THE Government and Bank Negara are in the process of deciding on a suitable mechanism for providing protection against third party motor vehicle injuries and deaths at a reasonable premium, Deputy Finance Minister Senator Datuk Dr Awang Adek told the House.
He said the Government was aware of the difficulties faced by some vehicle owners in getting motor insurance protection.
“Discussions were held in April with various interested parties including members of the public and the feedback will be considered when framing the mechanism,” he said during question and answer time in reply to Amran Ab Ghani (PKR-Tanah Merah).
Dr Awang said that based on statistics from Insurance Services Malaysia, the frequency of claims for vehicles older than 10 years was lower than the frequency of claims for vehicles below 10 years.
The average claims for vehicles more than 10 years are higher, though. For instance, in 2009, third party policy average claims for motorcycles more than 10 years old was RM15,338 compared with RM13,763 for motorcycles less than 10 years old, he said.
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