Importance of Car Insurance

Having car insurance is important for the future good. Through car insurance coverage, a car owner will not feel overburdened if something happens to themselves or the car, later. At least the cost will be covered by the insurance company which indirectly lessens the burden of the owner.

Things you must know about Roadtax

Roadtax is compulsory - The Road Transport Department (JPJ) requires all vehicle owners to have a valid MVL which is also called as roadtax in order for vehicles to be used on the road.

Insurance is required to renew roadtax - A vehicle owner must renew the insurance and roadtax before it reaches its expiry date.

Vehicle owners are encouraged to renew motor and car insurance & roadtax within 2 months before the expiry date.

Types of Car Insurance Coverage

Comprehensive Car Insurance

Comprehensive car insurance is also known as first party insurance. It provides the most comprehensive protection. You will be covered for accidents, fire and theft. The insurer will also cover (pay the cost) if an accident happened to your car and the party you hit. This policy is suitable for car below 10 years old.

Third party, fire, and theft Car Insurance

This car insurance type provides coverage to your own vehicle if your car gets caught in fire, or gets stolen. If an accident happened (and you’re at fault), you will need to repair the car with your own money while the car you hit will be covered by your car insurance company.

Third party Car Insurance

This is the most basic type of car insurance. It only covers the third party involved in the car accident. No protection will be provided in the event of an accident (alone), theft or fire. Third party car insurance is subject to insurance companies’ approval.

Comprehensive Coverage of Car Insurance

Each car insurance company offers a similar policy but with different benefits or advantages. Here are some of the highlights of the car insurance package offered.

*Note: Please refer to insurance companies’ product disclosure sheet and your insurance policy when there is a difference.

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Ways to buy car insurance at the lowest price.

Don’t auto-renew your car insurance

Some of the car insurance companies will offer to auto-renew your car insurance. Please refrain from auto-renewal because the car insurance premium that you are going to pay may not be the lowest in the market. Car insurance companies update the car insurance premium from time to time and hence it’s advised to compare the car insurance price from various car insurance companies before renewal.

Renew your car insurance earlier than the expiry date

Some of the car insurance companies charge higher when your car insurance has expired. Therefore, it is important to renew your car insurance earlier than expiry date to stay protected and to enjoy the lowest price.

Check your car insurance coverage before purchase

Every car may have different usage and purpose and hence it is crucial to purchase the car insurance package that’s most suitable for your car. Some of the quotations provided may include car insurance coverage that’s not applicable for the use case, or have a sum insured that’s higher than the actual market value. Therefore, car owners are advised to check the coverage of the car insurance to make sure that they are paying only for what is needed.

Renew your car insurance at APEX

APEX is a one stop car insurance agency in Malaysia. APEX helps car owners to find the lowest price for their car insurance by achieving all the above mentioned steps.

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