It is important for us to have insurance coverage for ourselves, family, and vehicles. Basically, there are 3 types of car insurance available in Malaysia, from the most basic to the most advanced.
- Third Party
Third party cover means insurance purchased by an insured (first party) from an insurer (second party) for protection against the claims of another (third party). The first party is responsible for their damages or losses, regardless of the cause of those damages.
- Third party, fire and theft
Third party, fire & theft cover means insurance company will pay for loss or damage to your car caused by fire or theft. It also provides third party injury and third party property damage.
Comprehensive insurance is a coverage that helps pay to replace or repair your vehicle if it’s stolen or damaged in an incident that’s not a collision. Comprehensive typically covers damage from fire, vandalism or falling objects (like a tree or hail).