What does Excess means in Motor Insurance?
Excess simply refers to the amount of loss that you have to bear before the insurance company pays for the balance of your own damage claim.
What about Compulsory Excess?
Compulsory Excess, is an additional excess or a fixed amount (RM400) that policyholder has to pay in the event of a claim if at the time of the accident, the policyholder or the person driving the policyholder’s car with his/her consent:
➢ is under 21 years old,
➢ holds a provisional (P) or Learner (L) driver’s licence, or
➢ is not named in the Policy Schedule as a named driver.
MSIG now offers Waiver of Compulsory Excess Motor Add-On, that will help remove the financial burden of having the Compulsory Excess deducted from your final claims payout.
If you would like to know more about MSIG Waiver of Compulsory Excess or other optional Motor Add-Ons, please contact your MSIG Insurance Adviser or visit www.msig.com.my.
*For Comprehensive Private Car only. Terms and conditions apply.