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 benefit you in a liberalised environment!
Liberalisation provides insurance companies/ takaful operators with the opportunity to offer new and innovative products and services to meet consumers’ different needs. You can find out about the various motor insurance/takaful products that are available, make comparisons before selecting an insurance/takaful plan that meets your requirements and budget by using the “Motor Product Selector”, available at http://www.piam.org.my/phased-liberalisation-section/motor-product-selector/
You can also contact your insurance company/ takaful operator or agent for more details.
Having a clean traffic record improves your risk profile, which can be beneficial when you buy or renew your motor insurance/takaful.
Therefore, make these acts a habit:
Follow the speed limit at all times
Observe and follow traffic rules
Don’t use your mobile phone when driving as it distracts your focus
40.7% of accidents were caused by speeding
1 in 4 accidents occurred due to the driver using a mobile phone while driving
47 of 167 accidents were caused by tailgating 44.9% of accidents were caused by risky driving behaviour
A poorly maintained vehicle might not be able to perform effectively and may result in accidents. Service your vehicle as per scheduled to reduce the risk of accidents. An accident-free vehicle means your No Claim Discount (NCD) is maintained and will be a long term savings in your premiums/takaful contributions.
44,000 crashes happened due to poorly maintained vehicles impacting the tyres, brakes, steering, suspension, transmission, engine and other vehicle-related problems. (National Highway Traffic Safety Administration, 2005-2007)
For assistance on motor accidents or claims, call our Accident Assist Call Centre (AACC) Hotline at 15-500 (24 hours)