Bank Negara Malaysia’s Proposed Revamp of the Third Party Bodily Injury and Death (TPBID) Scheme
ARE YOU AWARE...
- Under the present system, motorists take either the comprehensive or 3rd party motor insurance policy. In the event of an accident, the exposure to claims under a third party policy resulting in injury or death is unlimited.
- Under the new scheme, the basic cover only offers limited coverage. Additional coverage would require additional top up with additional premiums.
- Failure to purchase an adequate top up policy may result in the policy holder being personally liable to compensate accident victims.
- Government is supposed to be a co-insurer in the new scheme managed by a new company code named 'NEWCO'! Is this another GLC? What would it cost the tax payer?
- How will justice and compensation be delivered under the new fault based scheme if the Courts are excluded?