Are you seeking competitive rates for your car insurance? Ensure that you are adequate covered from a vast range of policies available in the local market.
Motor insurance in Malta is compulsory and you may be insured under one of three types of cover available:
- Third Party Only:
This is the basic form of cover required by law. It covers damage &/or injury suffered by a third party due as a result of your negligence. No other cover is provided.
- Third Party, Fire and Theft:
The same type of cover of (1) applies however with the standard inclusion of covering the risk of damage suffered to your vehicle as a result of fire &/or theft only.
Traditionally known as “full” cover where both (1) and (2) above apply together with accidental damage to your vehicle including the following:
-Storm and hail damage to your vehicle
-Damage following earthquake
-Free extended cover whilst abroad with your vehicle (usually restricted in number of days and subject to prior notification)
-Personal accident cover
-Cover for personal effects
- Restrict drivers to the insured only, two named or insurance and spouse
- More than one vehicle
- No Claims discount
- Home discount
- Voluntary excess discount (An excess is the first amount to settled by you when opening a claim. A voluntary excess may be applied upon renewal of your policy – here, your excess may be voluntarily increased at your discretion in exchange for a discount on your premium.)
Roadside assistance may be automatically included in your policy or it may be included at your request – it depends on the cover you are insured for and terms provided by your principal insurer.
“Protected No Claims Discount” is another option which may be included under your policy. Most insurers require the policyholder to have full No Claims Discount (i.e. a minimum of 5 years +) under their policy before this extension be applied. Basically your No Claims Discount will remain unaffected for the first claim during the same policy period. It is worth noting that “No Claims Discount” is tied to the person and may only be transferred between spouses.
The onus of revising the sum insured of your vehicle is on the policyholder. The usual procedure involves a revision of the value of your vehicle upon your request upon renewal. This usually includes reference to a vehicle market value guidebook provided by the Malta Insurance Association. In the event of a total loss, insurers will pay the market value at the time of loss or the value insured against, whichever is the lower. Should you not be in agreement with the indicated market value, we suggest a qualified and approved surveyor is appointed to carry out a survey, at your expense. As insurance brokers we are not liable for the estimated value provided.