All car owners must renew car insurance and road tax every year. In addition to ensuring the validity for use, it protects the car in the event of any untoward incident.
Many insurers offer various vehicle coverage with different offers and benefits after the tariff liberalisation in 2017. Since then, the premium rates for insurance have varied across insurers and Takaful operators.
Should you renew the same car insurance every year?
Some may feel comfortable building a trusted relationship with the same insurer. Hence, they prefer to stick to the same insurance company every year.
To your knowledge, you are not advised to renew it automatically with the same insurer every year. Why is that?
Please note the insurance premium you pay during renewal may not be the lowest in the market. The benefits you might receive may not even be the best there are at the time.
What should you do?
As mentioned above, various insurers offer coverage to vehicle owners.
You need to compare insurance brands to see the benefits and prices offered. That way, you can evaluate which insurance companies provide the best coverage and price for you.
How to change car insurance?
There are two situations of insurance conversion that you need to understand:
- Switch insurance that has expired
- Switch insurance that has yet to expire
If your car insurance has expired, you may easily renew it with a different insurer. The steps are simple. You may renew insurance with your preferred insurers directly, through agents, or on any platform that offers insurance comparisons and purchases in one go. Examples are MyEG or Bjak.
If your car insurance has yet to expire, you need to cancel your existing policy first. Upon cancellation, you may proceed with renewing with the new insurance company.
Tips to renew different car insurance plan
The followings are some factors that you should consider.
Sum insured
Make sure you put the proper sum insured by the market value or agreed value. We recommend you avoid putting low the sum insured than the market value of your car.
It may be to your detriment to you in the future if something happens to your vehicle.
Choose a plan with better benefits
The main reason to renew insurance with different insurers is to get the best coverage. Do not proceed with a plan that cannot give you utter vehicle coverage.
Compare the benefits across insurers to ensure it is better compared to your existing insurance.
Example:
Your previous plan does not offer free Personal Accident coverage. You may want to adjust the plan for your next renewal. Try to get the insurance that offers such benefits. Examples are Takaful Malaysia and Liberty Insurance.
Compare the insurance premium
We encourage you to compare across multiple insurers. A comparison will allow you to get a better plan at an affordable price.
Premium insurance may vary up to 50% depending on the car’s condition. That said, multiple comparisons can help you save by hundreds for your premium.
Purchase necessary additional coverage
If you do not purchase additional coverage in the previous policy, you may add several important coverages in the new policy. Examples are special perils and windscreen.
These two additional coverages are necessary for all vehicle owners. It ensures your vehicle is protected and protects you from suffering financial problems.
To buy these additional coverages, make sure you purchase a comprehensive insurance policy.
Convenient way to renew insurance
You do not have to compare multiple insurance companies on different websites.
For convenience, you can use Bjak to save your time comparing 15 insurance brands in one go. Receive a free quote in just 3 minutes through WhatsApp or email.
We hope this article is helpful to you!
Bjak is one of Malaysia’s biggest insurance comparison websites, offering policies from over 10 brands. Get your free insurance quote from Bjak today!
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