Gradual revision of motor tariff premium from Jannuary 6

The gradual revision in the motor tariff premium rates will be implemented effective January16, 2012, says Bank Negara Malaysia (BNM).

In a statement today, BNM said the revision would be the first to be undertaken after the non-revision for over 30 years.

The central bank said the premium adjustment was in small quantum and to be implemented over a period of four years.

For third-party cover, motorcycles of 110cc will experience a premium increase of between RM1-RM3.50 per year (a maximum of RM30 a month) over the next four years.

For a private car of 1,100cc, the premium adjustment will be between RM6-RM34 per year (a maximum of RM2.80 a month) over the same period. For commercial vehicles such outstation taxis and buses, the impact of the premium adjustment on the passengers will be minimal, at less than 10 sen per passenger per trip.

BNM gave an assurance that the implication on the public and businesses will be marginal.

– Bernama