Ways to save money on car insurance

Car insurance is required by law in Malaysia

Car insurance is one of those things that we all know we need, but few of us can understand. In Malaysia, car insurance is compulsory by law, which means that every driver on the road must have a valid policy in place. The value of gross written premiums by motor insurance companies in Malaysia in 2020 had reached 8.4 billion ringgit. A very big industry.

You can start saving money from the moment you decide on buying a new car. Based on the report by Vehicle Theft Reduction Council in 2016, the most vehicles prone to theft are Toyota Velfire, Mitsubishi Pajero, and Toyota Hilux. And in 2021 Toyota Hilux is still on the list as the highest case among foreign-made cars. If you still wish to buy Toyota Hilux, please take extra caution by installing a car tracker. Similar cases are also for Yamaha Y15.

There are some different types of car insurance available, from third-party only cover to comprehensive policies that offer protection for your vehicle in the event of an accident. Usually, for new cars (under bank finance) and vehicles aged 15 and below, 1st party insurance is highly recommended. 1st party insurance is when the insurer covers the damages to one’s own car. The policyholder is insured for any loss or damage to their vehicle, no matter who is at fault. 3rd party insurance is when the insurer only covers the damages to another person’s car or property. The policyholder is not insured for any losses or damage to their vehicle. This is recommended for vehicles aged 15 and over.

While the cost of car insurance can be a significant expense, it is important to remember that the consequences of driving without cover can be even more costly. If you are involved in an accident and do not have insurance, you may be liable for any damage caused, as well as any injuries sustained by other parties. As such, it is essential to make sure that you are properly protected before hitting the road.

1. It protects you and your car in the event of an accident

Imagine you’re driving along the highway, and suddenly, you see another car coming straight for you. In a split second, you have to make a decision: swerve out of the way or hit the brakes. If you hit the brakes, there’s a good chance that you’ll skid into oncoming traffic and cause a serious accident. However, if you swerve out of the way, there’s a good chance that you’ll lose control of your own vehicle and crash. Either way, you’re in for a bumpy ride. But what if there was something that could help protect you in the event of an accident? That’s where car insurance comes in. Car insurance is designed to provide financial protection in the event of an accident. It can help to pay for medical expenses, vehicle repairs, and other costs associated with an accident. In some cases, it can even help to protect your family in the event of your death. So, while it’s not foolproof, car insurance can be a valuable safety net in the event of an accident.

Photo by Mike B: https://www.pexels.com/photo/car-crash-on-dirt-road-11985980/

2. It can also help you get back on the road if your car is damaged or stolen

It can be very frustrating when your car is damaged or stolen. Not only do you have to deal with the inconvenience of being without a vehicle, but you also have to deal with the financial burden of repairing or replacing your car. Fortunately, there are a few things that you can do to minimize the cost of getting your car back on the road. First, if your car is damaged, you should contact your insurance company to see if they will cover the cost of repairs. If your car is stolen, you should contact the police and file a report. Finally, you should ask around to see if anyone has any recommendations for reputable and affordable mechanics or auto body shops. By taking these steps, you can help to ensure that you get back on the road as quickly and cheaply as possible.

3. You can save money on your car insurance policy by shopping around and comparing rates

It’s no secret that car insurance rates can vary widely from one company to the next. And with the advent of the internet, it has become easier than ever for consumers to shop around and compare rates. However, many people still don’t take the time to do this, and they end up paying more than they need to.

There are a few things you need to keep in mind when shopping for car insurance. First, make sure you are comparing apples to apples. That is, make sure you are getting quotes for the same type and amount of coverage. Second, don’t sacrifice coverage to save a few dollars. It’s not worth it if you end up being underinsured and having to pay out of pocket for damages in an accident. Finally, remember that the cheapest policy isn’t always the best. Be sure to read the fine print and understand what you’re getting for your money before you make a purchase.

Ways to save money on car insurance

1. Shop around and compare rates

The best way to save money on your motor insurance is to shop around and compare rates from different insurers. There are a few things you should keep in mind when doing this:

That is, make sure you’re comparing the same coverage and deductibles from each insurer. Be sure to get quotes from at least 3 different insurers.

2. Raise your deductible or excess charge

One of the quickest and easiest ways to save money on your car insurance is to raise your deductible or excess charge. By doing this, you’re essentially agreeing to pay more out-of-pocket expenses in the event of an accident.

While this may seem like a risky move, it can save you a lot of money on your premiums. If you are a very careful driver with no accident record until now, it is recommended to take this approach Just be sure that you have enough savings set aside in case you do need to make a claim.

3. Get discounts

There are a few different ways that you can get discounts on your car insurance. One way is to simply ask your insurer if they offer any discounts. You may be surprised at what they offer.

4. Drive less

One of the biggest factors that insurers use to determine your rates is how much you drive. The more you drive, the higher your risk of getting into an accident. As such, one of the best ways to save money on your car insurance is to simply drive less. If you can, carpool or take public transportation or rent a car for long trip whenever possible. You can also save money by telecommuting or working from home a few days each week.

5. Keep your car in good condition

Another factor that insurers look at when determining your rates is the condition of your car. If your car is in good condition, it’s less likely to be involved in an accident. As such, you’ll save money on your premiums.

To keep your car in good condition, be sure to regularly maintain it and have any necessary repairs made on time.

6. Choose the right coverage

One of the best ways to save money on your car insurance is to choose the right coverage. While it may be tempting to go with the bare minimum, this could end up costing you a lot of money if you’re involved in an accident.

Instead, be sure to carefully consider your needs and choose a coverage level that’s right for you. Make sure you understand the difference between market value and agreed value. Market value is what your car is worth on the open market, while agreed value is the amount that you and your insurer agree on as the worth of your car. Many people opt for agreed value insurance, as it generally costs more to insure a car for its market value.

However, there are a few things to keep in mind when choosing agreed-value insurance. First, your car’s value may depreciate over time, which could leave you underinsured. Second, if you have an accident and your car is totaled, you will only receive the agreed-upon value, even if your car is worth more on the open market. You may check your car market value on this page www.mycarinfo.com.my This website is an initiative brought by ISM (Insurance Services Malaysia Berhad). ISM started MyCarInfo to share vehicle information from its extensive and comprehensive database to the public through a consumer website.

By doing this, you can be sure that you’re getting the coverage you need without overpaying for it.

Saving money on your car insurance doesn’t have to be difficult. By following these simple tips, you can quickly and easily lower your rates. You may contact us to ensure that you’re getting the best deal possible. We are happy to help.

By taking the time to shop around and compare rates, you can easily save yourself hundreds of dollars on your car insurance policy. So don’t wait – start shopping today!

1. Car insurance is important because it can help you financially if you get into an accident.

2. If your car is damaged or stolen, car insurance can help you get back on the road.

3. There are different types of car insurance policies to choose from, and the best one for you depends on your needs and budget.

4. You can save money on your car insurance policy by shopping around and comparing rates from different companies.