Why Is Motor Insurance / Motor Takaful Being Liberalised?
Currently, motor insurance premiums/motor takable contributions are determined by tariffed rates based on model, age and engine capacity of vehicles, and discounts the form of NCO*. Starting 1 July 2017, the premium/takaful contribution for Motor Comprehensive and Motor Third Party and Theft products will be determined by individual insurance companies and takable operators. Liberalisation will drive fairer ways of pricing premiums/takaful contributions based on risk profiles, which will encourage road users to be more responsible. This will spur innovation with more products and services to meet different consumer needs for the ultimate benefit of the motoring public.
What are the Benefits?
More Choices. New and innovative products. Better Efficiency. Smoother and more efficient services Fairer Pricing. Premiums / takable contributions will be priced fairly based on risk profile groups
How you can make a difference.
Here are some useful tips:
Adopt Good Driving Behaviour
- Maintain your No Claim Discount by driving safely and avoiding accidents.
- Diligently follow traffic rules, including not using mobile phone while driving, to keep a clean record
Maintain Your Vehicle Well
- Reduce the chances of accidents by following your car’s maintenance schedule.
- Observe the speed limit at all times and drive safely
- Use the speed lane only when you are overtaking other slow vehicles
Shop Around for the Best Option Compare premium / takaful rates offered by insurance providers / takaful operators to get the best value and coverage.