Latest news with #VTAREC
The Star
16-07-2025
- Automotive
- The Star
The fiery fallout of car debt
PETALING JAYA: When you buy a luxury car for RM300,000, it can come with a nine-year loan that locks you into RM3,000 monthly payments. Fast forward just two years, and the car's value plummets to RM180,000, but you still owe the bank the remaining RM230,000. If you sell the car, you're still RM50,000 short. You lose the car, but you will still be in debt. For some, the pressure can be too much to bear, and that's where something unscrupulous unfolds. For a fee ranging between 15% and 20% of the expected insurance payout, desperate drivers can hire a runner to 'handle' the problem. The solution? The car is set on fire, pushed into a ravine, or stolen and chopped up – all made to look like an accident or theft. 'Some syndicates do this on a large scale,' said a source. The source said such groups offer 'solutions' to those stuck in underwater loans. 'They even bribe mechanics, workshops, or tow truck drivers to help fake the damage,' the source added. Owners will then make an insurance claim by declaring that their car was stolen or that it was destroyed in an accident. If the insurer accepts this, the market value of the vehicle will be paid. The payout then goes to the bank, which writes off the rest of the loan or claims it from the borrower, depending on the policy taken. In this situation, the borrower gets away with not paying the remainder of the loan or at least delays it. Vehicle Theft and Accident Reduction Council (VTAREC) coordinator Mas Tina Abdul Hamid said it is possible for individuals or syndicates to attempt a hard fraud scheme involving vehicles. This is done by staging a vehicle theft, setting the vehicle on fire, arson or dismantling it to claim a Total Loss Payout. 'Insurance companies and Takaful operators are well aware of such fraud and have developed a robust detection method and powerful tools to prevent it.' She said most of these fraud tactics no longer work, especially when it comes to burnt vehicles. 'Any sign of dishonesty on the part of the vehicle buyer can lead to claim denial, policy cancellation and criminal charges.' According to figures from the General Insurance Association of Malaysia, some 47,325 private vehicles were declared a total loss out of more than three million accidents reported between 2022 to 2024. Also for the same period, some 4,093 motorcycles and 2,727 commercial vehicles were declared a total loss.
The Star
28-05-2025
- Automotive
- The Star
Vehicle thefts, traffic accidents declined by over 10% in 2024, says stakeholder group
KUALA LUMPUR: Cases of both vehicle theft and traffic accidents declined by over 10% in 2024 as more Malaysians wise up on road safety and vehicle security, says Vehicle Theft and Accident Reduction Council of Malaysia (VTAREC). VTAREC chairman Datuk Lokman Jamaan said the number of road accidents, based on insurance industry statistics, declined to 266,716 cases in 2024 from 299,657 cases in 2023, a decrease of just under 11%. He noted that the 266,716 cases in 2024 involved 229,739 private motorcars, 15,149 motorcycles, and 21,828 commercial vehicles However, he did note that the figures from the insurance industry were slightly less compared to statistics from the Royal Malaysia Police (PDRM) in both years. 'This is because insurance industry statistics reflect claims made by vehicle owners whose vehicles are insured. 'Meanwhile, police statistics cover all accident cases, including those without insurance coverage,' he said in his speech at VTAREC's nationwide public vehicle theft and road accident awareness campaign 2025 launch on Wednesday (May 28). He attributed this positive news to more Malaysians becoming increasingly conscious of road safety and vehicle maintenance over the last year due to awareness efforts by VTAREC and the government as a whole. He then called on all Malaysians to continue this positive trend going forward by abiding by the traffic laws, driving cautiously and alert as well as maintaining both their personal health and vehicle fitness. 'By working together at all levels of society, we can reduce road accident rates and consequently the likelihood of fatal accidents occurring," he added. On a similarly positive note, Lokman also said that reported vehicle theft cases in 2024 had dropped to 3,925 compared to in 2023 which recorded 4,370 cases. He said of the almost 4,000 vehicle theft cases in 2024, 1,771 involved private motorcar theft, 1,833 motorcycle theft, and 321 commercial vehicle theft cases. Similarly, he said that the reduction in these cases was due to the cooperation and solid support of all parties, most importantly being the public's increased awareness on the importance of vehicle security. 'As the next step, VTAREC will also intensify collaboration with ministries, agencies, and other related stakeholders. 'This will include stepping up eradication efforts, preventive measures, and intervention steps against vehicle theft syndicates, cloned vehicle syndicates as well as syndicates involving the 'Rebirthing of Total Loss Vehicles', and 'cut cars'. 'This increased cooperation will ensure more effective interventions can be implemented on the vehicle-related ecosystem to ensure this issue is addressed holistically and collectively,' he said. He added that VTAREC would also continue its awareness campaign efforts with the police and other non-governmental organisations due to its notable success over the last year.
The Sun
06-05-2025
- Automotive
- The Sun
Perodua Myvi, Yamaha 135LC top 2024 accident list
PETALING JAYA: The Perodua Myvi and Yamaha 135LC were the two vehicles most frequently involved in accidents in 2024. According to the New Straits Times, Vehicle Theft and Accident Reduction Council (VTAREC) coordinator Mas Tina Abdul Hamid said insurance industry records showed that accident claims involving the Perodua Myvi totaled 24,628. The Yamaha 135LC topped the list for motorcycles, with nearly 3,000 accident cases, followed by the Yamaha Y15ZR with 2,154. 'Both models — the Yamaha 135LC and Y15ZR — accounted for about 30% of total motorcycle accidents last year,' she said. The Proton Saga ranked third among all vehicles, with 16,159 claims, followed by the Honda City with 13,388. Meanwhile, Toyota's Hilux has been reported as the most stolen four-wheeler last year with 370 units. Following the Hilux, Proton Wira and Toyota Fortuner were named as the second and third most stolen four-wheelers, with 142 units and 123 units, respectively.
The Star
06-05-2025
- Automotive
- The Star
Thousands lack motor insurance
KUALA LUMPUR: Despite strict laws mandating motor insurance for all vehicles that ply the roads, tens of thousands of them are believed to be operating without it, according to a study by the Vehicle Theft and Accident Reduction Council of Malaysia (VTAREC) VTAREC coordinator Mas Tina Abdul Hamid said the findings were based on a study of 740,000 cases of road accidents in 2023, which revealed that insurance claims for damages were only filed for 40% of the cases. 'We found that insurance claims were only made for 299,000 accident cases. 'While police reports were lodged by the parties involved in the accidents, not all the cases saw insurance claims being filed. 'We believe this is likely because certain vehicle owners did not make an insurance claim as they did not possess motor insurance. 'This might seem unimportant, but not having motor insurance can have serious consequences. 'Motor insurance does not only cover the damage to our vehicles but most importantly provides compensation for victims who suffer injuries, or the next of kin of those killed in the event of an accident,' she said at a soft launch ceremony of the council's Vehicle Theft and Road Accident Awareness campaign at a hotel here yesterday. However, Mas Tina said the lower insurance claims could also be a case of motorists who chose not to make a claim for minor repairs and bear the costs themselves to preserve their no-claims discount. She also revealed that road accident fatalities were highest among motorcyclists and pillion riders – making up to 70% of the annual average of 6,000 deaths. However, she said only 13% of accident cases were caused by motorcyclists, although their numbers were 12 times higher than cars. The study revealed that 67% of accidents were caused by cars, while 20% were caused by commercial vehicles. 'Often, bikers are blamed for accidents, but here we have learnt that it is car drivers who need greater awareness on road safety and need to be educated on defensive driving. 'The annual average of fatalities remains alarming. The yearly deaths from accidents can fill graves that may require space the size of six football fields. 'On average, one motorist is killed every 80 minutes. 'Human error is the primary cause of road crashes, making up to eight out of the 10 factors that cause traffic crashes,' added Mas Tina. Last year, the vehicle insurance industry recorded 266,716 accident claims, a 11% decline compared with 299,657 cases in 2023. Mas Tina said 86% of the claims in 2024 involved cars, about 5% motorcycles and 8% commercial vehicles. As for vehicle thefts, she said on average, a vehicle gets stolen in Malaysia every two hours. She said in 2023, 4,086 vehicles were reported stolen nationwide, of which 51% were motorcycles, 41% cars and the rest commercial vehicles. Selangor reported the highest number of cases, followed by Kuala Lumpur, Johor and Sarawak. Based on last year's statistics, six out of 10 cars targeted by thieves were Malaysian-made. She said most of them were old models that were stolen to be cannibalised for spare parts. Also present at the event were VTAREC director Datuk Ooi Win Juat, representatives from traffic police and other government agencies.
New Straits Times
05-05-2025
- Automotive
- New Straits Times
Toyota Hilux tops the chart as the most stolen four-wheeler in 2024
KUALA LUMPUR: The Toyota Hilux was the most stolen four-wheeler in Malaysia last year, with 370 units reported stolen. Vehicle Theft and Accident Reduction Council (VTAREC) coordinator Mas Tina Abdul Hamid said this was based on statistics from insurance companies. The second and third most stolen four-wheelers were the Proton Wira (142) and Toyota Fortuner (123). This was followed by the Proton Iswara (92), which was tied with the Proton Saga (92), Perodua Kancil (89), Ford Ranger (79) tied with the Perodua Myvi (79), Perodua Bezza (61), and Honda Civic (58). "If we look at this chart, we can see that many of the models are Proton and Perodua, and these are older models, which we believe were dismantled and used for spare parts. "Usually, locally manufactured vehicles are dismantled and the parts resold within the country," she said during a briefing at the soft launch of the VTAREC 2025 public awareness campaign on vehicle theft and road accidents. Mas Tina said other branded vehicles in the list were likely smuggled out of the country. Meanwhile, the top 10 most stolen motorcycles last year were the Yamaha 135LC (528), Yamaha Y15ZR (327), Honda Wave (194), Yamaha 125 (109), Honda C100 (105), Yamaha Lagenda (72), Yamaha Ego (59), Honda EX5 (54), Modenas Kriss (48), and Honda RS150R (16). Mas Tina said the vehicle theft trend in Malaysia had decreased by 10 per cent, with 3,925 cases reported last year compared with 4,370 in 2023. She said the thieves' modus operandi had evolved, with many now hacking the key fob — a small handheld remote control device that operates a remote keyless entry system. This keyless system allows thieves to unlock the car, start the engine, and drive away without needing a physical key. Mas Tina advised drivers to keep their keys in a Faraday pouch, which blocks radio waves, and to adopt traditional safety measures such as using a steering lock.
