Car insurance can make a dent in your wallet. It is therefore important that you set aside a sufficient amount for your annual insurance renewal. However, you do not necessarily have to spend too much on car insurance. As car insurance premiums vary across insurers, you just need to know a few tricks to get car insurance that is cheaper and offers you more coverage. In this article, we share a few ways you can employ to secure cheaper car insurance.
Avoid automatic car insurance renewal
Did you know that you may opt for automatic car insurance renewal? For automatic insurance renewal, you simply have to make the payment upon receiving a renewal notification email from your insurer. While this may be convenient, please try to avoid automatic insurance renewal. This is because the car insurance premium that you get may not be the lowest in the market.
As you may be aware, since the liberalisation of motor tariff for comprehensive as well as third party, fire and theft insurance in July 2017, insurance premiums are determined by insurance and takaful companies. This liberalisation has caused motor insurance premiums to vary. Therefore, you may end up overpaying for your car insurance, if you choose to have your insurance automatically renewed every year with the same insurance provider.
So it is always best that you shop around so you can compare your current insurance provider with other providers in terms of the coverages and premiums offered.
Renew car insurance early
If you delay renewing your insurance past its expiry date, this may result in a higher insurance premium. Note that some insurers may charge you a higher premium if you let your insurance lapse.
Hence, ensure that you renew your car insurance early. You can renew your insurance as early as 2 months before your insurance expiry date. You do not have to worry if you renew it early. This is because the new insurance will only be activated once your existing policy expires.
Review car insurance coverage
Take time to review your insurance coverage. This is so that your insurance is suitable for your car and usage. For instance, your car insurance quotations may have a higher sum insured than your car market value.
Therefore, as a smart consumer, you are advised to review your insurance coverage. This is to ensure that you pay for only what you need.
Compare car insurance policies
As we have pointed out, car insurance premiums vary across insurers based on a few factors. There are more than 20 insurance and takaful providers in Malaysia. Therefore, do not limit your options. As much as possible, you should compare insurance policies especially as some insurers offer competitive complimentary benefits. For instance, Takaful Malaysia and Takaful Ikhlas offer free personal accident coverage. Typically, you can only get this additional coverage if you pay an additional premium.
To secure more coverage at a cheaper price, you should compare both the coverages and premiums offered by different insurers. Whether you want to purchase car insurance or motor takaful, you should compare what they offer. You can do the comparison by perusing insurers’ product disclosure sheets and policy wordings which are available on their respective websites. If you only get a quote from one insurance provider, there is no way for you to know whether it is the best deal, right? So take some time to compare as many insurers as you can.
Compare and get cheaper car insurance at Bjak
The next time your insurance is up for renewal, remember to follow the above tips so you can get cheaper car insurance. Our key advice is for you to compare car insurers before buying any insurance plan.
To help you easily compare across insurers, consider using Bjak as it offers you up to 15 insurance quotations for free. You do not have to spend too much time doing your own search as Bjak lets you conveniently compare multiple insurers all on a single platform.
Visit Bjak.my and get your free car insurance quotes in just 3 minutes. You can then renew your insurance online and have your policy activated in under 5 minutes.