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Don’t Renew with the Renewal Notice!

Posted on July 31st, 2007 in Malaysia Personal Finance, Malaysia Risk Management & Insurance |

toy-car.jpgAs ironic as it might sound, read on to find out why.

I am sure if you own a vehicle under your name, you would receive your motor insurance’s renewal notice from your faithful motor insurer. The slip will usually arrive 3-4 weeks before your insurance expires. If you noticed something amiss about your renewal insurance, it would be that your vehicle’s sum assured is the same as the previous year!

Still hasn’t smelt something fishy yet?

How could your vehicle still be worth the same after one year!? If you are not sure how much your vehicle has shrunk in value, you can refer to today’s Stars Classifieds or check with a local 2nd car dealer.

As a profit-minded corporation, it’s definitely a good thing for your Insurer since you are paying extra premium for something that has already depreciated in value.

So before you sign on the dotted line and resend back the renewal notice to your insurer, be sure to notify your Insurer that you are sick of being milked off your hard-earned money with this cheapskate trick!





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  • That's true with many companies, but the broker I insure our cars with will estimate a lower amount from the previous year & quote the premium based on the reduced amount.

    think that's good service
  • aw
    That's a good reminder. One additional advice is to do a quick search on online ads for the current value of your car. Agents are too greedy sometimes.
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