Insurance Nomination - Is it Safe?

Hear ye Hear ye.... Are your Insurance Nominations safe & sufficient?



Keep an eye out for a new series we will be launching - Shortcomings of Insurance Nomination.

Claims for Car Theft

Documentations required (may vary little amongst companies):

1. Duly completed claim form
2. Police report
3. Police investigation outcome to confirm the status of the vehicle
4. IC & driving licence of the insured & driver
5. Original vehicle registration card
6. 2 sets of car keys
7. Original release letter of ownership claim or an Undertaking nletter from the hire-purchase owner stating that release letter will be forwarded to insurer upon receipt of payment
8. Transfer documents such as duly signed JPJ K-3 form, duly signed
9. TM-AB form endorsed by Commissioner For Oaths / JPJ office Memorandum and Article of Association (for vehicle registered under company name)

Complications Arising from Theft of your Car

1. Monetary difference between Purchase Price and Payment Amount which is based on Market Value or Sum Insured (whichever is lower)
2. Loss of use of vehicle before replacement
3. Cost of alternative transportation and inconveniences
4. Loss of No Claim Discount
5. Contiunue with financial instalment payments and replacement of next vehicle
6. Waiting period before insurance payments and replacement of next vehicle
7. Hassle of claims submission, documents, making police reports and frequent visits to police stations to follow-up
8. Loss of use of unexpired portion of road tax
9. Attending interviews by loss adjusters
10. Constant reminders from finance company
11. Psychological and emotional stress