Today, we will try to find out where to find the cheapest car insurance in Malaysia. Many of us will look for cheap car insurance, when we need to buy insurance for our car. Car insurance in Malaysia is mandatory and comparing car insurance was not necessary last year because insurance price was the same across insurance companies. Finding cheap car insurance was not necessary. 

This has changed for all Malaysians on July 2017 with the start of the Motor Detariffication. We have shared the good news on many of our articles. Now with different prices, it makes sense to compare and shop for cheap car insurance in Malaysia. So, who offers cheap car insurance in Malaysia?

Who has cheap car insurance in Malaysia?

One way to find the right insurance is to look for the cheapest insurance in price? At the moment, there is no webpage that offers on the spot price comparison between insurance companies.

iBanding offers manual comparison to its subscribers for selected insurance companies, so you can ask us to help you for free here. Because we get so many requests, please be patient, when we will provide you the comparison only the next day. We do it manually, so we need time. 😉

What people share about iBanding

We have done several hundreds of comparisons in the past and two companies stand out being most of the time the cheapest insurance for “most Malaysians”. We say most, because it depends on what type of driver you are to find the cheapest. Here are two type of drivers and the cheapest insurance for them.

The Cheapest Insurance For Two Types of Drivers

Driver Type 1: SAFE and SELDOM driver 

The cheapest insurance IF you are a safe driver or only use the car on weekends is AXA FlexiDrive with Telematics. You can find out more about it in our article “AXA FlexiDrive Telematics insurance explained and reviewed”. The big IF is important, because AXA will rate your driving every month and calculate how much cash back you get. At the end of the year you can get up to 20% back on your insurance. This is the highest in Malaysia at the moment.

The good news is that you are fully in control if you get the 20% back or not. This is different from the cash back that Takaful companies provide.

The bad news is that if you are a bad driver, you will not get the full 20% back. If you are moderate safe driver, you still can get some cash back like 10%.

The GREAT news is that you will never pay more. Even if you are the worst driver ever, you do not need to pay more.

A nice benefit is that over-time you will drive automatically safer, because through a mobile app you get feedback on your safe driving skill.

How to get AXA FlexiDrive?

To get AXA FlexiDrive you will need to buy insurance from AXA and then schedule a time to install the device in your car. The installation takes less than 10 minutes and you can ask a technician to come to you to install, instead of going to a workshop.

FlexiDrive with Telematics
by AXA

axa_logo_solid_rgb

cheapest car insurance by AXA

Advantages

+ very easy webpage to buy online and get 10% online discount
+ you are in control to get 20% cash back or not
+ even if you are not a safe driver you can still get discount like 10-15%

Disadvantages

– It is not offered as a Takaful insurance
– One -time refundable deposit of RM 70 for the device

Driver Type 2: Normal driver, but wants Takaful

Takaful Malaysia has been consistently the cheapest in the past few months. Besides the 10% online discount when you renew online, you can also get Cash Back at the end of the year, when the company performs well. So far it has been 15%. This is based on the principal of “Mudharabah”, where the profit is shared among the people who bought the insurance. Takaful insurance is not limited to Muslims. Anybody can buy a Takaful insurance and join in the principal of taking care of one another.

Besides the advantage of getting Cash Back, Takaful Malaysia also stands out for its complimentary Personal Accident insurance. You and your passengers will automatically receive the free insurance, when you buy from Takaful Malaysia. Takaful Malaysia is possibly the only company that offers it for free.

myMotor
by Takaful Malaysia

second cheapest car insurance by takaful malaysia

Advantages

+ very easy webpage to buy online and save extra 10%
+ up to 15% extra cash back if you have no claim
+ free Personal Accident insurance

Disadvantages

–  15% cash back is not guaranteed. You only get cash back if the company performs well
– No special discount for safe drivers

Summary: Cheapest Car Insurance Malaysia

  1. Axa Affin – AXA FlexiDrive car insurance
  2. Takaful Malaysia – myMotor car insurance

What is the difference between Cheap and Best Car Insurance?

In this article, we only looked at who is offering cheap insurance. We looked at who is offering insurance prices like AirAsia for flights. They will not always be the cheapest, but often times they are. You still want to compare.

But cheap insurance is not necessary the Best insurance. When we talk about who is the Best Car Insurance and Takaful company, we look also at customers service, claims service and many other factors. To find who is the Best, check out our Motor Insurance and Takaful Award for 2017/2018.

Want to compare insurance? 

If you want to buy car insurance online and want to compare insurances for yourself, check out our Ultimate Guide to Online Car Insurance. We list all the insurance company with direct links that offer car insurance online. You can use it as a starting point to compare.

Questions? 

Hope you liked our review on cheapest car insurance in Malaysia. Leave us a comment below or ask us a question and we do our best to answer you.