Like many of my insurance policies, my annual motor insurance renewal is handled by my agent. However, he didn’t inform me about the LIBERALISATION!
My little Kancil has been faithful to me for decades and I maintain full insurance on it every year. At first glance, it would seem that liberalisation would not work in my favour, but no, I’m not overly worried about it.
As a firm believer in insurance, I see liberalisation as a forward -thinking move with many potential positive outcomes. And, this is me seeing it in general for everyone in Malaysia, not just for my case.
Think about it – if all goes as it ideally should, there would be more considerate drivers on the road which could lower accident cases and death numbers. At the very least, bad drivers will be incentivised to adjust their driving behaviour to become lower risk and be rewarded with a reduction in premium.
Based on my research so far, it would be too soon to jump the gun and say that I’m automatically in the
“pay more premium” category, for though my car is old, I possess good driving record (100% accidents were due to another driver’s negligence) and heck, with stiff competition among insurance companies now, I am sure that with patience and thorough research, I’ll be able to customise an insurance policy suited to my current driving lifestyle!
If you are at a loss about liberalisation, my research had lead me to this article; http://www.thestar.com.my/metro/metro-news/2017/10/12/high-risk- vs-low- risk-drivers- which-one- are-you/ and I would suggest reading this as a start.
In a nutshell, motor insurance premiums in our country will no longer be based on a fixed price effective 1 July 2017. It will take into consideration factors other than the type, age and cc of our vehicles such as driver’s behaviour and if we scheduled regular maintenance for our vehicles. Insurance companies are also able to price their products differently and introduce more new products. Now, that’s good news to consumers like us!
However, if you ask me which insurance companies are worth considering, I’ll have to admit that I’m shopping around too. One that caught my attention among a few was by Chubb – a new product named the ‘ MY Car Insurance‘. I particularly like the unique added benefits like hotel accommodation and temporary car provision. Wow, now that’s really convenient!
And not to mention the flood coverage feature too. I grew up in Penang and the floods that happened recently was the worst that I’ve seen. I believe this feature is crucial considering that KL too, is prone to flash floods. Plus, there is also the handbag and wallet guard compensation – why not right?
Chubb’s operation in Malaysia (Chubb Insurance Malaysia Berhad) provides a comprehensive range of general insurance solutions for large corporates, small and medium-sized businesses, as well as individuals through a multitude of distribution channels.
I’ve written about their travel insurance HERE and I’ve had no issues with the coverage or service during the year the policy was in effect. I’m now considering Chubb MY Car Insurance once my car insurance policy is due. For more information about Chubb motor insurance you can refer to: chubb.com/my-motor.