AIG Singapore Will Deny McLaren Coverage for Accidents in Malaysia!

AIG Motor Insurance has opted not to provide insurance coverage for McLaren sports cars if they are driven across the Causeway, as reported by The News Straits Times. This decision comes after last October's incident, where three Singaporean registered McLarens were involved in an accident amongst themselves in Kluang, Johor.

This decision, which will take effect on April 1, 2024, would result in over 200 registered McLarens in Singapore losing any coverage privileges if they are insured by AIG and are involved in an accident while crossing the border into Malaysia.

Furthermore, Marcus Luah, one of the McLaren owners whose car was involved in the Kluang accident, believes it is unreasonable for AIG to pick out McLarens when there are more incidents involving other makes.

He would most likely be referring to a few occurrences involving Porsche models, one of which occurred during the same month and involved a limited-production, Singapore-registered Porsche 911 Dakar in Johor.

According to Douglas Chia of Eazy, an insurance brokerage agency, AIG's stance was unusual but not unprecedented, particularly for cars valued at more than $3 million (RM10,500,000). For example, McLaren Artura insurance would normally cost between $6,000 and $10,000 (RM21,000 to RM35,000) each year for a regular driver with a 50% no-claims discount (NCD).

Meanwhile, Chong Kah Wei of Eurokars, the McLaren distributor in Singapore, respects AIG's decision and is in discussions with alternative insurance partners like Liberty Insurance to reduce the impact on their consumers.

Ho Kai Weng of the General Insurance Association of Singapore declined to comment on individual members' procedures, adding that insurers make judgments based on their own risk acceptance tolerance.

Source: FB Tanpa Nama