Motor Insurance Rate Malaysia

Motor Insurance Rate Malaysia – As part of Bank Negara Malaysia’s (BNM) continuous efforts to ensure that all players in the insurance and takaful industry meet their obligations and deliver the services outlined in the Customer Service Charter (CSC), both BNM and the Association Board and Management Committees (MTA). ). ) /LIAM/PIAM) has approved the appointment of NielsenIQ Malaysia to conduct the Customer Satisfaction Survey (CSS) 2024/25. Please visit our announcements page for more information. 

Now you should know that our motor insurance discount/exemption has started from 1st July 2017. What is motor liberalization/devaluation you may ask?

Motor Insurance Rate Malaysia

Tariff liberalization means removing the tariff structure or liberalizing certain premium rates to allow insurance companies to charge premiums that match or suit the risk profile of consumers.

Insurance Plans For Your Overall Protection

In the year to 30 June 2016, Bank Negara Malaysia announced the gradual liberalization of motor and fire tariffs before transitioning to a fully liberalized market.

Under the new guidelines, insurers can charge motor vehicle premiums based on their business risk model and the risk profile of policyholders.

In the first phase, from 1 July 2016, insurance companies will gradually offer new products to consumers at market prices. Existing insurance classes such as only third party, comprehensive and third party fire and theft coverage will be available to consumers.

With effect from 1 July 2017, premium rates for comprehensive and third party fire and theft cover will be free. However, the price of the third party cover will remain unchanged and any subsequent price adjustments set by Bank Negara Malaysia for the categories of vehicles specified in the Motor Tariff will be adjusted.

Your Ultimate Guide To Car Insurance In Malaysia

To know frequently asked questions about phased liberalization of motor tariffs, please click on the link below:

If you have any questions about the liberalization of the motor tariff level, you can contact our customer service. Our premium estimator will only provide an estimated price. Depending on the information provided, the final amount at the time of your purchase may vary.

We offer additional benefits for increased security. For an additional premium, we cover:

Did you know this? In addition to protecting you and your vehicle, there’s so much more you can enjoy when you choose us!

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Get a 10% discount when you renew your insurance online. Tired of going to the counter? Now you can buy your insurance on our website or mobile app!

Our trusted online payment partner iPay88 is managed under Bank Negara Malaysia and complies with the highest international security standards (PCI DSS 1) as well as the Financial Services Act 2013.

ProMillage offers all the benefits of our comprehensive plans at a lower price. Depending on how far you plan to drive, ProOmilej offers savings to protect you and your wallet.

Depending on the ProMileage plan you choose, you’ll save 10% to 40% on the base premium (including premiums for the optional benefits listed above).

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You can purchase ProMillage by visiting our mobile application (), our website or by calling our call center.

Yes, but remember it is cost effective for you based on your existing insurers short term cancellation rates.

Before purchasing ProMileage, you must submit a photo of your odometer reading via our mobile app or online. Without this we reserve the right to cancel your policy.

Yes you can You must give us the necessary written notice. Once you have cancelled, you can get a refund of the premium paid, provided we keep the normal short-term premium or discounted premium.

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If you exceed the given distance, don’t worry. This will give you an additional 500km before your policy expires.

If you exceed the specified distance plus an additional 500 km, your vehicle will not be covered for loss, damage or other optional benefits. However, third party coverage remains unaffected.

You should increase your plan before you exceed your limit. This ensures that you and your vehicle are completely safe on the road.

You can buy premiums in the same way as you buy a policy – ​​online, through our app or call us. It pays the difference between your current policy and the new policy.

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For example, if your current plan costs RM500 and the next plan costs RM800, you will only pay RM300.

If you exceed the allotted kilometer before the end of your driving period, you will be rewarded with an additional 500 km.

If you exceed the allotted kilometers and grace miles and do not complete the payment, you are only covered for third party bodily injury or death and third party property damage, but not for accident, fire or damage to your vehicle. stolen (For Promileage policies issued after 19 March 2021, the optional benefits listed in 1 above will not be covered if the allocated miles and grace miles are exceeded).

When coverage begins, you can upgrade to the next mileage level or full mileage coverage by paying an additional premium. A maximum of 2 charges are allowed. If you can recharge a second time, you can only recharge up to full mileage coverage.

How Many Times Can You Claim Car Insurance In 1 Year?

No, you cannot reduce your plan. You will not be refunded or unused mileage will not be transferred to the new plan.

If I use the website or app to buy the policy, will I still get the 10% commission discount?

No device will be installed in your vehicle to track your mileage. You only need to enter it when you buy your current mileage insurance. We will reconfirm your mileage when you claim. We also send you regular reminders to check your own mileage.

You can contact our staff at 1-800-88-2121 to resubmit your odometer photo the day before your insurance begins. Then we make the necessary changes.

Get Insurance & Takaful Online Or More

Yes You can buy flood or wind protection for a premium equal to the allocated mileage.

Please see policy terms and product specification sheet for full terms and conditions. It is Bank Negara Malaysia’s (BNM) continuous effort to ensure that all players in the insurance and takaful industry comply with their obligations and provide services as stipulated therein. The Customer Service Charter (CSC), both BNM and the Boards and Management Committees of Associations (MTA/LIAM/PIAM) have approved the appointment of NielsenIQ Malaysia as the research agency to conduct the Customer Satisfaction Survey (CSS) 2024/25. Please visit our announcements page for more information. 

We are here to protect your vehicle and others in an emergency. Plus, you can customize your coverage to fit your needs and budget at our affordable rates. Save more by paying for what you need.

This list is not complete. Please see the Comprehensive Motor Insurance Terms and Conditions for all optional benefits included in this policy.

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1. Passenger Liability/Passenger Legal Liability Entering the country without renewing your motor insurance cover is an offense under the laws of the Republic of Singapore.

2. You should read and understand the insurance policy and discuss it with an agent or contact the insurance company directly for more information.

3. Customers are encouraged to provide fully binding/valid value or copy of previous policy plan/renewal notice for faster service.

4. We invite our customers to visit any GEGM branch or our head office at Menara Great Eastern, Level 18. 303, Jalan Ampang 50450 Kuala Lumpur or email GEGM Customer Careline @1300-1300 88/gicare-my@greateastgeneral. com. You can refer to any of GEGM’s appointed agents.

Personal & Business Insurance

5. We respectfully declare that our covered/insured income is based on the market estimate provided by Insurance Services Malaysia Berhad to determine the market value of the vehicle through the ISM ABI system and the insurance industry. 

1. The above is for general information only. This is not an insurance contract. Please refer to the policy documents for terms and conditions of the insurance plan.

2. Great Eastern General Insurance (Malaysia) Berhad 198301007025 (102249-P) is licensed under the Financial Services Act 2013 and administered by Bank Negara Malaysia. What is the relationship between Myvi and Mercedes? Answer: Both vehicles require valid car insurance to be allowed on the road.

If you own a car, whether new or used, domestic or imported, you must have valid car insurance to drive on the road; It’s that simple. 

Liberalisation Of Motor Insurance Tariffs

Anyone who tells you differently is either ignorant or simply doesn’t care about their own safety – as well as those around them.

Also, if you don’t have valid car insurance and road tax (these two come hand in hand, you can’t buy or renew one) as suggested by