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Phased Liberalisation

WHAT TO CONSIDER WHEN BUYING MOTOR INSURANCE/TAKAFUL

In a liberalised environment, consumers have the power to make informed decisions on their personal motor insurance/takaful needs. Motorists will have to start taking an active interest to source for fair premium/takaful contribution pricing based on their risk profiles. Do not always go for the cheapest because it might not have the best insurance/takaful coverage. Find the company or policy/cover that best suits your needs and budget.

Many avenues will exist for the consumer:

  • Consult agents of various insurance and takaful companies and see what products are offered.
  • Visit as many insurance company/takaful operator websites and look for what is offered for motor insurance/takaful online.
  • Walk into any insurance/takaful company/branch and enquire on motor insurance/takaful offered. Speak to the customer service personnel and compare the different products offered.
  • Read the fine print in motor insurance policies/takaful certificates and ask relevant questions that would ensure you understand what you want.
  • Check specialised online insurance/takaful channels which offer motor insurance/takaful products from different companies and make comparisons for price, service, product add-ons and accident claims recovery.

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