Three Tips to get the Best Motor Insurance Deal Ever

With the sharp increase in the number of road accidents in Malaysia recently, one must consider taking a good motor insurance policy to save yourself the time and money in the event of an accident. You must protect yourself, your vehicle, and the other parties involved in an accident with an insurance cover. Whether you have a motorcycle or motor vehicle, if you want to save yourself from distress in the event of an accident, then you should secure a good motor insurance.The following are recommendations I have for getting the best deal when buying motor insurance.

1. Don’t Skimp on the Cost

Buying a motor or motorcycle insurance is similar to that of your life insurance. You must buy the good insurance plan that provides you the full coverage you expect from a car insurance policy in the event of any mishap. If you go for cheaper option, you may have to pay huge amount from your own pocket at the time of any incident. There are three types of motor insurance policies that are available in Malaysia: Comprehensive Insurance Cover, Third Party Insurance Policy, and Third Party Fire and Theft Cover.

(i) Third Party Policy protects you against claims for bodily injuries or even deaths caused to other persons (third party) in an accident.

(ii) Third Party Fire and Theft Policy provides similar benefits like Third Party Policy and you can also claim compensation for lost or damaged caused by fire related incidents and car theft.

(iii) Comprehensive Insurance Plan covers all of the above but the major reason to buy comprehensive is the protection given to your own car. Read the policies thoroughly before you deciding on a policy for your vehicle.

2. Compare! Compare! Compare!

Compare the policies to determine what you will be covered for and what won’t. Read the ‘Terms and Conditions’ of different insurance policies to check which one is best suitable for your budget and vehicle. Whether you want to physically walk-in to the office of an insurance company or wish to search online, find out the premium rates being offered to you and coverage that you will get.

3. Check Insurer’s Market Reputation

In Malaysia, only licensed and reliable insurance companies are allowed to provide motor or motorcycle insurance to Malaysians. You can prepare a list of insurance companies offering different motor insurance policies within your budget. You can shortlist one or more insurers, based on your research around the insurer’s market reputation, claim settlement ratio, etc.

Wrap up!

In the end, understand the difference between an insurance agent and insurance broker. An agent belongs to one insurance company and can sell policies on behalf of that company only. An insurance broker deals with several insurance companies and can sell their insurance products. Decide whether you should buy motor insurance by contacting the company directly, online or through insurance agent/broker. Keep the aforesaid tips in mind to crack the best motorcycle or motor insurance deal ever.

Peter is a technical writer and insurance customer service officer. He writes for online blogging sites mainly related to auto insurance and car insurance.