Etiqa’s New Usage-Based Add-On Offers Up To 30% Rebate On Motor Insurance Premium
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Etiqa Malaysia has introduced a usage-based motor insurance and takaful add-on that offers rebates of up to 30% on the policy premium or contributions. Dubbed the Drive Less Save More add-on, the optional feature is offered for free when customers sign up for or renew their Etiqa motor insurance plan.

As its name suggests, this particular add-on rewards drivers who spend less time on the road. The cash rebate is calculated on a daily basis as a percentage of your basic premium (excluding the No Claim Discount (NCD)), and is tiered based on the distance driven each day. Here’s a table to illustrate how the rebate is calculated:

TierDistance driven per day (rounded to nearest km)Daily rebate percentageTotal rebate percentage for a year
10-14km0.082%30%
215-28km0.055%20%
329-42km0.027%10%

To tap into the benefits of the Drive Less Save More add-on, you’ll have choose to include the add-on when signing up for a new Etiqa motor insurance plan or renewing your plan. Following that, upload an image of your car odometer reading and car number plate via the Etiqa Smile mobile app at your convenience.

Once you’ve begun recording, you’ll need to continue the tracking process by uploading subsequent images of your car odometer reading to claim your rebates during the coverage period. Each upload must maintain a minimum interval of 10 days. Upon the expiry of your insurance plan, you’ll also need to submit a final odometer reading; Etiqa will send an SMS reminder three days before the expiry date.

Note that there are some eligibility criteria that must be fulfilled if you wish to take up the add-on. The insured person must be aged between 25 to 80 years old, whereas the vehicle involved cannot exceed 15 years of age and is only used for private purposes. Additionally, the sum insured must be RM12,000 and above.

The chief executive officer of Etiqa General Takaful Bhd, Shahrul Azuan Mohamed, and the chief executive officer of Etiqa General Insurance Bhd, Fukhairudin Mohd Yusof both said that the introduction of this add-on recognises the fact that there has been a reduction in driving activities during the Covid-19 pandemic. This is especially with a significant number of people now working from home.

“Driven by Etiqa’s vision to make the world a better place, we would like to give back to those who have been using their vehicles less by rewarding them with rebates on their motor insurance premiums or takaful contributions. After all, by driving less, we can also do our part to save the environment,” said Shahrul Azuan and Fukhairuddin in a statement.

(Sources: Etiqa, The Edge Markets)

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