17 Jan - 5 min read
For most people, a car is the second biggest purchase in our life after a property and requires a huge sum of money to own. It’s only understandable that we want to save as much as possible on peripheral costs that come with purchasing a car like insurance premiums.
In Malaysia, every person who owns a car and drives it on public roads is required by law to get car insurance. Insurance premiums used to be tariffed, which means that prices for policies are fixed. But with the liberalisation of the car insurance industry in 2016, insurance companies now have more free room to adjust premiums according to the consumer’s risk profile.
When buying car insurance, it’s crucial to do your research on comparison websites or speak to agents to ensure that you get the best deal. One such website that you can refer to is PolicyStreet, an insurance marketplace that specialises on car insurance products from up to 20 insurers. In addition, it is also approved by Bank Negara Malaysia as a financial advisor, which means that they can customise and advise customers on which insurance products best suit their needs.
Here are three reasons why you can consider PolicyStreet when buying car insurance.
Car insurance is a long-term commitment that you will need to pay for as long as you drive. The annual premiums for car insurance can get pricey indeed, but there are ways to help you save on premiums.
One way to do so is to compare the prices of insurance products available in the market. You can easily use PolicyStreet’s comparison tool and get multiple quotes within three steps. From there, you can compare the quotes, choose the best price, and save up to RM 1,000 including on agent fees and more when purchasing your car insurance with PolicyStreet.
Plus, you’re also entitled to Price Match Guarantee* as a customer of the platform. What this service offers is a guarantee that the policy you bought through the platform has the lowest premium price out of other insurance marketplaces offering the same coverage. Should you find evidence to prove otherwise, PolicyStreet will match all advertised prices from competitor marketplaces.
It’s easy to get started. After purchasing your insurance on PolicyStreet, you can do your own comparison based on advertised prices on other insurance marketplaces. Should you find that there is a marketplace offering a lower premium, you can submit a screenshot of the original and complete advertisement within seven days after making a purchase to PolicyStreet. After verification, PolicyStreet will refund the price difference to you. Note that you are allowed to do the comparison only as long as the policy is from the same insurer on both platforms.
Motor insurance is one of the largest sectors in the industry and there are many types of motor insurance with the common ones offering third party, third party fire and theft, and comprehensive coverage.
With so many insurance products in the market, it could take hours to scour the internet and go back and forth between websites to find a policy that fulfills all your needs at the right price. What if there’s a way to do the same but in just a few clicks?
As mentioned earlier, PolicyStreet has a tool that generates car insurance quotes within minutes and allows you to compare these quotes easily without having to move from one website to another. It’s free to use and the process is simple. You only need to enter information like car number, residential postcodes, IC number, and contact details to get an instant quote. For selected insurers, you can get instant quotes in as fast as one minute.
Since the pandemic, more financial and insurance service providers have introduced fully online procedures to convenient consumers who are still practising social distancing. You can now experience the simplified process of purchasing a car insurance online safely within the comforts of your own home at any time with PolicyStreet.
There are only three steps required to complete the purchase process:
The entire process is online with no physical branch visits required. Should you have any further enquiries on your policy, you can even reach out to advisors on the platform for clarification. After payment, you can expect your e-policy to be sent to you via email in as fast as a few minutes, depending on the location and insurer company.
Purchasing car insurance is an important decision as it’s likely that we would stick to a provider once we buy a plan for a long period. So, it’s crucial to get the policy that serves all your needs at the right price from the very beginning. If you’re looking to buy car insurance, consider PolicyStreet to easily compare quotes and complete your purchase. As PolicyStreet is one of only 32 approved financial advisers in Malaysia, you can rest assured that you will be in good hands.
Find out more on their website.
*Terms and conditions apply.
The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.
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