5 Money-Worthy Car Insurances in Malaysia

Through the mountain of insurance companies and insurance agents as well as the intrusive advertisements surrounding us, it can be difficult to find the best insurance provider that meets all our standards. It is even more challenging when it was revealed last year, the Government has decided to liberate the local insurance market starting from 1st July this year.

So, with the sudden changes and numerous options available, how do we find the best car insurance that suits our needs? Below are the top 5 car insurances that we believe shines brighter than other motor insurances in Malaysia.

1. Allianz Comprehensive Motor Insurance

Awarded as the Best Motor Insurance Company in 2016 by iBanding Services Sdn. Bhd.

(iBanding.com,2017), Allianz Insurance is widely recognised as one of the most reliable conventional insurance provider in Malaysia.

The comprehensive insurance comes with lots of upside. From protection against loss or damage to your vehicle in the unforeseen event of an accident, theft or fire to protection against third party’s injury or death and property damage caused by your vehicle, the insurance covers almostall. In the event that you need emergency towing services at odd hours, you don’t need to worry as Allianz provides insurer with 24-hours Roadside Assistance and it free up to 150KM.

For vehicles aged 5 years and below, the insurance also offers a 0% repair cost to their customers, which can be very useful for those who had just bought their vehicles.

Unfortunately, the insurance damages to windscreen, driver and passenger liabilities, damages caused by natural disasters like floods and during events of civil unrest namely riots. As you know, these exclusions are some of the things that have the chance of happening. So if you want to feel secured, you can purchase an additional coverage for them that are offered by the insurance but the premium may vary according to certain factors. You’ll have to contact their agent for a quota.

Another downside is that the insurance have an excess of RM400 on their policy. This means that when you claim for vehicle damage, you bear the excess cost but your insurance will pay for the rest.

So yes, Allianz insurance has its flaws, but compared to other companies, the positive aspects and their high customer satisfaction rate balance out their flaws, making it the go-to choice for car insurance in Malaysia.

2. Takaful Malaysia Comprehensive myMotor

Acknowledged as the Best Motor Takaful Company in 2016 by iBanding Services Sdn. Bhd. (iBanding.com,2017), Takaful Malaysia is one of the most prominent Islamic insurance company in Malaysia.

Although it is an Islamic-based insurance that practices the Syariah concepts, the policy is open to Malaysians. The pros of the insurance, besides the standard comprehensive coverage, are that Takaful Malaysia offers a complimentary RM15,000 Personal Accident coverage for you and your passengers and receive 10% discount when customers enrolled online, which makes it slightly unique.

Not only that, during a car breakdown, customers are entitled to a 24/7 Tele-Bantuan Roadside Assistance inclusive of unlimited amount of breakdown towing up to 50KM per accident and 2-hour free labor minor roadside repairs that can be done on the spot, which sounds great if you need an emergency jump start support.

Putting all these positives aside, Takaful had recently announced that they will reward their customers with 15% Cash Back. That’s amazing except there mustn’t be any claims within that coverage period or else it will be invalid. So if there’s an accident and you claim from them, the offer will be off the table.

Similar to other insurances, Takaful Malaysia cover your own death or bodily injuries caused by a motor accident, legal liability of passengers against you, loss of use of your vehicle and loss, damage or liability arising from an act of nature. You also have to pay further premium for extra protection such as windscreen, floods and even car accessories. Thus, beware where you park your car if you don’t plan on getting your vehicle insured against them.

Overall, Takaful insurance is an all-rounded policy that will surely have your back in regards to your vehicle.

3. Etiqa Comprehensive Private Car Takaful

Etiqa insurance was recently named as Malaysia’s Best Takaful Operator (Motortakaful.com,2017), which is an award given to insurance company with the fastest turnaround time in motor claims approval among all other Takaful operators in Malaysia.

With a dedicated customer support team, over 500 panel workshops, 24/7 roadside support and all-day free towing services up to 200KM to the nearest Etiqa workshop throughout the whole year as well as providing alternative travel assistance if you’re stranded after an accident, customers don’t have to worry when they apply as a comprehensive policy holder as these are all covered and provided by the insurance.

Customers need to take note that any road accidents, damages due to unexpected events such as fire or theft, any loss or damages caused by your vehicle to other people and their properties as well as up to RM2000 legal costs . So if you were brought to local court, at least some of the legal fees are covered by the insurance.

However, what are are any fatal and non-fatal damages to your physical being cause by a motor accident, your passenger’s liability claims, any liability and damages due any natural phenomenon and any wear and tear and vehicle devaluation.

A few other circumstances in which your claim will be are car accidents that happened under the influence of alcohol or drugs and getting your vehicle involved in unlawful activities. In another words, don’t drink and drive and don’t involve your car in illegal racing. If you can manage to avoid that, you’re cleared.

Despite it all, Etiqa insurance in still among the top Takaful insurance in Malaysia and they promised to ensure your claims are settled fast and hassle-free.

4. AIG Comprehensive Motor Insurance

AIG currently holds the title for The Best Insurer by Motordata Research Consortium of Malaysia (MRC) and proven itself to be a key player among the top insurance companies in Malaysia (aig.my,2017).

AIG Insurance has quickly won the hearts of Malaysians with it’s popular plus points. First is the Zero Excess Payment, which allows damaged vehicles after an accident to be repaired at a panel workshop and the cost can be claimed with no extra payment under the circumstance. To add on, for customers who repaired with AIG panel workshop, they are entitled with a year warranty on all repairs done!

As with other insurances, it covers the standard vehicle loss and damages to your vehicle and to third party’s property as well as their physical being. Also, it comes with around-the-clock free roadside assistance and towing services.

That’s not all. Although the coverage period is only one year, customers can easily renew their policy and receive instant updates of JPJ status via online or visit the nearest AIG agent or AIG office. Once you renew your insurance with AIG, they will provide you with free delivery when you renew your Road Tax with them. No surcharge and delivery charges will be imposed as it is complimentary for AIG customers.

The downside is, you can have the a quick processing time for your motor claims but it’s only available to those who pays premium to the add-on coverage AIG offers on top of your basic policy. Essentially, if you pay more, you’ll receive more. In addition, you will have to bear the excess cost of RM400 if your vehicle is driven by another person whose name is not listed in your insurance and they caused an accident while using your vehicle. To avoid that, make sure not to let other people drive your car without your permission.

Wish to know more or want to simply get a quote? They are both available at this website https://qompanion.my/car-insurance/aig/comprehensive-motor-insurance.

5. MSIG Comprehensive Motor Insurance

With MSIG insurance, your financial worries will be eased significantly as any damages received by your vehicle as a result from either a road accidents, exploded or being stolen will be covered. It also extends to third party liability so that any injury, death, property damages and even legal fees if you’re being brought to court under the policy, some with unlimited coverage while some to limited extend.

In the event of an accident or car break-down, customers can just send their car to the nearest MSIG panel workshop to be repaired trouble-free and without any surcharge to your policy premium. It’s good news if your car in aged 5 and below as repairs are done for . Any and as long as repair works are done by on your vehicle, customers are guaranteed 6 months warranty.

However, similar to other insurance companies, the under this policy are any damages to your physical well-being due to motor accidents, passenger liability claims, theft of non-factory fitted vehicle accessories such as that sport rims, or car stereos that you’ve just installed, your vehicle wear and tear and most importantly, the depreciation of your vehicle.

Additionally, customers will be imposed a of RM400 for private car policy and their No-Claim Discount will drop from 55% to 25% if a claim was made against your insurance during the former

Despite their cons, MSIG insurance hasa good reputation with Malaysians and among the top choice for conventional insurance today. To find out more about the insurance and what they have to offer, you can visit https://qompanion.my/car-insurance/msig/comprehensive-motor-insurance-5807956a-8e21-4bc4-96c8-b8783e893ade.

#freelanceworks #Qompanion #articles