Is PolicyStreet Cheaper Than iBanding?

You may have heard of PolicyStreet to renew your car insurance online. However, do you know if PolicyStreet is cheaper or better than iBanding? Let us tell you. iBanding is cheaper. Let’s find out how in this article.

Did you know that it is easy to save money on car insurance. The mistake most drivers make is not taking the simple step of looking for the cheapest motor insurance. Instead, drivers simply accept the insurer’s renewal quote, mainly because they feel satisfied that the amount quoted is less than what they paid the previous year.

We will be comparing quotations that are generated by PolicyStreet and iBanding for a Proton Saga 1.3L Premium 4 Speed Automatic. The driver has a 30% Non-Claims Discount (NCD).

After inserting the car and owner details, below are the list of companies that are offered by PolicyStreet and iBanding to renew the car insurance. There is a list of 6 companies offered by PolicyStreet while iBanding offers a list of 4 companies.

Cheapest on PolicyStreet is RM809.33

Based on the list from PolicyStreet, the cheapest insurance is from Pacific & Orient which cost RM809.33 for a sum insured of RM33,300. The most expensive on the list is from Allianz which cost RM945.72 for a sum insured of RM35,000.

Cheapest on iBanding is RM654.60

Based on the list from iBanding, the cheapest insurance is from Etiqa which cost RM654.60 for a sum insured of RM33,000. The most expensive on the list is from Takaful Malaysia which costs RM869.00 for a sum insured of RM35,800.

In doing this comparison, we will be taking a closer look at the rates offer by a few insurance company from Policystreet and iBanding. As you can see from the lists above, AXA Malaysia and Syarikat Takaful Malaysia are the only 2 companies that are offered by both PolicyStreet and iBanding. Therefore, we will be comparing the rates offered by AXA Malaysia and Syarikat Takaful Malaysia through PolicyStreet and iBanding.

On PolicyStreet, the price of motor insurance from AXA is RM819.67 for a sum insured of RM29,000. Note that you cannot change the sum insured shown with PolicyStreet. The only way you can change the sum insured is by contacting PolicyStreet via WhatsApp.

On iBanding, you can change the sum insured manually. To make this a fair comparison, we have set the sum insured to RM29,000 as well. As you can see, the price of motor insurance from AXA is RM745.90 on iBanding for the same sum insured of RM29,000.

This means that you will save RM73.77 when you buy AXA motor insurance through iBanding’s special link. On top of that, you will also receive RM40 cashback when you use iBanding’s special link. This gives you a total saving of RM113.77. This is a saving of 14.9% of your money when you use iBanding.

On PolicyStreet, the price of motor insurance from Takaful Malaysia is RM903.70 for a sum insured of RM32,600. Once again, note that you cannot change the sum insured shown with PolicyStreet. The only way you can change the sum insured is by contacting PolicyStreet via WhatsApp.

On iBanding, you can change the sum insured manually. Once again, to make this a fair comparison we have set the sum insured to RM32,600 as well. As you can see, the price of motor insurance from Takaful Malaysia is RM822.30 on iBanding for the same sum insured of RM32,600.

This means that you will save RM81.40 when you buy motor insurance from Takaful Malaysia through iBanding’s special link. On top of that, you will also receive RM10 cashback when you use iBanding’s special link. This gives you a total saving of RM91.40. This is a saving of 10.6% of your money when you use iBanding.

There are several differences between PolicyStreet and iBanding. As you can see, the most notable difference is the price. Based on the comparison above, you can see that iBanding helps you save a lot of money compared to PolicyStreet. Let’s take a look at other differences between PolicyStreet and iBanding.

When you renew with iBanding, you will receive cashback that are paid directly to your bank account. These cashback ranges from RM10 to RM150. This means that you can earn money while you get the cheapest price on car insurance.

On the other hand, PolicyStreet does not provide any form of cashback when you buy car insurance through them.

Insurance companies usually give a 10% rebate when you buy online. As you can see from the quotation below, with iBanding there is a 10% rebate of RM85.15 given by the insurance company. This rebate applies when you are buying car insurance from any company through iBanding’s special link.

On the other hand, there is no rebate shown in the quotation from PolicyStreet.

With iBanding, you will be charged a lower service tax. The reason is because the overall price of your car insurance is always cheaper when you renew through iBanding. With a lower overall price, you will be charged a lower service tax. As it can be seen, the service tax on PolicyStreet is RM51.09 while the service tax on iBanding is RM45.98.

By renewing with iBanding, you save RM5.11 on service tax. This is about 10% lower compared to the service tax on PolicyStreet.

When you click to renew with iBanding through the special link, you will be directed to the official insurance company webpage where you can proceed to buy your car insurance. This shows that iBanding does not charge you any additional fees. You buy directly with the insurance company at the price that iBanding offers you.

When you click to renew with PolicyStreet, you will remain on the PolicyStreet webpage up until you complete your puchase. This means that you are buying from PolicyStreet instead of directly buying from the insurance company.

Compare the URL’s below: policystreet.com and axamotoronline.com

As you can see, iBanding is CHEAPER! To conclude, here is a table that shows the difference between PolicyStreet and iBanding.

As you can see, iBanding is the WINNER. When you choose iBanding to renew your car insurance, you are buying 25% cheaper, with cashback, with 10% rebate, with lower service tax and buying directly from the insurance company. Even though PolicyStreet offers more number of companies, it is not the cheapest compared to iBanding. Start saving your money now by choosing to renew your car insurance through iBanding.