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Comprehensive - AgreedValuePlan

Comprehensive (Agreed Value Plan)

Agreed Value Plan (AVP) is a comprehensive private car insurance plan designed specifically to protect policyholder from financial difficulty arising due to vehicle being stolen or damaged beyond economic repair.

Compensation Based on Insured Value Not Market Value. The standard practice in the insurance industry for stolen or total loss claims is to reimburse based on the market value of the vehicle at the time of loss or damage occurred, or the sum insured in the policy whichever is lower. With Agreed Value Clause, if your vehicle is stolen or damaged beyond economic repair, we will pay the agreed value specified in your schedule, rather than the normal market or resale value.

  • Vehicle owner and their authorised driver(s) - anyone who resides in Malaysia aged 18 years old and above with a valid driving license.
  • Private Car (Proton and Perodua) aged not more than 5 years old.

Sum insured computation is based on additional 5% of vehicle market value for Agreed Value Plan.

Example: Based on sum insured of RM100,000.00 and year of manufacture in 2010.

Year

Vehicle Market Value Based on ISM Value
Agreed Value Computation
*Sum Insured/Agreed Value
Round up to Nearest '000
<1
-
-
RM100,000.00
RM100,000.00
<2
RM90,000.00
RM90,000.00 + 5%
RM94,500.00
RM95,000.00
<3
RM80,000.00
RM80,000.00 + 5%
RM84,000.00
RM84,000.00
<4
RM70,000.00
RM70,000.00 + 5%
RM73,500.00
RM74,000.00
<5
RM60,000.00
RM60,000.00 + 5%
RM63,000.00
RM63,000.00

Comparison Table (Agreed Value Plan VS Market Value Plan)

Type of Motor Plan
Comprehensive Private Car 
(Based on Agreed Value)
Comprehensive Private Car
(Based on Market Value)
Vehicle Registration Date
01.01.10
01.01.10
Loss/ Stolen Date
31.08.10
31.08.10
Market Value at the Time of Loss
RM80,000.00
RM80,000.00
Reimbursement
RM100,000.00
RM80,000.00
  • The total premium that you will have to pay may vary depending on the No-Claims-Discount (NCD) entitlement and the underwriting requirements of our company.
  • The premium amount is inclusive of Goods and Services Tax at 6%.
  • This offer excludes stamp duty. Please add RM10.00 as stamp duty to your premium.
  • If the driver does not hold a valid driving license to drive the vehicle or if not qualified for holding or obtaining such a license under the regulation of the Malaysia Road Transport Department.
  • While the vehicle is used for illegal business as an unlicensed common carrier.
  • If the vehicle is used for hire, road rally pace making, speed-testing or use for any purpose in connection with the motor trade.
  • Your liability against claims from passengers in your vehicle.
  • War or contamination by war, invasion, act of foreign enemy, hostilities or warlike operations, mutiny, civil war, rebellion, revolution insurrection, conspiracy, military uprising, martial law or state of siege.
  • Criminal acts or terrorism.
  • Bacterial infections, suicide or self-inflicted injury, pre-existing physical or mental defect or infirmity, HIV and AIDS related diseases. Influence of intoxicating liquor, alcohol or drugs.

Please note that the exclusions, limitations, terms and conditions stated above are not exhaustive. Please refer to the actual Policy for details.

For further details, please click here :

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