Chai Trading Sdn. Bhd.
Located in Jalan Ipoh, Kuala Lumpur, Chai & Chai has been operating for more than 35 years. They buy and sell used electrical and household items including office furniture, used computers, used electronics, used machinery, and used household furniture.
If you are looking to sell any items that are included in their catalogue, you should make sure it is still in good shape and functional before visiting the shop. Learn more about the trading shop here.
4. Buy, Sell & Trade (BST) One Stop Centre
Starting its first branch in Subang Jaya in 2005, BST currently has 7 outlets in Klang Valley and works similarly to Cash Converters. You can get instant cash by selling your wanted items at any of its outlets here.
Here is a list of items you can trade at BST:
- Desktops, Laptops, and Printers
- Fashion Accessories
- Jewelry & Gemstones
- Electrical Equipment & Tools
- Household Appliances/Ornaments
- Home and Car Audio/Video Equipment
- TVs, Hi-Fi, VCD/DVD Players
- Watches
- Sporting Goods
- Musical Instruments
- Gadgets
- LCD Projectors
- Baby Products
5. Abumama.my
This company usually trades used furnitures such as sofas, cupboards, bed frames and more! You can get in touch with them in the following ways to save more time when selling your unwanted items:
- Take a picture of the items that you are planning to sell with your mobile phone
- List it and either Whatsapp the photos to their hotline numbers at 016 201 3938/016 261 8952 or email them to abumama.my@gmail.com.
- Notify them of your location.
- Depending on your location and items you are planning to sell. The company may schedule an appointment for viewing and purchasing.
Here is a list of its dealer locations.
6. H&M
If you have too many clothes that you are not planning to wear anymore, you can also earn yourself a good 15% discount voucher from H&M at any of its outlets by donating your unwanted clothing.
All you have to do is just pack your clothing (in clean and good condition) in a bag and bring them to the nearest H&M outlet. After filling up a simple form, you can immediately get a voucher and enjoy 15% off your next purchase on normal priced items!
Click here to learn more about its recycling program and the importance of the program. Did you know as much as 95% of clothes thrown away could have been re-worn or recycled?
If you prefer to do it the trendy way, learn how to sell your stuff on digital platforms here and make quick money. And finally, CompareHero.my still wants you to spend wisely and think twice before buying anything impulsively.
Before shopping impulsively, ask yourself, “Do I really need this in the first place?”
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5 Cara Sopan Untuk Meminta Kembali Wang Anda
- By CompareHero.my
Megikut pepatah Inggeris, “Lend only the amount of money you can afford to lose.” Terjemahannya; Hanya pinjamkan jumlah wang yang anda mampu tampung andai kata ia tidak dibayar balik.
Apabila anda pinjamkan wang kepada ahli keluarga atau teman-teman, kerap kali anda akan berharap mereka akan pulangkan wang anda dengan segera (atau dalam masa yang ditetapkan) untuk memelihara hubungan kekeluargaan atau persahabatan anda.
Namun realiti bukan selalu seperti yang diharapkan, dan situasi akan menjadi janggal apabila anda terpaksa bertanya tentang pembayaran balik wang anda sehingga berkali-kali.
Jika anda tidak pasti tentang bagaimana untuk meminta kembali wang yang telah anda pinjamkan tanpa merosakkan hubungan kekeluargaan atau persahabatan anda, cubalah 5 cadangan kami seperti berikut:
1. Ingatkan dengan sopan
Sesetengah orang memang benar-benar pelupa, jadi kadang-kala mereka lupa bahawa mereka berhutang anda sesuatu – terutamanya jika hutang mereka bukanlah jumlah yang besar. Dalam situasi seperti ini, seeloknya ingatkan mereka dengan lembut, gunakan bahasa yang sopan apabila mengingatkan mereka tentang hutang mereka kepada anda.
Cuba tanya jika mereka masih ingat tentang hutang mereka kepada anda, dan bila mereka boleh membayarnya kembali. Contohnya, “Adakah anda ingat tentang wang yang saya pinjamkan anda pada bulan lepas? Bilakah masa yang sesuai untuk anda membayarnya kembali ? “
2. Tanyakan maklumat terkini tentang situasi kewangan mereka
Orang meminjam wang untuk tujuan tertentu , dan mereka biasanya akan memberitahu anda tentang tujuan mereka apabila mereka meminjam wang daripada anda. Sebagai contoh, jika wang yang dipinjam bertujuan untuk membayar kos belajar, tanya mereka tentang keadaan pembelajaran mereka . Ini boleh mendorong mereka untuk mengingati hutang mereka, atau membuka perbualan mengenai tempoh masa mereka boleh membayar hutang mereka kepada anda.
3. Biar mereka bayar untuk pusingan seterusnya
Jika jumlah hutang teman anda adalah kecil , anda boleh meminta rakan anda untuk membayar makanan/minuman anda pada perjumpaan yang akan datang. Cara ini berkesan kerana anda boleh mendapatkan sebahagian daripada jumlah wang anda dibayar balik dan ia berfungsi sebagai peringatan bahawa mereka berhutang dengan anda.
4. Minta pertolongan daripada mereka
Anda telah membantu mereka apabila mereka memerlukannya , kini tiba giliran mereka untuk menghulurkan pertolongan kepada anda. Jika anda memerlukan wang untuk sesuatu, minta mereka bantu anda dengan membayar kembali hutang mereka kepada anda.
5. Beri terma yang fleksibel
Tawarkan pembayaran secara ansuran untuk mereka yang berhutang dengan anda. Ini adalah cara yang bijak bagi memastikan anda mendapat kembali wang yang anda pinjamkan, kerana anda memberikan si peminjam terma pembayaran yang fleksibel dan garis masa yang sesuai dengan kemampuan mereka.
Hutang yang belum dibayar di antara rakan-rakan boleh mengeruhkan hubungan persahabatan. Memarahi seseorang yang berhutang wang dengan anda adalah cara yang cepat untuk kehilangan teman. Ingatkan diri anda bahawa hubungan persahabatan dan kekeluargaan anda adalah lebih bernilai daripada wang yang terhutang.
Baca juga: Cara Dapatkan RM1 Juta Melalui Kadar Faedah Kompaun
Hanya pinjamkan jumlah wang yang anda selesa untuk ‘hilang’, ini kerana kemungkinan untuk rakan/ahli keluarga anda gagal membayar hutang anda kembali tetap wujud. Tetapi apabila tiba masa untuk meminta wang anda kembali, lakukannya dengan sopan dan lembut bagi memelihara hubungan anda.
Jadi bagaimana anda bertanya kepada seorang kawan atau ahli keluarga untuk meminta wang anda kembali? Beritahu orang lain cara apa yang berkesan untuk anda dan kongsikannya dengan kami di bahagian komen di bawah!
