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Additional Car Insurance

Posted: Thu, 20 May 2010 10:45 am
by carolynW
Question.... my friend and I are planning to drive up the west coast of Malaysia thru the coastal route.

He got his car at the low of the low and bought it for about S$40,000. The same car is probably around S$70,000? but definitely more than 40k. Does anyone know how we can insure the difference (ie replacement value) for the week we plan to drive up to Malaysia (in case the car gets stolen)?

Posted: Thu, 20 May 2010 4:52 pm
by Saint
Car insurance policies tend to limit the liability to the prevailing market value of a car at the time of loss. Therefore it doesn't matter how much you bought the car for, you could have been given it, but the market value.

However if for some reason they decided to buy car insurance with a specific sum insured, $40k, that does seem a bit strange.

Check the policy wording is best