We are launching our annual 2018/19 Motor Insurance and Takaful Survey to find Malaysia’s Best Car Insurance and Takaful company. In the next 4 months Malaysian drivers can fill out a survey to share their experience with insurance companies. Every week, we give out Cash Prizes and at the end of the campaign we will raffle away smart phone to all the participants. Terms & Conditions apply.
Why is the Motor Insurance Survey important?
Malaysia has over 20 car insurance and takaful companies that each provide different prices and quality of service. This is similar like hotels. Some hotels cost more, but provide 5 star service. Some hotels are low-budget, but provide less services to the customer and only have 1-2 stars. Our independent math model shows you which insurance company provide 5 star service to the customer and can cost more.
This year you can win weekly prizes of cash and a grand prize of either an iPhone 8 or Samsung S9. You choose.
Check out our page about past winners and prizes here.
4th Annual Motor Insurance Survey
This year is the 4th time that iBanding is running the Motor Insurance Survey. Last year Etiqa Takaful and Takaful Malaysia won the Award for Best Takaful company. Etiqa won the Best Car Insurance Award for conventional insurance.
How is the ranking and award independent and different from other awards?
The ranking and awards are based on actual feedback from thousands of Malaysians that have a valid motor insurance. This is important, because only if you drive a car and have insurance, you can have experience with your car insurance. The survey is not a popularity contest, in which the company with the most vote wins. Through scientifically proven questions, the actual customer experience of drivers are captured to rank the insurance companies against each other.
Advantages of iBanding’s Car Insurance and Takaful Ranking
- Ranking is based on customer experience, not popularity vote
- Winners are selected by an independent math model, not from a panel of paid judges
- Survey is not sponsored by insurance companies
How to particpate?
Step 1:
Fill out the survey
Step 2:
Confirm your email
You will get an email to verify your email address. This is important to make sure that your entry is valid.
Step 3:
Share for extra chances
You will get an individual Lucky URL that you can share with your friends to increase your chances of winning. Every time a friend fills out the survey with your Lucky URL you get 3 extra tickets to win the grand prize.
Have questions? Leave us a comment below
The post Launch of Survey to Find Malaysia’s Best Car Insurance and Takaful Company appeared first on iBanding Making better decisions.
]]>The post Best Car Takaful Company in Malaysia – Guide to Buying Online appeared first on iBanding Making better decisions.
]]>One of the ways we at iBanding is helping the public in choosing the right insurance company is by conducting a yearly survey to find out what the consumer think of their insurance and takaful companies. The findings obtained from the survey enable us to produce the ranking of most (if not all) motor insurance and takaful companies in Malaysia. Earlier this year, the winners of the 2017/18 Malaysian Motor Insurance and Takaful Award were given to these tops companies:[/vc_column_text][/vc_column][/vc_row]
Malaysian Motor Insurance and Takaful Award 2017/ 2018
With these rankings as a guide, we hope the consumers are able to make more informed decision when choosing the company to insure their cars.
And to those who intend to purchase theirs from Syarikat Takaful Malaysia, the number one motor takaful company as voted by the Malaysian consumer for two consecutive years, we hope that this article will help guide you through the process.
Guide to Purchasing Motor Takaful from Syarikat Takaful Malaysia Online
Let’s start
The car takaful plan from Syarikat Takaful Malaysia can be purchased online from their online portal called Click for Cover or here.
It is a well streamlined and easy to use web portal and we assure you that anyone can do it within a few minutes. However, to ensure accuracy of information, it is advised that you have your vehicle registration card or renewal notice from your previous insurance / takaful company ready.
The first thing you need to do is key in a few information such as your NRIC number, car registration number (plate number), postcode and email address.
Step 1 – Get Quotation
If there’s a tricky part about the purchasing process, this could be it. But if you have a good knowledge about your car, or if you have your card with you, this step shouldn’t be an issue.
Information required here is largely vehicle and model-specific, such as variant, import type (local assembly, complete knocked down etc), type of anti-theft device fitted. You are also required to disclose what type of parking you have at your residence, if the car is still under bank loan and how many permitted drivers will be driving the car.
Once you’ve entered all the info, you should be able to see the preliminary price for your car takaful on your right.
Rebate 10%
This is the discount that you get for buying (or renewing) your insurance (or takaful in this case) online. This discount is not specific to Syarikat Takaful Malaysia. You should be getting this discount when buying directly from any insurance and takaful companies ONLINE.
Cash Back
It says: You may be entitled to an estimated Cash Back subject to financial performance, applicable tax deductions and no claims incurred during the coverage period.
According to Syarikat Takaful Malaysia, they are the only takaful operator to consistently offer this cash back as a reward for their clients who have not made any make within the coverage period. For more explanation about cash back, read here.
Personal Accident Coverage
As a Takaful Malaysia’s customer, you are entitled to a RM15,000 Personal Accident coverage for each passenger and driver. This comes at no additional charge to you.
Step 2 – Add Additional Coverage
Here you can add additional coverage that you would like to have. One of these is mandatory for you to add and that is the Named Drivers. Here you need to key in the number of drivers allowed to drive your car and be covered by your insurance policy. The first two drivers are free. You will not be able to leave this page as long as you have not put in a number.
Other additional coverage that you may choose are:
- Cover for Windscreens, Windows and Sunroof (highly recommended!)
- Legal Liability to Passengers
- Legal Liability of Passengers
- Strike, Riot & Civil Commotion
- Inclusion of Special Perils
- Compensation for Assessed Repair Time (CART)
- Extension of Cover to Thailand
All these come with a brief and helpful description. Once you add them to your policy, you will notice the quoted price to the right changes.
Step 3 – Certificate Owner Info
Easy step of keying in your personal and contact information.
Step 4 – Driver Info
Another easy step. Here you need to fill in the name, NRIC number, gender and relationship of the ‘named drivers’. The number of drivers that you will need to fill is according to the number chosen by you in step 2. If you only chose 1 driver, then there isn’t much for you to do here. Simply continue.
Step 5 – Confirm & Pay
Time to check that everything is alright and make payment.
Please note here that it says:
You will have to bear a compulsory excess of RM400 in the event of claim if your vehicle is driven by a person who is not named in your certificate or if the driver holds a Learner (L) driver’s licence. The excess is the first amount that you have to bear in respect of each and every claim.
So make sure that if your car is often driven by others, such as a spouse, a sibling, friend or child, they are nominated as named drivers in step 2. As mentioned, the first 2 (this includes you) are free. The rest are chargeable at RM10 per person.
Once you are happy with the coverage, you can make payment via credit card or bank transfer. The transaction is swift and secured. Voila. You have yourself a takaful cover for your car, at a 10% direct discount, and 15% cash back if you don’t make a claim within the next 12 months.
Benefits Enjoyed by Takaful Malaysia's myClick Motor Customers
What are the benefits that you will be getting with the car takaful policy you just purchased you may asked? Well, let’s look at them here.
1. Comprehensive coverage – this means that in case of an accident, not only your plan will cover for the damage and injury of the third party (if the accident is caused by you), but also the damages suffered by your own car. For more information about the different types of car insurance policies, click here.
2. 24/7 roadside assistance program – the round-the-clock emergency car assistance Tele Bantuan Program offers:
– Minor roadside repair: jump start services, change of battery or tires, emergency delivery of petrol and/or minor wiring work with free labour costs up to 2 hours
– Towing service: free towing service up to 50km per incident from breakdown scene to the nearest Takaful Malaysia’s panel workshop and maximum of RM200 to the nearest Takaful Malaysia’s panel workshop in case of accident
3. Cash back reward no claims – You car insurance will be cheaper with extra cash back if you do not file a claim and the company is doing well.
4. Complimentary Personal Accident coverage – for both you and your passengers up to RM15,000 per person.
Sounds good! Ready to purchase? Click here.
The post Best Car Takaful Company in Malaysia – Guide to Buying Online appeared first on iBanding Making better decisions.
]]>The post Focus Malaysia: Use Motor Detariffication to Your Advantage appeared first on iBanding Making better decisions.
]]>In our never ending pursuit in consumer education about insurance, iBanding’s Co-Founder and CEO, Mr Luke Roho has been invited as a guest writer to shed some lights on how to best take advantage of motor detariffication on a local esteem publication, Focus Malaysia this week.
Focus Malaysia: Use Motor Detariffication to Your Advantage
About Focus Malaysia:
Focus Malaysia is a business weekly that publishes news and analysis on issues relating to corporate affairs, small and medium enterprises, economics, personal wealth and current affairs. Led by a team of experienced editors and writers, the magazine offers in-depth coverage of topics relevant to business leaders as well as the man in the street.
Focus Malaysia was founded in 2012 and is now the largest circulating business magazine in its category (Audit Bureau of Circulation). The magazine provides specialist coverage of companies listed on Bursa Malaysia, property news, the role of small and medium-sized businesses, and personal wealth management issues. Focus Malaysia is also a platform for the discussion of macro-economic topics such as wealth distribution, sustainability and the impact of innovation and technology.
The post Focus Malaysia: Use Motor Detariffication to Your Advantage appeared first on iBanding Making better decisions.
]]>The post Focus Malaysia: Do You Need Motor Insurance Add-On Covers? appeared first on iBanding Making better decisions.
]]>
Focus Malaysia: Do You Need Motor Insurance Add-On Covers?
When we buy comprehensive motor insurance cover, some of us may have a false sense of security that we are covered against every calamity. Unfortunately, this is not the case, for insurance often comes with exclusions that are often overlooked by many. – Focus Malaysia
To continue reading, please visit Focus Malaysia.
Focus Malaysia Issue 266
The post Focus Malaysia: Do You Need Motor Insurance Add-On Covers? appeared first on iBanding Making better decisions.
]]>The post Do Malaysians Really Trust Their Motor Insurance Companies? appeared first on iBanding Making better decisions.
]]>Has it really happened? Probably not to us personally, but it has happened to someone we know – a friend, or a friend’s friend. Or we may have read it in the newspapers how a customer is suing an insurance provider for refusing to pay the money owed to them. More often than not, we don’t take the time to understand these claims, but what remains permanently stuck in our head is that insurance companies cheat.
Although these cases do occur, albeit rarely, to the majority of us, the main question perhaps should be: “Are we truly happy with our insurance providers”. Maybe it is time that we try to understand how well our providers are serving us, instead of having our minds made up by the few who have had less than positive experiences with their insurance providers.
Perhaps we need to put in place a measurement tool that determines customers’ satisfaction towards their insurance companies. Perhaps with this measurement we as the consumers are able to make informed choices in choosing our insurance providers.
An award to recognize best providers
Well that is in fact the purpose of iBanding’s Motor Insurance Award. The Motor Insurance Award is an annual study to objectively determine the best motor insurance and takaful companies in Malaysia. Before giving out the awards to the best insurance and takaful companies, iBanding carries out a survey to find out the consumers’ satisfaction level and opinions about their motor insurance and takaful providers.
This is both important to the customers and the providers. The customers because the survey findings help them understand what others think about each insurance company. This will better equip them with the knowledge they need in making a wiser decision when choosing one for themselves. While it is important to the providers as this helps them improve as they get the insights into what customers look for in choosing a provider.
Below is a segment aired on Astro Awani’s Smart Money in January 2018 with iBanding’s co-founder Mr. Luke Roho. Luke spoke about the Motor Insurance Award and how it benefits both the consumers and providers.
Net Promoter Score as a tool to measure customer’s loyalty
So how do we really know how happy are the Malaysian motor insurance customers with their insurance providers? One way is by looking at the Net promoter score used by iBanding. Below is the definition of the NPS by Medallia:
An index ranging from -100 to 100 that measures the willingness of customers to recommend a company’s products or services to others. It is used as a proxy for gauging the customer’s overall satisfaction with a company’s product or service and the customer’s loyalty to the brand.
The ranking of motor insurance and takaful companies based on the response from actual customers offers insights into how satisfied they are with their providers. For 2016, Syarikat Takaful Malaysia and Allianz Insurance have emerged as Malaysia’s favorites for each of its respective categories.
Click here for the full ranking of insurance companies and takaful providers from the 2016 findings.
How the survey findings can help the Malaysian customer – Past and present (preliminary) findings
Distribution channel: In 2016, it was found that more customers have opted to purchase their insurance directly (online) compared to 2015. This trend is expected to continue as more and more insurance and takaful companies are introducing their own online web or mobile platforms to allow the public to make easy purchase without having to walk in to a branch. But perhaps what’s more appealing to the customer is the omission of the extra 10% agent commission fee when they purchase their insurance this way (online). Translation: Immediate 10% savings when customers purchase online.
That personal touch: Past survey result shows that customers who purchased their motor insurance through a “person” such as an agent or representative at an insurance branch are happier than those who purchased online. This could be largely due to the fact that any claims that arise later can be dealt with easier having someone knowledgeable to help with the process.
Service level: Price was one of the most important determining factors for customers when choosing a certain company. However from the findings we found that the main factor for customers to recommend their insurance provider was service level. This factor is especially critical during a claim. The average customers are not very insurance-savvy and an insurance providers extent and willingness to offer their services during a claim is of utmost importance.
Price comparison: From the preliminary findings of the current survey, 50% of participants are comparing premium prices before making their decision. This is a big jump from 2016’s 30%. With detariffication of motor insurance going live in July 2017 where motor insurance premium is no longer the same across all providers, comparing prices can mean a potential saving especially to the more cost conscious buyers.
The Motor Insurance Award 2018
The survey that began in November 2017 came to a close on 31st January 2018. iBanding will soon be announcing the top insurance and takaful companies based on the opinions of the Malaysian public.
With such effort in place, iBanding hopes to offer the Malaysian consumer with a clear and transparent insight on the local motor insurance industry, furthering its mission in providing education and awareness about insurance to the public.
Subscribe to iBanding’s newsletter or follow us on our Facebook page to get the announcement on this year’s Motor Insurance Award winners.
The post Do Malaysians Really Trust Their Motor Insurance Companies? appeared first on iBanding Making better decisions.
]]>What is roadside assistance?
Roadside assistance is a form of protection when your car breaks down while on the road. Typically professional assistance is just a phone call away. It’s like your safety net when your car fails on you and you have no clue what to do.
In Malaysia, you can pretty much get roadside assistance cover when you buy a car insurance with a basic cover. The roadside assistance cover makes up to a more comprehensive coverage.
While that may be the case, some insurance companies offer roadside assistance cover on its own too. Which means if your car doesn’t have a roadside assistance cover yet, you can purchase it as an add-on.
Roadside assistance usually includes a number of services. Although the kind of services will vary between providers, here are some of the most common inclusions in roadside assistance products.
1. 24-hour emergency towing assistance
This service can be incredibly handy when your car breaks down and it’s not possible to repair it on the spot. The service provider will usually assist you to tow it to your preferred location.
Although towing location can be entirely your choice, there may be charges if the towing exceeds a specified mileage limit set by the insurance company.
2. Minor roadside repairs
Once upon a time, we could perform a fair amount of DIY repairs on our vehicles when we faced with a vehicle breakdown. It was probably way easier back in the day because cars weren’t so complicated then.
But with today’s complex, more intricate engine systems and mechanical build up, it’s probably wise to get a professional to have a look at the problem.
Roadside technicians are likely to assess your vehicle on the spot to see what needs to be fixed and if it can be fixed right away. But usually, they would have already done a brief assessment of your breakdown via phone when you call in for help. So before they get to the breakdown site they would’ve already had an idea of what to do.
The one thing that you will need to keep in mind is that they will only cover the labor cost. If there are additional spare parts required, you may need to pay for the cost of the spare parts.
Here are some common minor roadside repairs and assistance:
- Fuel delivery
- Battery replacement
- Jump-start your vehicle
- Fuses replacement
- Fit new drive belt
- Repair hose damaged fittings
- Other basic fixes
However, if the problem is a lot more serious, they’ll arrange for a tow.
3. Flat tire, help!
A flat tire can be such a nuisance when you are on your way to an important appointment. All dressed up and getting grease on your clothes is just not how you want your day to go.
The safety aspects of fixing a flat tire by the roadside with fast cars driving by could also hinder you from fixing your flat tire. So changing flat tires is always a common type of service offered under the roadside assistance program.
4. Other services
The service listed above are the most commonly included in a roadside assistance service. But some insurance companies include additional services that can cater to situations you may not have even thought of until you really face some serious car trouble on the road.
Alternative travel assistance – In case you get stranded somewhere because of a car breakdown or an accident, roadside assistance can help to arrange for a taxi, make hotel reservations or rent a car.
When you need to bring your car back to Malaysia – Some insurance companies offer services to tow your car back to Malaysia in case you have car trouble outside of Malaysia. Typically, roadside assistance is extended to provide towing services in neighboring countries such as Singapore, Thailand, and Brunei.
Ambulance – When you’ve just had an accident and are injured, roadside assistance can also help to arrange for an ambulance pick-up to bring you to the nearest hospital.
Notify family members – They can help to relay messages to your friends and family that you’ve just met with an accident.
Family and friends roadside assistance – Some insurance companies extend their roadside assistance cover to your family and friends’ vehicles. The only condition is that you must be in their vehicle too.
Keynotes to look out for in a roadside assistance
- Is this roadside assistance available 24/7?
- How can I get hold of roadside assistance when I get into car trouble?
- Is there a limit to the number of call-outs for assistance?
- Is technical advice included in the roadside assistance hotline?
- What are the geographical limits to my roadside assistance? Does it include assistance when I go off-road?
- Are there any financial limits for the different services or benefits offered?
Roadside assistance may vary between each insurance companies. Ultimately each one will have terms and conditions that are not the same.
So it’s always wise to read up your policies to fully understand what you are covered for to avoid surprises when you really do have car trouble.
Companies that offer better Roadside Assistance
There are only a few companies that offer a more comprehensive roadside assistance service as an add-on to their motor insurance policy. Allianz for instance, offers a product called “Enhanced Road Warrior” that you can buy in addition to your normal motor insurance cover.
It’s definitely worth to have and shop around for
If you’ve got your car insurance and road tax covered before your next renewal due date, that’s good. But did you check if you already have a roadside assistance? And if you have do you know what exactly is included in your roadside assistance cover?
Roadside assistance services may be seemingly small to you but when you have to fork out your money unexpectedly while on the road, shaken by an accident or simply stranded somewhere with no clue on how to fix your vehicle, roadside assistance will be your rescue on that day.
Not having roadside assistance is like taking a chance at your money. And if you already have one, get to know your roadside assistance services.
The post Roadside Assistance: What is it and Why Do I need It? appeared first on iBanding Making better decisions.
]]>The post The Unknowledgeable’s Guide To Buying Car Insurance In Malaysia appeared first on iBanding Making better decisions.
]]>Insurance, in general, is one of the fundamentals of a personal financial protection. We can safely go so far to say that it is quite vital to have in our lives. This includes having a car insurance which, in Malaysia is compulsory for every car owner to have.
Yet, despite the mandatory requirement, it still is, to some, a confusing and to a certain extent remains a skepticism to a lot of folks. Perhaps the degree of complexity of insurance in general, or the posture of those who are selling it, or maybe it is our own preference to avoid it contributes to us becoming unknowledgeable about the subject.
But armed with proper information, your decision-making process can be simplified tremendously and eventually you’ll be able to arrive at the right choice for both you and your family.
For someone who is new at buying or renewing their car insurance, or not so new but is still unsure of not just the buying/ renewing processes but especially the claims procedure, here’s your absolute best way to go about doing it.
Buying from full-time insurance/takaful agents
In our yearly survey to find the best motor insurance company in Malaysia, we found that Malaysians largely buy their insurance from an agent. In 2016, 34% of our survey respondents bought through an agent. You can read more about the award here. So we are curious to see how good the insurance agents are compared to the other channels.
PRICE: NEUTRAL
We have ranked buying from an insurance agent as neutral because it really depends on how efficient your insurance agent is and how well you know him. If your insurance agent is a family member, then there might even be a chance that you will receive part of the commission back. On the other hand, it is not BAD like Pos Malaysia, because you pay for the extra service that a good agent is providing you.
SPEED & CONVENIENCE: GOOD
Buying from an insurance agent offers the best possible service you can get, especially if you choose a reliable agent. Picking the right agent is critical as they not only put your needs before theirs but can also help you in picking the right insurance product. Buying through an insurance agent also is the most convenient way of purchasing your insurance, because filling out all the necessary forms, payment, collection and delivery of road tax are all done through the agent.
When it comes to speed, not all insurance agents will be able to give you the road tax together with the insurance on the spot like Pos Malaysia or an insurance branch. However, some agents have their own Road Tax device from MyEG that allows them to issue the road tax. You can identify them by their MyEG sign at their office. Often times, the places are labeled as MyEG Kiosk.
SALES ADVICE: GOOD
Large agencies can represent more than one insurance company. These agents can help you compare prices among insurance companies to find the cheapest. This is important because with the motor detariffication starting July 1st, each insurance company will offer a different price for you. Read more about the Motor Detariffication in our article Malaysian Motor Detariffication.
CLAIMS SUPPORT: GOOD
Insurance agents play an important role in accidents. When you are involved in a road accident or if your car is stolen, a good insurance agent will be able to guide you what to do and what not to do. The agent will be able to advise what the insurance company will cover and pay for. A great agent will even fill out the claims form for you and collect all the necessary documents to file the claim with the insurance company.
Buying from a full-time insurance/Takaful agent is a good way to get started. When you have zero knowledge about car insurance, they are the best people to advise and perhaps even educate you about car insurance and help you out when you need to make a claim.
They are equipped with product training and will know how to explain the technical terms and coverage in a simplified manner to you. And the best thing is that they can usually come to where you are anytime you like and even remind you of your insurance renewal way in advance.
Explore other options in our 2017 Buying Guide for Motor Insurance/ Takaful and Road Tax in Malaysia.
The post The Unknowledgeable’s Guide To Buying Car Insurance In Malaysia appeared first on iBanding Making better decisions.
]]>The post Why You Need Flood Cover For Your Car appeared first on iBanding Making better decisions.
]]>Dramatic photos of the aftermath of the recent floods that hit Penang are showing homes filled with waist-deep water and floating cars. Local newspapers reported the flood incidents as one of the worst that has ever hit Malaysia in 40 years. But these images have also triggered a question: Do we all need flood cover?
It’s obvious that the risk of floods is no small matter and can have a serious impact on a car owner’s financial well-being. So we take a look at why you need flood cover for your car.
1. Flash-floods happen frequently in Malaysia
Malaysia usually experiences two monsoon seasons in a year. The Southwest Monsoon season usually happens from May to September and the Northeast Monsoon season starts from November up to March the following year. This means every year you can expect heavy downpours and for anyone living in low-lying areas the possibility of flash floods happening every year is definitely high.
Recently reported flood-prone areas according to infobanjir.
Perlis – Berseri
Kelantan – Pasir Mas, Tumpat, Tanah Merah, Pasir Puteh, Kuala Krai
Kedah – Padang Terap
Terengganu: Marang, Setiu
Pulau Pinang – Timur Laut, Seberang Perai Tengah
Pahang – Raub, Kuantan
2. Flood-damaged cars can cost a bomb to repair
The severity of damages to a car that has been caused by floods can vary. The worst damage can cost a car owner up to RM 50,000 to repair. Cars that are fully submerged while engines are still dead will not have major damages where the cost to repair won’t be as high.
But if a car is fully submerged and car owner attempts to start the engine, the electric control unit (ECU) will be shorted out.For an average car, this repair work can cost up to RM 7,000 and a whopping RM 30,000 for a BMW!
Source: The Star
3. Your current car insurance may not cover Damages Due to flood
You might assume that in a tropical country like Malaysia, with frequent flash floods every year, your policy includes automatic coverage for damages to your car due to flood. Perhaps it’s time to check your policy again.
Even though you may own a Comprehensive cover, it does not necessarily include coverage against flood! Flood coverage is usually offered by insurance companies as an add-on option. The cover falls under special perils such as flood, earthquakes, storms, typhoons, landslides, and volcanic eruptions.
This, of course, requires an additional premium of 0.5% from the total sum insured of your vehicle. That may sound like a lot to top-up in addition to your car insurance premium, but it’s always best to re-evaluate your need for a flood cover.
Here is an estimate of how much you may need to add-on.
Sum Insured: RM 30,000
Base Premium : RM 1,059.50
No Claim Discount (55%): RM 582.73
Base Premium: RM 476.77
Flood Cover (0.5% from sum insured): RM 150.00
Subtotal: RM 626.77
Subtotal after rebate (10%): RM 564.09
Total premium you need to pay after GST and Stamp Duty: RM 607.94
While it makes a lot of sense for someone who lives in flood-prone areas to take up flood cover, it may also make sense for someone who drives frequently in flood-prone areas to consider getting the flood coverage.
While flood could be important to you, there are other additional covers you may want to consider. Read more on additional coverage for your car here.
Parting Thoughts
Usually, car owners are tempted to opt for the cheaper premium and more often than not they tend to miss some important coverage that they should seriously be considering given the risk factors that they are exposed to.
In other instances, car owners tend to assume that their cars are covered for damages due to other causes when it’s not. Check out 7 other instances that your car insurance does not cover.
The post Why You Need Flood Cover For Your Car appeared first on iBanding Making better decisions.
]]>The luxury of knowing.
When detariffication was implemented in Malaysia, we knew that providing access to tools and information is the best way we can help you and many other Malaysians find the best car insurance. With over 30 insurance companies and each offering their own price, comparing and shopping around for the best deal is ever more so important.
So is choosing the best way to buy a car insurance. In this article, we show you that even though most coverage can be similar, the difference lies in price, speed, and convenience, sales advice as well as claims support. You’re always at an advantage if you know of a vital information before committing to something.
You may have used your insurance policy multiple times in a year, or you’re probably someone who is working in the insurance field or had an accident and has submitted claims before. These experiences allow you to pinpoint the lack of coverage. The next time you look to renew your car insurance you have some knowledge and know what exactly to look for.
In this case looking at sales advice is probably not a priority, but price, speed and convenience and claims support are something you may want to consider before buying a car insurance.
Buying from MyEG online
PRICE: NEUTRAL
When you buy your insurance from MyEG, you do not get a 10% discount. MyEG acts as an agent, so you are not buying directly from the insurance companies. MyEG currently (June 2017) offers insurance from the following insurance companies: AIG, Zurich Takaful, Etiqa Takaful, RHB Insurance, Berjaya Sompo Insurance and Takaful Malaysia.
SPEED & CONVENIENCE: GOOD
MyEG is very convenient because besides buying motor insurance, you can benefit from other useful services like check your summons and purchase your road tax. This saves you a lot of time and trouble, especially since you can have both the insurance and road tax delivered to your doorstep.
SALES ADVICE: BAD
The disadvantage of buying direct is that you need to have some background knowledge on insurance to select the right insurance company and policy. With MyEG you can choose from different insurance companies, but you will not know what the differences are. With the start of the Motor Detariffication this July, you will want to compare prices among the various insurance companies to find the cheapest insurance. You will need to do that on your own for each of the companies.
CLAIMS SUPPORT: BAD
When you have a claim, MyEG offers a hotline that you can call. But when you call the line, MyEG will refer you to the insurance company hotline or website. There is no support in filling out the insurance claims form. Without knowledge and experience, you may find it difficult to go about the claim process on your own.
Buying insurance DIRECT from the insurance or Takaful branch
PRICE: GOOD
If you buy your insurance directly from the insurance company, you get 10% discount on your premium. This is great because it offers the lowest possible price for you from that particular insurance company. If you buy the insurance from a Takaful company, you might even be entitled to a 15% rebate when you renew your motor insurance. This means next year, you can save up to 25% on your motor insurance.
SPEED & CONVENIENCE: BAD
To buy insurance from the insurance company directly, you need to find out where the nearest insurance branch is. This is less convenient than buying from Pos Malaysia, because Pos Malaysia has more than 700 locations. Allianz Malaysia, one of the largest motor insurer has only 35 branches. You need to be careful, when choosing a branch, because some branches only sell Life insurance and not Motor Insurance. Also, you have to go out and buy yourself the insurance from the counter to get the 10% discount, because you need to show your IC. If you want to buy the road tax at the same time, you will also need to check fi the branch offers road tax renewal on the spot. Only a few branches have the machine to print out the road tax. We categorized the SPEED & CONVENIENCE BAD, because of those inconveniences.
SALES ADVICE: BAD
The disadvantage of buying from the insurance branch is that you need to have some knowledge on insurance to know which insurance company you want to buy from. So in advance you need to know how good the insurance company is. Also you need to know if the insurance company that you want to go, offers the right price for you. If you want to compare the insurance from different companies, you will need to go to each one of them to find out the price. With MyEG and Pos Malaysia you can choose from different insurance companies at one location. When you go to the insurance branch, you can only choose from that insurance company.
If you want to research about the quality of the insurance company, you can read our article 2016 Malaysia Motor Insurance Award to find our ranking.
If you buy insurance at the insurance branch, you also need to check beforehand if they offer road tax renewal on the spot, as not all branches have the capability to issue road tax immediately.
CLAIMS SUPPORT: NEUTRAL
When you are involved in an accident, you can walk into the same insurance branch you purchased your insurance from to file a claim. You can speak with the person in charge face-to-face, so you can get help in making the claim. This is much better than having to wait on the line with the call center or waiting for an email response. Here you can just walk into the branch and find a person responsible for claims.
Buying insurance ONLINE DIRECT from the insurance/takaful branch
PRICE: GOOD
If you buy your insurance online direct from the insurance company, you get 10% discount on your premium. This is great because it offers the lowest possible price for you from that particular insurance company. If you buy the insurance from a Takaful company, then you might even be entitled to 15% rebate, when you renew your motor insurance. This means next year, you can save up to 25% on your motor insurance.
You can find a list of insurance companies that offer insurance online in our article Advantages and Disadvantages of Buying Motor Insurance Online in Malaysia.
SPEED & CONVENIENCE: BAD
Similar to buying directly from the branch, the disadvantage of buying online direct is that you need to have some knowledge on insurance. You need to know which insurance company is the best for you and what insurance product to select.
If you buy insurance online, you will need to buy the road tax separately on your own. Most insurance companies do not combine the purchase of insurance with road tax like MyEG does.
SALES ADVICE: BAD
The quality of sales advice you get is similar to buying insurance from MyEG. You need to have some knowledge of insurance and know from which company you want to buy online from. Compared to insurance branches buying online is good and bad at the same time. It is good, because if you want to compare prices among companies, you do not need to go to each one of them physically instead you can do so online. It is bad however because you do not have a person that you can ask questions. You need to find the information on your own on the internet.
CLAIMS SUPPORT: NEUTRAL
Unlike buying your motor insurance online through MyEG, you still have insurance branches that you can go to. You can then speak to someone in person to get help with your insurance claim. We ranked it as NEUTRAL because in case the insurance company denies you the claim, you are on your own to figure things out. Insurance staff make mistakes, so you want to have someone you can consult with.
As you can tell, almost all of the options above have bad sales advice. But it’s ok because you already know what to look for in a policy. Ultimately before renewing your car insurance, a good price, a reasonable convenience and speed of service, as well as a good claim support, will only help you fine-tune your decision in buying a car insurance.
Explore other options in our 2017 Buying Guide for Motor Insurance/ Takaful and Road Tax in Malaysia.
The post The Insurance Savvy’s Guide To Buying Car Insurance In Malaysia appeared first on iBanding Making better decisions.
]]>The post What Type of Driver Are You? Your Car Insurance Price Depends On It! appeared first on iBanding Making better decisions.
]]>This change happened on the 1st of July 2017, where the detariffication or liberalisation of motor insurance took place for the whole of Malaysia. It is not something that happened overnight, so if you’re hearing this for the first time, you have a lot of catching up to do!
Scroll down or click here for easy to follow infographic if you’re not a fan of reading.
Prior to this change (and for the past 30 years or so), the price of car insurance followed a strict tariff structure provided by BNM. So irregardless of which insurance or takaful company you bought your insurance from, the price had always been pretty similar (with some minor differences due to other factors). Two main factors that determined the price of insurance were: vehicle engine and sum insured (either based on agreed or market value).
The Malaysian Guide to save on car insurance
Factors determining the price of car insurance today
Oh how things have changed! Today the price of your insurance is calculated based on all sorts of factors! For instance:
The vehicle itself – vehicle age, engine size, car model theft rate, safety features;
The driver/ car owner – years of driving experience, occupation, marital status, history of traffic violations and insurance claims etc.
Here at iBanding, we’ve touched on this subject extensively and many times over. So this time we shall look at this topic from a different angle – how your driving behaviour affects the price you pay for your car insurance.
Infographic: High Risk Driver vs. Low Risk Driver
Detailed explanation below.
Share this Image On Your Site
How you drive = how much you pay for your insurance!
The price of your car insurance is largely determined by your risk profile as a driver and car owner. In a nutshell…
High risk driver = Higher car insurance price
Low risk driver = Lower car insurance price
1. The Careful Driver vs The Reckless Driver
The careful driver is always alert while on the road and is considerate. To the careful driver, his safety and the safety of his passengers as well as other road users is of utmost priority and importance.
With this attitude, he takes traffic regulations seriously. He has a very slim chance of getting involved in accidents. And when he does, it’s not his fault. Therefore he probably has never made any claim against his insurance policy.
The reckless driver is the complete opposite. They are inconsiderate, they road rage, are ill-tempered and they completely disregard the safety and well-being of other road users, or that of their own for that matter. Being Malaysians, like it or not, we all have seen them in action on the road.
Their careless and reckless behaviour often result in a higher number of road accidents to their names. This also leads to more number of motor insurance claims against their insurance policies.
2. The Traffic Observer vs The Traffic Violator
A driver who abides by traffic rules naturally is a careful driver. They take rules seriously and therefore may have very few traffic violations or none at all. They don’t drive above speed limit, don’t overtake at double-lines and they use their indicators when making a turn.
Needless to say, a traffic violator takes traffic rules lightly. They do no necessarily care about the safety of others or that of their own. Speeding, using mobile phone without a hand-free kit while driving, overtaking dangerous and recklessly and running red lights. Naturally, these drivers are no strangers to speeding tickets and other types of ‘samans’.
3. The Vigilant Driver vs The Incautious Driver
We are looking at this from the aspect of car safety and not from the aspect of driving behaviour. The vigilant driver always ensures that his car is safe. They install sufficient safety devices and features and make sure to always leave their cars at safe locations. But that is not all. They also ensure that they send their cars for checkups and maintenance on a regular basis.
The incautious drivers do the total opposite. They do not give any attention to the safety of their cars. They leave their cars in areas with high crime rates. They don’t install additional safety features and they don’t carry out regular maintenance to ensures the safety and security of their cars.
Your role as a car owner and driver
No doubt our responsibility as car owners and drivers is to ensure the safety of other road users as well as our own. However with liberalisation of motor detariffication, we may have just gained one more responsibility.
The price of our car insurance now depends on our behaviour as owner and driver. High or low, cheap or expensive, we can more or less decide it on our own.
If you are looking for an experienced and knowledgeable insurance agent to renew your motor insurance, you can easily find one on our directory.
The post What Type of Driver Are You? Your Car Insurance Price Depends On It! appeared first on iBanding Making better decisions.
]]>