It still valid from the aspect of basic coverage category like:
· Comprehensive – compensate your own damage, fire, theft, and third-party liability.
· Third Party Fire & Theft – compensate fire incident, theft, and third-party liability.
· Third Party Only
However, with the constant market changes and de-tariff initiative by Bank Negara Malaysia. Car insurance nowadays are more innovative and targeted. Every company are now allowed to determine their own premium rating and provide various value-added benefits to their clients. Let me share with you few examples.
If you drive frequently and with a smart phone. AXA Affin have designed the 1st telematic car insurance in Malaysia – AXA SmartDrive Safe that probably suit you. Upon sign up the car insurance with AXA, you will obtain a complimentary micro tag to put in your car. This micro tag allows you to do a SOS call to call centre by just pushing a button for 15s, then the call centre will contact you and assist. AXA also provide immediate medical assistance when accidents arise, which potentially save a life.
If you drive frequently but you are not a smart phone use. You may want to consider Syarikat Takaful Malaysia. One of the most attractive reason is they provide ‘no claim rebate’ upon completing your 12 months insurance. How many insurance companies able to provide your certain amount of refund when you have no claim? STMB also provide complimentary all driver & passenger PA coverage to clients. Wow. What a savings.
If you only utilize your car less than 10,000KM per year. You may want consider mileage base insurance introduced by Chubb Insurance. Chubb insurance provide mileage base car insurance subject to 5,000KM, 7,000KM & 10,000KM options which having 10% – 30% lower premium compared to ordinary car insurance. The concept behinds this is: why I need to pay the same if I drive less and having less probability of accident? Yup! Why pay more when you can pay less? This initiative by Chubb is in demand for those elderly who only drive to wet market once a week, or for those who are now work from home most of the time due to pandemic.
With above sharing, I hope you now understand that the car insurance options now are quite different compared to years ago. It is no longer the same across all company, but every company have their specific offer that may fit into your specific needs. As such, I will advise you to always discuss with your car insurance agent on which solutions best suits you.
Never ever just get quotation and finding the lowest premium possible but finding the right solutions that fit your needs.
I hope the sharing benefits you and we looking to bring you more topic in near future. You are always welcome to write your comments below share your thoughts. I will read every comment.
I am Calvvinz Tan, founder of 4MSOI Wealth Management and we believe everyone could be a Financial Planner.
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