Understanding the ins and outs of car insurance can be a bit challenging. For these reasons, many vehicle owners in the country prefer to simply ask around for the “best” auto insurance coverage out there and go for it. Yet, how do you know it’s the best when you don’t even know what the other policies even are? More to the point, do you know what it takes to get the most benefits from an auto insurance package in Malaysia?
If you want to find out, just keep watching! Hi there! I’m Fincrew brand ambassador, Stella, and I’ll be guiding you through Malaysia’s auto insurance terrain today. Become an expert in auto insurance without having to pay a dime! All you have to do to get started is to hit that Subscribe button on your screen, go to your settings, and enable notifications so you can access the Insurance360 Video Series collection! Here’s your chance to become car insurance savvy and get more value for your premiums! Now that you’ve done that let’s get to the main gist. Now, in your quest to find the auto insurance policy that offers the most benefits, you must first know the types of coverage out there and their features.
The First Is The Third Party Auto Insurance Policy
You won’t find a cheaper vehicle insurance policy. As the most basic type of insurance coverage, there are many limits to what you can get from this package. Apart from helping you fulfill the law’s requirements and putting your vehicle on the road, the only other thing it does for you is to offer you financial protection for repairs and medical bills for the other driver, should you get involved in an accident. You’ll have to cover your own medical bills and the cost of car repairs by yourself.
The Second Is The Third Party, Fire and Theft Cover
For all intents and purposes, this policy is exactly the same as the basic Third Party coverage. The only real difference is that it also gives you financial backup to cover any loss or damage to your car due to theft or fire. However, you need to be very conscious of what claims you file with this policy. For example, you can’t file a claim for a payout if your vehicle caught on fire due to a collision.
Lastly, The Comprehensive Auto Insurance
This policy offers you the widest range of protection. Unlike the other types of cover, you don’t have to pay out-of-pocket to repair damages to your vehicle from collision! All of that is on top of the fact that it also insures you for all the two other packages cover you for. Considering all of this, you can conclusively say that the Comprehensive cover has the most to offer you. However, that isn’t reason enough for you to opt for it! The more protection an auto insurance policy offers you, the more you usually have to pay for it. So, getting a Comprehensive policy for an old vehicle or which you can easily replace is counter-productive.
In this case, you could get more benefits and value for your money by getting cheaper car insurance. As such, be sure to consider what your situation is before settling for any policy. Did you find this video helpful? If so, don’t leave without leaving it a Like and Subscribing to our channel! Turn on notifications, too! Till then, see you in our next episode from this Insurance360 video series!