Do I Need Goods-In-Transit Insurance ??

Goods-In-Transit (GIT) Insurance normally does not cost much as the market rate now is running around 0.2% - 0.4% of the value insured depending on types of products, risk factor of the products, sum insured and the requirements of each insurance company. Please take note on high risk products such as computers, tobacco, electronics, liquor etc., they are normally not covered by most of the insurance company or need to be referred by the insurance company.

Also, GIT insurance incurs excess values, meaning the initial values that the insurance does not cover on top of the sum insured. For example, the excess value is RM1,000 and your sum insured is RM5,000; the insurance company will compensate you utmost RM4,000. Some excess values are based on Ringgit values and some are based on the percentage of the sum insured depending on the favorite of each insurance company. So, whenever you want to get GIT insurance for your products, kindly ask what the excess value is from your agent, because it is not worth to insure a RM5,000 worth products while the excess value is RM6,000.

Normally the GIT insurance requires 24hour advance notice to get prepared, so please plan ahead whenever you want to insure your products.

Well, this is the basic knowledge on GIT insurance so it is up to you to decide whether it is wise to get GIT insurance for your products.