A Malaysian Guide To Buying Car Insurance Online
So, after going through the whole nerve-racking process of deciding on which car to buy: the endless research, several test drives, and multiple discussions with your father/mother/uncle/aunty/boyfriend/girlfriend (the list goes on), you finally found your ideal car. Just when you thought you are done with the ultimate adult responsibility of decision making, life throws in another headache for you: Which car insurance should I buy now?
Any Malaysian who owns a car knows that car insurance is compulsory in our country. If you’re lost and confused as to how to purchase car insurance, well today is your lucky day! GoBear is here to help you with a 101 guide on how to buy car insurance online. You can also call it as “Car Insurance for Dummies”!
First things first, before you decide on what type of car insurance you want to purchase, you need to know the different types of policies available in the market. The 3 main categories of car insurance are:
Third party, fire and theft;
These insurances provide different forms of compensations to you. Third party insurance is the most basic, and most commonly purchased among the three. True to its name, it provides coverage for the third party involved in any car accident. In other words, if you are at fault in an accident, this policy would cover the cost of the other person’s car repair works and their medical expenses as well.
The second policy – “Third party, fire and theft”, provides additional coverage for your car in the event of fire or when your car is stolen. Simply said, besides the basic coverage mentioned above, you will also be compensated when your car is caught on fire or stolen.
The third policy, comprehensively delivers the most coverage as it also provides coverage for your own car in accidents.
As mentioned in our previous article, there are many portals and methods to purchase car insurance. In this article, let’s focus on purchasing car insurance online as it is one of the easiest and most convenient for our generation of IT-savvy Malaysians.
The best way to decide on which insurance company to choose is to first research on the variety of car insurance policies provided by each company. Don’t worry if it becomes a bit overwhelming, as GoBear is always here to make your life easier! You can go to our car insurance comparison website that will be launched in July to compare and decide on the most suitable car insurance for yourself.
You can also go to insurance info’s website to have a rough calculation on your car premium by providing some details about your car like the type of car, its engine capacity and other basic information.
Bear in mind that any car insurance will not cover certain losses, such as your own death or bodily injuries due to an accident. Your liability against claims from passengers in your car and loss or damages arising from natural disasters are not covered as well. However, you do have an option to cover these exclusions by paying additional premiums to extend your policy to cover flood, landslides, as well as your passengers.
Another important factor that you should note is to be very honest to your insurance provider. You have to disclose fully all material facts, including your history in previous accidents, modification to your car engines etc. Should you fail to disclose any details, your insurance company has the right to refuse to pay your claim or any claims made by a third party against you. If that is the case, you unfortunately will have to fork out money from your own pocket to pay the claims. Honesty is key, everybody!
There is another term known as an “excess”, aka deductible. It is the amount of loss you have to bear before your insurance company pays for the balance of your vehicle damage claims. There is a compulsory excess of RM 400 value charged if your car is driven by a person who is not named in your policy, or when your car is driven by a person who is named in your policy but under the age of 21. Besides that, a named person in your policy who is holding a provisional (P) driving licence will also be incurred the deductible as well.
After buying your car insurance, you can finally proceed to renewing your road tax. If you are familiar with online banking and using the internet, you can log on to www.myeg.com.my to complete your renewal comfortably at home or at the office. This service is hassle-free, time-saving, cost-effective and accessible at any time. You can also choose to have the road tax delivered to you with a small delivery charge. But if you do not want to renew your road tax online, you can also renew it at the nearest post office station. By doing so, you will be able to get your renewed road tax on the spot!
Voila, you can now go around driving without worry as you know you are always protected. Just make sure to be safe on the roads and drive responsibly!