Pros and Cons of Buying Motor Insurance Online in Malaysia

In Malaysia, it is mandatory to have motor Insurance coverage if you own a motorcycle or car. It offers protection in case of an accident to you, a third party, or against the damages caused to you and the third party’s vehicle, depending on the type of policy you choose.

Recently, insurance news articles published in Malaysia stated about the introduction of phased liberalisation in motor and fire insurance. This had a huge impact on the insurance sector. It is going to benefit the insurance sector and customers in many ways. There is a wider range of choices with people as more and more companies offer policies with extensive coverage and attractive discounts to win customers.

In recent times, more and more Malaysians are buying their car insurance in Malaysia online. Here we will try to analyse the pros and cons of buying motor insurance online.

Benefits of buying motor insurance online:

1. Direct discount

Many people know that buying from an agent can be a costly affair. Buying from an agent can cost you 10% more of the original cost. The 10% extra is paid as the commission to the agent for handling your account and offering services. On the other hand, when you directly buy insurance online, you can get up to 10% discount.

2. Convenience

Buying insurance online comes with greatest benefit of convenience. You don’t need to visit offices and run after people. The services are available for you 24/7 and you can easily buy the insurance without any kind of hassle.

3. Speed

Yet another attractive factor about buying car insurance in Malaysia online is that you can get the insurance cover quite quickly, if you are well aware of the nuances and know how to fill the form with completed details, you can get your insurance policy within 24 hours.

Disadvantages of buying car insurance online:

1. No assistance

One of the biggest disadvantages of buying the insurance policy online is that you are on your own when it comes to filling the form. There is a lot of information you need to know such as the type of insurance, coverage, agreed value vs. market, exclusions, riders and clauses. If you are not familiar with these terminologies, instead of saving time, it can become confusing and time consuming. If you provide the wrong information, it can create a lot of confusion in the future.

2. Knowledge on how to claim insurance

When buying an insurance policy online, make sure you have an idea of what services you are getting. Buying insurance online can be very easy but the nuances of the insurance sector can be complicated and may land you up in trouble while claiming. It is also not that easy to deal with the insurance company in case of accident. A responsible agent comes to your assistance during such times.

Explore the web for more insurance news and updates on phased liberalisation in Malaysia.

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