SOMPO MotorNow

Do you know how is your Sum Insured determined?

Owning a car entails more than just repaying the monthly installment on a loaned vehicle or paying for routine car servicing. Additionally, you should consider car insurance, as it is critical to protect your vehicle against unforeseeable losses such as accidents or theft. When it comes to online car insurance, many people are still unsure of the proper amount to protect their cars. Some believe that insurance coverage should cover the remainder of the loan balance, while others believe that once the car is no longer subject to a hire purchase loan, they can insure it for the lowest possible premium.

When it comes to car insurance, you should cover your vehicle for its market worth regardless of whether it is still on hire purchase. This is to ensure that if an unforeseen loss occurs, you will be reimbursed appropriately. The sum insured for comprehensive car insurance is divided into two categories: Market value and agreed value.

The current market value of your car is determined by the Market Valuation System certified by Persatuan Insurans Am Malaysia (PIAM). When you file a claim, the amount you receive will be based on the cost of purchasing a replacement car of the same make, model, and age as your vehicle at the time of loss. Since car prices degrade over time, the Market value of your car will be different when your coverage began versus 7-8 months after you acquired the car insurance.

The Agreed value is the sum agreed upon by your insurance provider based on the brand and model of your vehicle as well as the year it was manufactured. When you insure your car with Agreed Value, you are entitled to the agreed amount during claim pay out regardless of the value of your car at the time of the accident. You can eliminate the possibility of being underinsured or over insured for your car by selecting Agreed Value. Underinsured means that you have insured your car for less than its market worth, therefore when you file a claim, your insurance provider will not pay you the entire amount. You will be required to pay a portion of the claim amount out of your own money. It is not advisable for you to insure your car under market value.

Over insured means you insure your car for more than its worth. When it comes to claims, your insurance provider will not pay you extra because you have insured your car for more than its worth. It is critical that you insure your vehicle appropriately. You can always visit the Berjaya Sompo Insurance Online Portal to determine the current value of your vehicle and obtain a quote. Premium for Agreed value will be slightly higher than Market Value.

It is always a good idea to have comprehensive car insurance because, as the name implies, it covers accidents caused by your own negligence, fire, and theft. Its comprehensive coverage will protect you from unforeseen accidents and losses. If you need more coverage, you can always purchase add-on coverage for your vehicle. SOMPO MotorNow currently provides a wide range of add-on coverage for car insurance, such as

Windscreen Coverage

This covers the cost of replacing or repairing any glass in the windscreen, window, or sunroof of your car.

Inclusions of Special Perils

This covers the loss or damage to your car caused by a flood, typhoon, hurricane, storm, tempest, earthquake, landslide, or other convulsion of nature.

Legal Liability to Passenger

This covers your or your driver's liability to any person transported in, entering, getting into, or alighting from your vehicle.

Current Year NCD Relief

Your insurance provider will compensate you for any No Claim Discount that you may have forfeited due to a claim.

Unlimited Towing Cost

This add-on is available for vehicles that do not exceed 15 years of age and it covers unlimited towing services in the event of a breakdown or accident to any nearest panel workshop.


This covers liability to drivers, fare-paying passengers and third-party liability

Everything is now accessible via a single click, even your car insurance. You may easily renew your car insurance online through Berjaya Sompo Insurance Online Portal. Renewals online simple and hassle free. Additionally, SOMPO MotorNow offers a 0% interest payment plan for up to 12 months and includes a complimentary all-driver coverage, which eliminates the need for driver nomination. You can renew your car insurance online up to two months prior to its expiration date.

You can always add any of the extra coverage options listed above to your comprehensive car insurance policy based on your specific needs. Berjaya Sompo Insurance consistently prioritises clients, and their online portal is designed to suit your insurance needs.