With the advent of online and digital services, consumers and customers now have access to a lot more services, improved quality of services, and timely access/delivery of services. The insurance sector in Malaysia is still in its nascency and has the potential to grow as more people gain access to insurance services. In particular, the car insurance sector is predicted to grow as more vehicle owners make a move to purchase a vehicle. While this is true, most vehicle owners have a minimal option when they need to compare car insurance or compare the various coverages provided by multiple insurers. And while vehicle owners have the option of availing motor or car insurance online, it’s still hard to compare and get quotes from various providers in a timely and hassle-free manner.
The Ministry of Transport has stated that Malaysia has over 31 million vehicle registrations. This number is as of 2019 and is expected to grow. This means that apart from new vehicles, several older vehicles will also be due for insurance renewal. And while most vehicle owners would require insurance services or car insurance renewal online, they have limited comparison tools and information available at their disposal. To buy car insurance, insurers need to know the various providers, the services offered by these providers, the quotes on insurance policies, terms, benefits, etc. This would require a lot of time, considerable effort and energy just to evaluate and buy insurance.
Fincrew noticed the gap between the growing demand for new insurance and car insurance renewal and access to providers. We saw an opportunity to bridge that gap and did so by developing a platform for car owners to avail insurance, (car, motor, party, etc.) renew insurance, compare car insurance quotes, value-added services, a car insurance calculator, and more. This gives vehicle owners in Malaysia the ease of registering for car insurance online after they evaluate the best car insurance plans for them.
Fincrew is designed as a platform to help insurance buyers evaluate insurers in Malaysia and buy car insurance online with ease. The platform also connects insurance buyers with the right insurance provider suited to an individual and their needs.
In Malaysia, a car owner can get one of three types of policies. This includes comprehensive cover, third-party insurance, and third-party theft, and fire. The more extensive a policy is, the higher the quotes tend to be (other factors remaining the same). The three different types of car insurances a car owner can avail of on Fincrew include:
1. Comprehensive cover – A complete car insurance policy is an insurance policy that provides its policyholder with extensive policy coverage. A comprehensive cover would cover death or injury to a person involved in an accident, any damage to personal or physical property, any damage to either car/s involved in an accident, and loss caused by fire or theft to the insurer’s car.
2. Third-party insurance – Third-party insurance is the most common insurance availed by car owners in Malaysia. This type of insurance covers any damages, death, or injury to another person or their car arising out of an accident. In the event of an accident, a third-party policyholder wouldn’t be liable for medical bills or repairs, and the insurer would cover those costs. However, a person would not benefit from this insurance to cover the costs of their own car, injury, or their own death.
3. Third-party, theft, and fire – A third-party fire and theft insurance are the same as third party insurance as it covers any liability arising to a third party in the unfortunate event of a car accident. Additionally, this policy also covers any liability arising to an owner’s car from theft or damage/loss caused by fire. The additional benefits of theft and fire cover provide added incentive, however, also cost more because of the added protection.
It’s important to note that there are certain aspects not covered by any type of car insurance. Some covers not offered by car insurance providers include death or injury to the holder, force Majeure or acts of nature, liability from death or injury to passengers in the vehicle, etc.