Guide To Buy The Best Car Insurance

How do car insurance companies calculate car insurance premium rates in Malaysia?

Before July 2017, the premium rates for car insurance in Malaysia were pretty much the same (based on the value of your vehicle and its engine capacity) across all car insurance providers. This was because the premium rates were tariffed by Bank Negara Malaysia (BNM). Car insurance companies based their premium calculation mainly on the technical details and age, therefore the market value of your car.

However, since the implementation of de-tariffication in July 2017, car insurance companies now look into various additional other factors to determine your car insurance premium. Among the factors that will be taken into account in determining the premium price of car insurance are as follows:

How to submit a car insurance claim?

1. Call your car insurance company hotline if you involved in a serious accident

2. Gather all the evidence and record important information such as time and place of the accident, photos of the accident, photos that include damage of your vehicle and other vehicle involved and exchange information with the vehicle involved

3. Make a police report within 24 hours

4. Report to the car insurance company within 7 days of the accident

5. Make sure your car is sent to the panel workshop of the car insurance company

6. Fill in the car insurance company's claim form

7. Submit all forms required by the car insurance company

8. Check with your car insurance company about the repairs done by the panel workshop

9. Sign the car insurance company release form when you are satisfied with your car after the repair

If another driver drives my car and is suddenly involved in an accident, can I make a car insurance claim?

Basically, the car insurance company will charge an excess amount for claim if your car is involved in an accident caused by another driver. However, you can make a car insurance claim if you have added-on the driver name in the policy or you have purchased a car insurance policy with all drivers coverage when renewing your car insurance.

Can I cancel my car insurance policy at any time?

Yes, you can cancel your car insurance policy at any time. However, penalties may be imposed if you cancel the policy before the expiration date.

Can I renew my car insurance if my car is older than 15 years?

The package offered by the car insurance companies can be lesser because of the age of your car. However, the car insurance packages offered at BJAK.my cover a wide range of cars and hence you’ll still be able to renew your car insurance at BJAK.my.

How is comprehensive car insurance different from third party, fire and theft car insurance?

The main difference is that comprehensive car insurance covers the damage of your car during collision (road accident), fire and theft but third party, fire and theft car insurance covers the damage of your car during fire and theft only. There is no towing service if you purchase a third party, fire and theft car insurance.

Don’t auto-renew your car insurance

Some of the car insurance companies will offer to auto-renew your car insurance. Please refrain from auto-renewal because the car insurance premium that you are going to pay may not be the lowest in the market. Car insurance companies update the car insurance premium from time to time and hence it’s advised to compare the car insurance price from various car insurance companies before renewal.

Renew your car insurance earlier than the expiry date

Some of the car insurance companies charge higher when your car insurance has expired. Therefore, it is important to renew your car insurance earlier than expiry date to stay protected and to enjoy the lowest price.

Check your car insurance coverage before purchase

Every car may have different usage and purpose and hence it is crucial to purchase the car insurance package that’s most suitable for your car. Some of the quotations provided may include car insurance coverage that’s not applicable for the use case, or have a sum insured that’s higher than the actual market value. Therefore, car owners are advised to check the coverage of the car insurance to make sure that they are paying only for what is needed.

Renew your car insurance at BJAK.my

BJAK.my is a one stop car insurance agency in Malaysia. BJAK.my helps car owners to find the lowest price for their car insurance by achieving all the above mentioned steps.

Many car owners have renewed their car insurance in BJAK.my and provide good feedback on social media. You can read BJAK.my review here. Let’s request a car insurance quotation from BJAK.my today.