3 Ways to Find the Best Motor Insurance Deal in Malaysia

December 22, 2017 | Author: | Posted in Insurance

Motor insurance is mandatory in Malaysia if you want to own a vehicle and drive it on roads. Getting an auto insurance policy is not just required by law but also important for protecting you and your car, and other parties in the event of any accident. There are usually three categories of motor insurance policies available in Malaysia namely, Third Party Coverage, Third Party with Fire and Theft, and Comprehensive Coverage. There are several licensed motor insurance companies and each claim to provide the best price. So, how to find the best auto insurance deal? Here are 3 easy ways you can get an insurance policy at the best possible price.

Compare online

Comparing prices online is the quickest, easiest way to find better coverage options and get cheaper motor insurance in Malaysia. Get free quotes from different insurers and compare their prices. Simply by comparing plans and their prices, you can save a large amount of money every year. You can even get help from an agent or buy directly from the insurer, but how do you know that you are actually getting the best deal? You need to put in some time and research to know about all the policies available in Malaysia and their rates.

Always compare the breakdown of premiums from different insurers. Check if the Insured Declared Value (IDV) of your vehicle is enough to cover the cost of your vehicle in the event of an accident or theft. It is advisable to compare car insurance policies side-to-side on aspects like premium, IDV, deductibles, discounts offered, and add-ons to find the right policy. For convenience, you can use PIAM’s Motor Product Selector feature to request for quotations on pricing from different insurers, which will simplify your whole shopping process and eliminate the need to access each individual insurer for a quote.

Go direct and ask for discount

Before you go directly to the office of an insurance company, spend a little bit of time online researching that insurer. All you need is your computer, an internet connection and search about the best insurance companies in terms of premium rates, customer service and claim process. Once you are sure that you have found the best insurer, you can talk directly to their office and ask for discount. Only 2 out of 10 policies are bought directly from the insurance companies, but there is a benefit of purchasing policy directly from the insurer. If you buy a policy from the branch counter of an insurer instead of an agent, you can get up to a 10% discount on your insurance.

Research and learn about the insurance policies

Previously, premium rates for three insurance policies were administered by Bank Negara Malaysia, but after motor detariffication, insurers can fix the premium rate based on driver’s risk profile and car age and model. So, it is better that you learn what is the premium rate charged by different insurers. Your location and car model also affect the premiums. Research online what people having same car model like yours are buying and which is the preferred car insurer near your location.

For Malaysians, motor insurance is a complicated topic. But with little research and effort, you can find the best deal for yourself and save a lot of money on your premiums every year. Malaysia has more than 30 auto insurance companies in Malaysia, so you have many options to choose from for your new motor insurance policy or insurance renewal.

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About Author
Peter is currently working as a senior insurance advisor at a leading motor insurance company in Malaysia. He is also a freelance commercial writer and has interests in writing topics such as insurance, financial planning and technology.

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PIAM Insurance makes the renewal of your motor & car insurance more reliable and offer the best insurance policy online in Malaysia.

This author has published 14 articles so far.

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