Bank Negara has implemented the liberalisation of motor insurance/takaful in phases since 1 July 2016 with the aim of driving fairer premium / takaful contributions to consumers, along with providing improved services.
Since 1 July 2017, individual insurance companies/takaful operators are allowed to determine premiums/takaful contributions at their discretion and according to the risk prole of the driver and vehicle. Therefore, it is unlikely that two cars of the same model and year of manufacture will have the same motor insurance/takaful rates. Also, you now have access to a wider range of motor/takaful insurance products to meet your requirements at a suitable price.
Read on about how smart shopping, driving safe and responsible car owner can benet you in a liberalised environment!