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SEARCHKey Factors to Consider When Renewing Your Car Insurance Policy
An expired motor insurance is as useless as an old umbrella with holes in it. It will not be able to keep you dry and safe although its sole purpose is to provide protection on a rainy day. In Malaysia, motor insurance is mandatory and without which, owners will not be able to renew their road tax annually.
However, owning a motor insurance is not the end of the story. As the policy’s annual expiration date approaches, it’s important to keep a few key considerations in mind. To breeze through the annual renewal process and ensure you have adequate coverage, Kurnia Insurans and AmAssurance would like to share a few common mistakes to steer clear from when renewing your motor insurance policy.
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A Lapsed Policy
For continuous coverage, it is important to timely renew your car insurance policy. You can set reminders by using a sticker on your car’s windshield or setting alerts on your phone. It’s important to avoid payment lapses as they result in coverage gaps. Without an active insurance policy, you won’t be able to make any claims in case of an incident during that period. -
Not Understanding Your Own Needs
Before renewing your existing license, it would help to evaluate what is needed and what is not in your insurance coverage. For example, if windscreen protection or roadside assistance is something that may come in handy, then you may consider adding these add-ons as part of your policy. Adjusting it to suit your lifestyle, usage and vehicle is crucial as you would not want to risk being overinsured or underinsured with unnecessary add-ons. -
Being Outdated
Ensure you make the most informed decision by exploring your options, reviewing policy details, and considering discounts. As part of this process, take a look at the comprehensive car insurance policies offered by Liberty Insurance, Kurnia Insurans and AmAssurance to see if they align with your needs and preferences. -
No Claim Discount (NCD) Eligibility
When renewing your car insurance policy, don’t forget to maximise your savings with the NCD, as it acts as a rewarding bonus for responsible drivers during policy renewal. In Malaysia, the duration of your claim-free record directly influences the amount of discount you can enjoy. With discounts ranging from 25% to 55% off the annual premium. -
Not Knowing the Claims Process
When selecting motor insurance, it’s crucial to assess the claims process. Opting for a hassle-free claims experience can alleviate concerns during emergencies. Consider factors such as the claim limit, duration, and requirements like photo or video proof. If you find the payout from your current policy inadequate, it’s an opportune time to enhance coverage by increasing premiums or adding suitable add-ons.
In a bid to raise awareness and remind motorists on the importance of renewing their motor insurance policies on time, Kurnia Insurans and AmAssurance has launched its Stick, Snap and Win Campaign for all Kurnia Insurans and AmAssurance brand policyholders.
For those renewing their Kurnia Insurans and AmAssurance car insurance policies from 15 June until 15 August 2023, they will receive an insurance reminder sticker and are eligible to participate in its Stick, Snap and Win Campaign. To take part, fill up the renewal details for your car insurance and road tax on the Insurance Reminder Sticker and stick it onto the windshield of your car – at the driver’s side.
Chief Executive Officer (CEO) Puneet (Pasha) Pasricha
It is advisable to invest in high-quality locks or deadbolts that can slow down the break-in process and make your home less appealing to burglars. Picture for illustration purposes only. – AFPpic
