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Do I still have to make instalment payments if my vehicle, subject to a hire purchase agreement, is stolen?

Yes.

This is because your liability to pay the monthly instalment does not cease with the loss of your motor vehicle.

However, you may claim from the insurance company, the market value of the insured motor vehicle or the sum insured, whichever is lower.

Back to Hire Purchase (HP)'s Contents


Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)


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Knowledge Base ID :   1324
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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