Insurance for e-hailing vehicles shrouded in secrecy

ON Dec 12, a general insurance company released a media statement announcing its launch of motor insurance for private vehicles used for e-hailing service.
Similar to other covers such as for floods or strike, riot and civil commotion, the cover for e-hailing can be added on to the standard comprehensive motor insurance policy.
The additional premium to cover for flood is RM5 per thousand ringgit sum insured, and RM3 for strike, riot and civil commotion. But the premium to insure for e-hailing service is not disclosed.
The statement explained that the cost is risk-based and will depend on several factors such as the policyholder's details, and assured that it will be relatively affordable.
It gave an example of a standard vehicle that is below 1.5cc with full 55% no-claim-discount (NCD) can enjoy the coverage with an additional premium ranging between 30 sen and 70 sen a day.
But there are no internal combustion engine sizes below 1.5cc and this error was replicated by many print and electronic media. It should have been below 1.5 litre or 1,500cc.
E-hailing service was introduced to this country more than three years ago. It is a wonder why insurance for e-hailing vehicles was not introduced soon after the service was legalised in July.
Even after its launch, the premium was not disclosed upon request. It should be publicised and promoted, as e-hailing drivers are still running afoul of the law because their vehicles are not insured for third party injuries when ferrying fare-paying passengers, apart from financial risks.
YS Chan
Kuala Lumpur