Perstuan Insurans Am Malaysia (PIAM) has recently introduces an online platform to the public to ease their shopping for motor insurance.
Since the launch of the second phase of motor detariffication in Malaysia on July 1, 2017, insurance companies and Takaful operators have started to introduce new and innovative insurance products to attract customers and expand market shares.
The second phase of motor liberalisation, also commonly known as detariffication, allows general insurance and Takaful companies to set their own methods in calculating premium hence determining prices on their own for their motor insurance products. This is a big change to the 30-year-old practice where were dictated by a tariff structure by Bank Negara Malaysia.
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Due to the varied rules in premium calculation, motor insurance price is expected to differ among insurance companies. Consumers should allow themselves some time to shop around for the right product with the right price before the expiration of the existing policy.
PIAM is making this effort easier with the introduction of their motor insurance selector. Consumers can request for comprehensive, third party and third party fire and theft quotation from any of the 22 insurance and Takaful companies listed.
Quotation for additional coverage that comes with comprehensive policy can also be requested such as loss of use, limited special perils, keys replacement and personal accidents.
To start shopping for motor insurance prices on PIAM’s Motor Product Selector, click here.