The Couch Potato’s Guide To Buying Car Insurance In Malaysia

What type of car insurance buyer are you?

If you are feeling the drag to bring yourself to the insurance office to renew your car insurance and would rather have someone else do the due, you are The Couch Potato.

As a Couch Potato, you find that comparing prices is just too much work. Plus, there are so many insurance companies in Malaysia to choose from.

It just seems like you have to muster so much effort and leaving your house just for one task really isn’t your thing. Filling up the necessary forms, making payment and collecting road tax is totally killing your buzz.

But this is something you need to do and it has to be done right. On top of that, the renewal is just around the corner. All you want is to do get this renewal over with — without doing anything.

Fret not!

Today there are more ways than one to buy motor insurance. If you still want to have the luxury of your couch, buying from a full time insurance or Takaful agent is probably what you’re looking for.

Let’s explore further by looking at price, speed and convenience, sales advise and claims support when you buy from a full-time agent.

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 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 agents 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 1^st, each insurance company will offer a different price for you. Read more about Motor Detariffication in our article Malaysian Motor Detariffication.

CLAIMS SUPPORT: GOOD

Insurance agents play an important role during 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.

If this is still an option you think may not suit you, explore other options in our 2017 Buying Guide for Motor Insurance/ Takaful and Road Tax in Malaysia.

Overview Table of Buying Motor Insurance/Takaful in Malaysia

WAY OF BUYING INSURANCE	PRICE	SPEED & CONVENIENCE	SALES ADVICE	CLAIMS SUPPORT
MYEG	NEUTRAL	GOOD	BAD	BAD
Pos Malaysia	BAD	GOOD	NEUTRAL	BAD
DIRECT Insurance/ Takaful Branch	GOOD	BAD	BAD	NEUTRAL
ONLINE DIRECT	GOOD	BAD	NEUTRAL	NEUTRAL
Good Insurance/ Takaful Agent	NEUTRAL	GOOD	GOOD	GOOD
Car / Motorcycle Dealer without insurance staff	NEUTRAL	BAD	BAD	BAD