Motor insurance rates have been revised upwards yearly since 2012, and the latest revision to the rates are set to come into effect 15 February 2014.
The table on the bottom above lists the new rates, which are an increase of about the same range as the previous adjustment made on 15 February 2013, which is listed in the table on the top.
These yearly increases will continue until the planned detariffing of motor insurance premiums in 2016, where premium rates will be further differentiated in accordance to the individual risk profile of vehicles, owners, as well as potential pricing differences between insurers.
When the detariffing comes into effect, we might see the emergence of 'full service' insurers with higher rates but more perks such as complimentary tow truck service, as well as 'budget no frills' insurers.
Look after the jump for the same numbers for motorcycles as well as East Malaysian tariffs.
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