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Honda is a very reputed car brand that frequently rolls out multiple models and makes. And yes, people spend considerable time and effort to do research on the latest model, their features and specifications, cost and so on.
However little do they know that doing research on their insurance policy is equally important.
No matter how skilled you are at driving, when you are out on the road, a million things could happen which are beyond human control.
The most basic reason for insuring your car is to be able to claim compensation for the physical damage done to your car if you get into any accidents or cause injuries to someone on the road.
The Malaysian Road Transport Act 1987 gives clear guidelines for vehicle owners to insure their vehicles.
In Malaysia, road tax and motor insurance go hand in hand. This means that without a valid car insurance policy, you won’t be able to pay your tax through the Malaysian Road Transport Department.
And if you are caught without a valid car insurance policy, fines can go up to RM 3,000 as mentioned in section 14(4) of the Road Transport Act (RTA) 1987.
Why do you need car insurance?
1. It pays for the damages incurred
Research has shown that in Malaysia, road accidents are rising steadily.
The graph below shows the number of road accidents in Malaysia from 2012 to 2018.
If you get into an accident without having coverage of your vehicle, you will be personally and financially responsible for all the damages caused and losses incurred.
2. It pays for the losses
Honda cars have unique engine parts, and paying for the repair out of your own pocket can be really expensive. There are times when your car will be damaged due to someone else’s negligence.
Just imagine if you control of your car and collide with a nearby electric post, or a cricket ball crashes into your windshield. Each of these unforeseen conditions can cost you a considerable sum.
However, if you have insurance, you do not need to take care of anything as the insurance company itself will bear the burden for you.
3. Protects you from a lawsuit
In a scenario where you mistakenly cause considerable damage to the property of another person, you don’t really deserve to lose all your savings over it.
With a valid insurance policy, you will get support for the claims that the other party makes against you in case of accidents. This includes legal defence as well.
4. Helps you to gain peace of mind
Having a proper insurance plan helps to gain peace of mind with knowing the fact that even in the worst-case scenario, your family will be protected.
During these times of economic slowdown and financial difficulties, it is best not to put your family, yourself or your assets at any risk. Having good car insurance helps you to safeguard yourself from these potentially monstrous losses.
5. It pays your hospital bills
Some accidents can cause serious injuries that require hospitalisation.
If you have an active car insurance policy, you get the insurance company to pay for any charges rather than spending from your own pocket.
6. It compensates your family in case of death
In the unfortunate event of a death resulting from a car accident, the family usually ends up sustaining the financial implications of paying the claims that the other party may put up against them.
Statistics have shown that Malaysia has the largest death rate among Asian countries in road accidents.
However, if you have a valid car insurance plan, the insurance company will pay a significant amount to your family after the event.
Why take Honda insurance plans?
Honda cars have been an all-time favourite of Malaysians. In 2017 Honda Malaysia achieved a record-breaking increase in sales going up by 19%.
Honda Malaysia offers comprehensive car insurance coverage exclusively for Honda car users.
Let’s check out some of the advantages of the HiP (Honda insurance plus).
1. Speedy processing of the claim
For the approval of claims under RM 20,000 for Honda vehicles, HiP guarantees a speedy approval for the vehicles repaired at any Honda Authorized Body and Paint Centre.
Authorised Honda car dealers will be able to give you the right kind of support and assistance in following up with the insurance company and advice on claims procedure.
2. 100% genuine parts
Any repair or restoration work will be directly undertaken by Honda.
The work will only be performed by a panel of workshops endorsed by Honda, which comply with the strict regulations and quality standards set by the company.
HiP ensures that the replaced parts will have:
- Six months warranty, or
- 10,000km service warranty.
3. Agreed value up to 10 years
This is another unique advantage of choosing Honda insurance plans. And that’s because not all insurance companies in Malaysia offer comprehensive coverage based on an agreed value.
Under HiP, you will get
- Comprehensive coverage for the first 10 years.This will be with the sum that is based on the purchase price for the first year.
- Subsequent year sum is based on the recommended ISM (Insurance Service Malaysia) Valuation Price.
4. No betterment cost
For regular insurance plans, betterment cost occurs as per the principle of indemnity. Normally when you repair your vehicle after getting into an accident, the old parts will be replaced with better functional new parts.
After this, as per the principle of indemnity, you will have to bear the cost difference. This is because you will be deemed to be in a better financial position with the new parts.
The following are the industry rates for betterment costs:
Now, one of the biggest advantages of using a Honda Insurance plan is that you don’t have to bear any betterment cost for up to 10 years.
5. Immediate payment with no excuses
In the event of any claim, regular insurance policies impose a certain amount of excess based on the:
- Age of the vehicle
- Model
- The driving experience of the policyholder
- Claim records etc.
With Honda Insurance Plans, 100% of the cost for repair as soon as a claim has been filed will be paid.
Key features of HiP
Twenty-four hours emergency assistance– In case of any breakdown or accident, Honda insurance plan offers towing services to the nearest Honda workshops up to 450km absolutely free.
Roadside repair service- For any roadside repair assistance Honda offers free labour charges up to RM 20,000. This includes services such as battery replacement, tyre changing, fuel refilling and so on.
Complete reimbursement- In the event of any theft or loss of vehicle, HiP offers 100% of your sum insured for the first ten years. On the other hand, several other insurance policies only provide coverage of the market value of the vehicle during the time of loss.
A trusted panel of insurers- HiP is backed by an elite group of trusted panels of insurers such as Etiqa and Zurich Takaful, Berjaya Sompo, Liberty Insurance, AIG Malaysia, Allianz General Insurance and many others.
How to get your car insured under HiP?
If you are planning to get your car insured under the Honda Insurance Plan, it can be done in three simple steps.
1. Visit any Honda Authorized Dealership services.
2. Request for a quote from the dealer for a HiP.
3. Choose your preferred insurer and get your car insured under HiP.
Final Words
These days with the increasing number of road accidents, having car insurance is the most responsible thing to do as a citizen. Car accidents can cause property damage, bodily injury and death in the worst-case scenario.
As per the Malaysian Road Transport Act (RTA) 1987, the legal consequences of an uninsured driver are not only fine, but suspension or legal actions against the driver.
By insuring your car with Honda Insurance, you are not only safeguarding your vehicle and your life but also protecting an innocent person who got into the accident.