Buying car insurance may seem like a straight shot deal, choose insurer, pay insurer. But not really, many drivers in Malaysia subconsciously make these mistakes that cost them a fair sum of money. By understanding these common mistakes, you can avoid paying additionally, missing out on the benefits and face problems when trying to file a claim. With this article we can avoid common mistakes when buying car insurance in Malaysia.
1. Not Comparing Prices
A fair bit of people will stick to the 1st quote they see with checking other options would often means it’s “Cheap” often missing out the other offers available. In reality, prices and benefits differ between insurers and with platforms like MyEG, Pos Malaysia and Bjak you’re able to do comparisons before deciding on your purchase.
2. Only Looking at the Cheapest Price
Lower premiums may be tempting, but cheap is not always best. Some come with limited protection or hidden exclusions. Read in between the lines of what is covered and what isn’t to avoid wasted time arguing with insurers.
3. Not Understanding Coverage Types
You can choose up to 3 types of coverage here in Malaysia:
- Comprehensive – full coverage for your vehicle and against third parties.
- Third Party, Fire & Theft – basic protection with added coverage for fire or theft.
- Third Party Only – the most basic, covering only damage to others.
New drivers often go for the cheapest option without considering the actual risks they face.
4. Ignoring the NCD Discount
Many drivers tend to forget their NCD (No Claim Discount), when receiving your quotation, always check out the details before proceeding with your purchase. Cause once purchase has been made applying the NCD would cost time and money.
5. Skipping Add-On Coverage
The basic policy does not cover EVERYTHING. Understanding the useful add-ons like unlimited towing provided by Bjak VIP Rescue package or even special perils package can make a huge difference in cost effectiveness. Unfortunately, most tend to overlook and will regret once the disaster has passed. Taking your time to compare explore your options is more viable in the long run before you decide to make your purchase.
Conclusion
Avoiding these commons mistakes will help you choose your car insurance policy more effectively. However, drivers tend to unknowingly fall prey to the mistakes when buying car insurance in Malaysia. By understanding the coverage types, your needs, add-ons provided and location. If you took some time to gather information & researching, you’re able to save financially, avoid claim disputes and have the peace of mind knowing there’s no issue when a situation arises.
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