Malaysian Motor Insurance Pool is the Last Resort for Third Party Motor Insurance

Source:FortuneSense.com
For those of the vehicle owners (particularly owners of older vehicles and commercial vehicles) who are faced with the difficulty of to obtain third party motor insurance from normal commercial insurance market. You might obtain the third party cover from Malaysian Motor Insurance Pool (MMIP).

MMIP refers to a pooling arrangement between general insurers to jointly underwrite insurance cover for vehicles which are unable to obtain protection from any individual insurer. Insurers are jointly share in the venue of a loss to MMIP.

In line with its role as an insurer of last resort, MMIP is allowed to charge a higher premium through loading to balance its pool of undesirable risks.

MMIP is managed by MMIP Services Sdn. Bhd., a subsidiary of MNRB Holdings Bhd (MNRB) on behalf of the general insurance industry.

Vehicle owners may purchase MMIP cover directly from either of the two servicing insurers,
1) Multi-Purpose Insurance Berhad or
2) Uni.Asia General Insurance Berhad, at any of their branches.
3) Pos Malaysia with effect from 1 July 2009 for private vehicle and light goods vehicle owners

The documents required for MMIP are as follows:

1. The Original Policy or Renewal Notice of the previous insurance.
2. The original copy of the Vehicle Registration Card (both sides)
3. A copy of the Owner’s NRIC (both sides).
4. A fully completed Proposal Form.
5. Additional Documents:
i) For Trade Plate:
a) The original copy of the trade plate disc.
ii) For Commercial Vehicle:
a) A copy of the permit (if any).
b) A copy of the vehicle inspection report (from Puspakom).
iii) For Company Owned Vehicle:
a) The Company’s rubber-stamps.
iv)For Private Cars or Motorcycles above 10 Years:
a) A copy of the vehicle inspection report from Puspakom or Any Private Adjuster.
v) For Insured above 65 Years Old:
a) The original copy of the insured’s medical report.

Do take note that for the Third Party Policy, it covers:
1. Third party bodily injury and death - Provides protection to the driver at fault against his liability for bodily injury and death caused to a third party, resulting from a road accident )mandatory under the law)
2. Third party property damage - provides protection to the driver at fault against his liability for property damage (vehicle, lamp-post, buildings etc) caused to a third party, resulting from a road accident.

Whereas for the Comprehensive Policy, it covers:
1. Third party bodily injury and death - Provides protection to the driver at fault against his liability for bodily injury and death caused to a third party, resulting from a road accident )mandatory under the law)
2. Third party property damage - provides protection to the driver at fault against his liability for property damage (vehicle, lamp-post, buildings etc) caused to a third party, resulting from a road accident.
3. Own damage - Provides protection to the driver for any damage to his own vehicle
4. Theft - Provides protection to the driver in the event of theft of his own vehicle.