Do you shop around before buying car insurance? Just like everything else, you should compare multiple insurers in order to secure the best deal. But how do you compare car insurance? Let’s show you how you can get the best car insurance in Malaysia.
Why is it important to compare car insurance?
Did you know that since July 1, 2017, motor insurance premiums (except for third-party insurance) are no longer subject to fixed prices? Since then, individual insurers and takaful operators determine motor insurance premiums, supervised by Bank Negara Malaysia (BNM).
Following the liberalisation of motor tariffs, these are two key reasons why you should compare car insurance:
To get cheaper insurance premiums
The main reason you should compare car insurance is to get cheaper insurance premiums. As mentioned, the motor tariff liberalisation has enabled insurers to determine insurance premiums based on their individual risk assessment.
For example, you can expect lower premiums for low-risk groups, and higher premiums for high-risk groups. High-risk groups may include drivers who have made multiple car insurance claims in recent times.
To enjoy more insurance benefits
The liberalisation has also encouraged insurers to offer new or added benefits inclusive of the insurance premium. As a consumer, you get to enjoy the coverage that best meets your insurance needs.
For example, some insurers offer complimentary personal accident coverage. So if you don’t compare car insurance, you may lose out on some great deals offered by the best car insurance in town. We’ll talk more about complimentary coverage in the next part of this article.
Compare complimentary coverage with the best car insurance
Let’s make it easier for you to compare car insurance. We have put together some complimentary coverage offered by a few car insurers for you.
Personal accident coverage
Generally, motor insurance does not provide personal accident coverage. But a few insurers do offer personal accident coverage to comprehensive insurance policyholders. In the event of death or total permanent disability due to a car accident, you or your named beneficiary will receive compensation from the insurer.
Takaful Malaysia, Takaful Ikhlas and Liberty Insurance are some of the insurance companies that offer personal accident coverage. Takaful Malaysia provides complimentary personal accident coverage of RM15,000 in a lump sum, each for the driver and passengers in the insured car. Meanwhile, Takaful Ikhlas and Liberty Car Insurance (through its enhanced comprehensive policy for private cars) offer up to RM10,000 for policyholders’ personal accident coverage.
Medical expenses coverage
Liberty Insurance through its enhanced comprehensive policy for private cars also covers policyholders’ medical expenses for up to RM1,500, for an accident involving the insured car. If you do not have any medical insurance, this benefit will definitely come in handy to help you cover some of the medical expenses.
Key replacement
Liberty Insurance also covers up to RM500 to replace stolen car keys. This benefit will be really useful as you don’t have to fork out money to get a new car key.
Child seat replacement
This complimentary benefit will excite parents to young kids. Say that your child’s car seat is stolen or damaged due to a car accident or even flood, you will get a child seat replacement. Liberty Insurance also through its enhanced comprehensive policy for private cars covers up to RM300 for child seat replacement.
Towing service
Generally, most insurers offer free towing to their comprehensive motor insurance policyholders. But you can still compare the distance covered or compensation for towing by different insurers.
For example, RHB Insurance offers free towing up to RM300 per breakdown. Meanwhile, Lonpac‘s towing is free up to RM400 for each breakdown.
Compare before you renew your car insurance
We have shared with you some of the complimentary coverage by some of the best car insurance in Malaysia. To easily compare car insurers, simply use insurance comparison sites such as Bjak. At Bjak, comparing up to 15 car insurance is a breeze as we have listed down the complimentary coverage for you. To get further information, you may also refer to the product disclosure sheet that is provided along with each quotation.
If you are not happy with any insurance plan, you can easily customize your car insurance policy to meet both your needs and budget.
Visit Bjak now to enjoy exclusive discounts, attractive prices and benefits for your car insurance without any hassle!
Bjak is one of Malaysia’s biggest insurance comparison websites, offering policies from over 10 brands. Get your free insurance quote from Bjak today!
Read more:
- Risks Of Driving Your Car With Cracks In Windshield
- How To Claim Motorcycle Insurance After An Accident
- Common Misunderstandings About Comprehensive Insurance
You should compare multiple insurers before buying car insurance. We share how to compare the best car insurance in Malaysia.
