PETALING JAYA: The new ruling on the insurance coverage for vehicles 10 years and older will take effect from next week, allowing owners to buy motor insurance at normal market rates through the Malaysian Motor Insurance Pool (MMIP).
General Insurance Association of Malaysia (PIAM) executive director Lim Chia Fook said PIAM members agreed with Bank Negara that the “displaced vehicles” would no longer need loading fees.
“Insurance companies should be ready to issue coverage for all vehicles irrespective of their age by next week,” he said, adding that insurers were preparing their branches with the necessary system to carry out the service.
“Displaced vehicles will no longer be required to undergo annual checks at Puspakom unless they are deemed to be high-risk,” Lim told The Star yesterday.
He added that time was needed for insurance companies to offer either their own motor cover or issue the cover on behalf of MMIP.
He was responding to a report in The Star yesterday that owners of displaced vehicles could now get insurance coverage without having to pay a loading of 200% to 300% provided they are roadworthy.
MMIP is a high-risk insurance pool that is run collectively by the insurance industry under orders from regulators.
The pool provides motor insurance to vehicle owners who have difficulty obtaining it from normal commercial insurance market.
PIAM is the umbrella body for general insurers in Malaysia.
On Tuesday, Bank Negara prohibited insurers from compelling their customers to buy non-motor products, such as personal accident insurance, when selling motor insurance.
An iconic motorsports event of the 1990s, the infamous ‘Saturday Night Fever’ racing will be revived in spirit next year by Ignition.my.
SATURDAY NIGHT FEVER SERIES will feature rounds every month and will be held at Sepang Circuit, with a introductory Preview Round taking place on 25th December 2010.
Targeted at tuned Street-spec cars and run in a format just like in games like Gran Turismo, we offer the opportunity to bring your hopped-up ride to the circuit and run a 5-lap time challenge in heats of 10 cars at a time at the North Circuit.
Organised in a League-table, best-5 times from Heat 1 will run again with cars with the bottom-5 times from Heat 2, and vice-versa, culminating in a Final Heat comprising of the drivers that set the best-10 times during the preliminary heats.
Round 1 for 2011 will commence on 15 Jan 2011 and will take place every month after that!
6:00pm: Driver’s Briefing
7:00pm: Open Practice
8:00pm: Round 1 Heats
9:00pm: Teams & Cars Parade
9:15pm: Round 2 Heats
10:30pm: Final Heats
11:30pm: End
kcarlife.com year end gathering has just ended. It was a last minute event for the year 2009. Members from north, south, central and western region attended the event that was held in Cherating and about 100 compact cars attended this gathering.
Kcarlife.com would like to congratulate to the people organizing and to those who have make the effort to attend the event.
Attached are some pictures taken by the forum members.
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