LEXUS INSURANCE is a comprehensive motor insurance packaged to provide you with tailored insurance coverage for damages to your LEXUS, as well as any liabilities incurred by a third party. Our chosen partner to protect you and your LEXUS is MSIG - an international insurance company that operates in over 40 countries with around 24,000 employees. MSIG is the 2nd largest insurance provider in Malaysia with a network of 15 branches and 100 years of experience. WHY CHOOSE LEXUS INSURANCE?1. Agreed Value Clause The Agreed Value Clause is a premium insurance coverage plan developed specifically for LEXUS owners to complement their desire for the very best. The normal practice in the insurance industry for stolen or total loss claims is reimbursement based on the vehicle's market value at the time of loss. With the Agreed Value Clause, if your LEXUS has been stolen or a total loss situation arises, a special formula is applied to calculate your reimbursement. The claim will be paid based on the agreed amount specified in the schedule, rather than the normal market or resale value. The table below illustrates the difference between the Agreed Value and the Market Value reimbursements:
Example:
Note: Agreed Value Clause is applicable only when the sum insured is based on the recommended Agreed Value for the respective LEXUS model. 2. Get What You Pay For - Zero Premium Loading Unlike some insurance companies who apply premium loading on high risk, high value, high theft and high accident claim vehicles, the LEXUS INSURANCE package is arranged with premium loading waived. Therefore, there are no hidden costs incurred. Most high risks or high value vehicles carry excess. This excess is the amount you have to bear in the event of a claim. LEXUS INSURANCE offers you zero excess so you can be sure there will be no extra expenses should an accident happen. 3. Waiver of Betterment Clause Normally, a vehicle is insured on an indemnity basis, which means that when the vehicle depreciates it is subject to a Betterment Clause. When a claim is paid based on market value, a certain percentage is deducted from the market value of the vehicle and the owner will not be fully compensated. The maximum amount an insurance company will pay for is the cost of repairs the insured vehicle requires to restore it to its pre-accident condition. If new franchise parts are used, car owners usually bear the cost for the enhanced value of the franchise parts. LEXUS INSURANCE wants to make sure you're fully compensated, thus we have waived the Betterment Clause. 4. Value Added Benefits & Services You are a LEXUS owner and you should be treated like one. For your convenience we'd like to offer you a little extra, such as: - JPJ & Road Summons Check Services - Road tax & Driving License Renewal Services - Home/Offices Collections & Delivery Services on the above We have dedicated personnel that will attend to all your insurance needs. Please feel free to consult us on any insurance-related queries. We strive to make your insurance experience as hassle-free as possible. STANDARD EXCLUSIONThe standard exclusions of LEXUS INSURANCE include: - Owner's death/bodily injury - Owner's liability against claims from passengers - Theft of non-factory fitted vehicle accessories i.e. car stereos, leather seats, sport rims, etc unless declared to MSIG - Consequential loss, depreciation, wear & tear, mechanical or electrical breakdown, failures or breakage - Loss/damage arising from an act of nature e.g. flood, landslide OPTIONAL COVERAGESpecial Perils Cover: Passenger Liability Cover: Legal Liability of Passenger Cover: Strike, Riot and Civil Commotion: Windscreen damage cover: Non-Standard Accessories cover: |
