{"id":35236,"date":"2022-10-21T15:00:46","date_gmt":"2022-10-21T07:00:46","guid":{"rendered":"https:\/\/bjak.my\/blog\/?p=35236"},"modified":"2025-09-17T14:43:35","modified_gmt":"2025-09-17T06:43:35","slug":"what-is-insurance-premium","status":"publish","type":"post","link":"https:\/\/bjak.my\/blog\/car-insurance\/what-is-insurance-premium","title":{"rendered":"What Is Insurance Premium?"},"content":{"rendered":"\n<p>It is known that you need to pay in order to purchase insurance. However, are you known for a term called &#8220;premium&#8221;? <\/p>\n\n\n\n<p>If you review your policy plan, you will most likely find this term used repeatedly. In insurance, we are using this term when referring to buying insurance.<\/p>\n\n\n\n<p>If you are new to insurance purchases, don&#8217;t worry. There&#8217;s always room to improve and learn everything! In this article, we guide you through the details.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_50 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Contents =<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-69d8e50723f8e\" aria-hidden=\"true\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999999;color:#999999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999999;color:#999999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d8e50723f8e\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/what-is-insurance-premium\/#What_is_%E2%80%9Cpremium%E2%80%9D\" title=\"What is &#8220;premium&#8221;?\">What is &#8220;premium&#8221;?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/what-is-insurance-premium\/#How_do_premiums_work\" title=\"How do premiums work?\">How do premiums work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/what-is-insurance-premium\/#Who_decides_the_insurance_premium\" title=\"Who decides the insurance premium?\">Who decides the insurance premium?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/what-is-insurance-premium\/#What_factors_determine_an_insurance_premium\" title=\"What factors determine an insurance premium?\">What factors determine an insurance premium?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/what-is-insurance-premium\/#Type_of_car_insurance\" title=\"Type of car insurance\">Type of car insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/what-is-insurance-premium\/#Car_location\" title=\"Car location\">Car location<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/what-is-insurance-premium\/#Occupation\" title=\"Occupation\">Occupation<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/what-is-insurance-premium\/#Frequently_Asked_Questions_FAQ_about_premium\" title=\"Frequently Asked Questions (FAQ) about premium\">Frequently Asked Questions (FAQ) about premium<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/what-is-insurance-premium\/#How_can_you_lower_your_car_insurance_premium\" title=\"How can you lower your car insurance premium?\">How can you lower your car insurance premium?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/bjak.my\/blog\/car-insurance\/what-is-insurance-premium\/#What_happens_if_you_don%E2%80%99t_pay_your_insurance_premium\" title=\"What happens if you don&#8217;t pay your insurance premium?\">What happens if you don&#8217;t pay your insurance premium?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_%E2%80%9Cpremium%E2%80%9D\"><\/span>What is &#8220;premium&#8221;?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Broadly speaking, a premium&nbsp;is the amount of money an&nbsp;insurance&nbsp;company charges you for the&nbsp;insurance&nbsp;policy you choose to purchase. In return, they will provide you with coverage in the event of a car accident or theft as laid out in the policy.<\/p>\n\n\n\n<p>You are subject to pay the premium following the period set by the company. Most insurance companies let you choose between paying your <a href=\"https:\/\/bjak.my\/en?utm_source=blogen&amp;utm_campaign=\">car insurance<\/a> premium&nbsp;every six months, or annually. However, you may check with your preferred insurer.<\/p>\n\n\n\n<p>You will usually find a gross premium and basic base in your insurance policy.<\/p>\n\n\n\n<ul><li>Gross premium &#8211; The total premium paid by the policy owner before deducting brokerage fees and discounts<\/li><li>Basic premium &#8211; The portion of the standard premium for agent commissions and administrative costs.<\/li><\/ul>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_do_premiums_work\"><\/span>How do premiums work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In brief, insurance premiums usually have a base calculation. The cost of your insurance premium will vary depending on the type of coverage you are looking for, as well as the risk.<\/p>\n\n\n\n<p>This is why it is always a good idea to shop for insurance or work with an insurance professional who can shop premiums with several insurance companies for you.<\/p>\n\n\n\n<p>When people shop around for insurance, they may find different premiums charged for the cost of their insurance with different insurance companies, and they may save a lot of money on insurance premiums just by finding a company that is more interested in &#8220;writing the risk.&#8221;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Who_decides_the_insurance_premium\"><\/span>Who decides the insurance premium?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Every insurance company has people who work in various areas of risk assessment.<\/p>\n\n\n\n<p>For instance, they will determine based on i) the likelihood of risks and perils and ii) the costs associated with the event of a disaster or claim.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_factors_determine_an_insurance_premium\"><\/span>What factors determine an insurance premium?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To your knowledge, the Bank Negara Malaysia, on July 1, 2017, implemented a new rate or tariff effective to determine car insurance premiums. Individual insurers and Takaful operators are allowed to determine the premium rates based on several factors, as mentioned above. The liberalisation for the premium rates applies to Motor Comprehensive and Motor Third Party, Fire and Theft products.<\/p>\n\n\n\n<p>The rate of your premium amount depends on the agreement between you and the insurer. Each insurance company has different premium rates because of the many factors they consider when setting car insurance premium rates. Here are some details that your insurance company may consider when setting premium costs.<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Type_of_car_insurance\"><\/span>Type of car insurance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The&nbsp;type of car insurance&nbsp;that you choose also affects your car insurance premium.<\/p>\n\n\n\n<p>The more coverage you get, or the more comprehensive coverage you choose, the higher your insurance premium may be.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/bjak.my\/blog\/types-of-car-insurance-policies\/#Comprehensive_insurance\">Comprehensive insurance<\/a>&nbsp;is more expensive than the most basic insurance which is&nbsp;third-party insurance. Meanwhile,&nbsp;third-party, fire and theft insurance&nbsp;is cheaper than comprehensive insurance but more expensive than third-party insurance.<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Car_location\"><\/span>Car location<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Insurance premiums for cars in city areas are higher in comparison to the premiums for cars outside of city areas.<\/p>\n\n\n\n<p>Other than that, car insurance premiums are also higher for cars in West or Peninsular Malaysia than cars in East Malaysia (Sabah and Sarawak).<\/p>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"Occupation\"><\/span>Occupation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If your occupation requires you to drive often too high-risk areas such as construction sites, your car insurance premium may be higher. This is because your car usage due to your occupation exposes your car to a higher risk of accidents and damages.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQ_about_premium\"><\/span>Frequently Asked Questions (FAQ) about premium<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"How_can_you_lower_your_car_insurance_premium\"><\/span>How can you lower your car insurance premium?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The followings are a few tricks to get cheaper car insurance:<\/p>\n\n\n\n<ul><li>Avoid automatic car insurance renewal<\/li><li>Renew car insurance early<\/li><li>Review car insurance coverage<\/li><li>Compare car insurance policies<\/li><\/ul>\n\n\n\n<h3><span class=\"ez-toc-section\" id=\"What_happens_if_you_don%E2%80%99t_pay_your_insurance_premium\"><\/span>What happens if you don&#8217;t pay your insurance premium?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>These are the consequences of not paying the premium:<\/p>\n\n\n\n<ul><li>Unable to renew roadtax<\/li><li>Subject to summons<\/li><li>Cost you more risks and financial burdens<\/li><\/ul>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><em data-l-s=\"67471\"><em><em data-l-s=\"67471\"><em>Bjak is one of Malaysia&#8217;s biggest insurance comparison websites, offering policies from over 10 brands. Get your <a href=\"https:\/\/bjak.my\/en?utm_source=blogen&amp;utm_campaign=\">free insurance quote<\/a> from Bjak today!<\/em><\/em><\/em><\/em><\/p>\n\n\n\n<div class=\"wp-container-1 wp-block-buttons\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-black-color has-luminous-vivid-amber-background-color has-text-color has-background\" href=\"https:\/\/bjak.my\/en?utm_source=blogen&amp;utm_campaign=what-is-insurance-premium\" target=\"_blank\" rel=\"noreferrer noopener\"><strong data-l-s=\"50547\">Get Free Quote<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Read more:<\/em><\/p>\n\n\n\n<ul><li><a href=\"https:\/\/bjak.my\/blog\/what-happens-if-you-skip-your-car-insurance-renewal\/\">What Happens If You Skip Your Car Insurance Renewal?<\/a><\/li><li><a href=\"https:\/\/bjak.my\/blog\/how-is-car-insurance-premium-calculated\/\">How Is Car Insurance Premium Calculated?<\/a><\/li><li><a href=\"https:\/\/bjak.my\/blog\/liberalisation-of-motor-insurance-tariffs\/\">Liberalisation Of Motor Insurance Tariffs<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>An insurance premium is a monthly amount that you pay to maintain coverage by an insurance company.<\/p>\n<p>Read on as we share more.<\/p>\n","protected":false},"author":7,"featured_media":35242,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","spay_email":""},"categories":[431],"tags":[429,59,92],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Insurance Premium? | BJAK<\/title>\n<meta name=\"description\" content=\"An insurance premium is a monthly amount that you pay to maintain coverage by an insurance company. 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