The Procrastinator’s Guide To Buying Car Insurance In Malaysia

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.

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.

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.

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.

Pos Malaysia does not offer the 10% direct discount because you are not buying the insurance directly. If there is an insurance branch near you, it is better for you to buy your insurance directly from the branch office, because you will receive a 10% discount. At Pos Malaysia, you get the same service  as offered by the branch office, but without any discount.

The biggest advantage of Pos Malaysia is that they can be found almost anywhere. Pos Malaysia has over 700 locations nationwide where you can buy your motor insurance. A big plus is that when you buy insurance you can also purchase the road tax simultaneously. Also, Pos Malaysia offers insurance from many different insurance companies.

When you buy insurance from the Pos Malaysia counter, your buying experience will depend on the clerk behind the window. If the clerk is experienced and knowledgable, he/she will be able to guide you to an insurance company and product that is best for you. If you are unlucky, you will get a clerk that will try to sell you an insurance that is best for Pos Malaysia, because they get better incentives from the insurance companies.

Pos Malaysia does not have a claims department. When you need to file a claim, you will have to find out from your documents from which insurance company you bought the policy from. Then you need to contact the insurance company to inform you what forms you need to fill out. There is no support in filling out the claims form. Without knowledge and experience, you may find it difficult to go about the claim process on your own.

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.

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.

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 the Motor Detariffication in our article Malaysian Motor Detariffication.

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.