Do you need to renew your car insurance? Are you looking for the cheapest car insurance? We have created a shortcut for you to make comparison easier. Use our table below to check insurance prices for the most popular insurance companies in Malaysia in under 5 minutes. We have also created a video on how we have compared 5 insurance companies.
What critical information you need?
Before you get started, you need to have specific information about your car ready. Here is a minimum list of information you need about your car.
- Vehicle number
- Vehicle Model
- Vehicle Variant
You can find the last two items vehicle model and variant on your vehicle registration card or renewal notice. A lot more information will be asked from you during the process, but most information like your name, IC, phone number and others I believe you will know by heart.
Which insurance company is the cheapest in 2018?
We regularly compare prices among the insurance company. Since the start of the Motor Detariffication insurance prices between companies are different. Instead of only looking at the value of the vehicle, insurance companies also look at the driver to set the price for insurance. This is called Risk-Based Pricing. You can find out more in our Guide to Detariffication.
So to find the cheapest insurance company, we will need to set a customer profile. For the pricing example below, we used the following customer profile:
- Age: 35 years old
- Gender: Male
- Postcode: 46000
- Vehicle: Perodua VIVA 850EX
- Vehicle Year: 2014
How to compare car insurance online in Malaysia?
In case you have trouble to compare car insurance online, check out our youtube tutorial video. We show how we gotten the insurance prices for our sample customer and car.
Car Insurance Price Comparison for Perodua VIVA in Malaysia
|#||Company||Price in RM||Max discount||Final Price|
|1||AXA Affin||348.11||20 % Safe Driver Discount||278.38|
|2||Syarikat Takaful Malaysia||332.74||No Claims Cash Back*||332.74|
|5||Etiqa Insurance & Takaful||419.66||0||419.66|
Which insurance company is the cheapest for Perodua VIVA?
- Safe Driver: AXA Affin General
- Takaful: Takaful Malaysia
Without any discount Takaful Malaysia is the cheapest insurance for our example profile with RM 332.74. On second place are three insurance companies all with the same price of RM 348.11: AXA, Tokio Marine and AIG. For this customer Etiqa Insurance & Takaful is the most expensive one.
If our sample customer is a Safe Driver, then he/she could get an additional 20% Safe Driving Discount. This makes AXA Affin the cheapest car insurance in our example with RM 278.38.
Syarikat Takaful Malaysia also offers a discount called “No Claims Cash Back”. If you do not have an accident and the company makes enough profit, then the customers get some of their money back in form of Cash Back. In the past it has been 15%, but there is no guarantee that it will continue in the future. This is why we put a * next to “No Claims Cash Back”, because we do not know how much Cash Back will be given to you in the future.