Top 5 Affordable Car Insurance Policies in Malaysia for 2024

Car insurance is a must-have for all vehicle owners in Malaysia. It protects you and your vehicle in the event of an accident, theft, or other loss. This comprehensive guide will explore affordable car insurance policies in Malaysia and guide you on how to find the best options for your needs using CompareHero.

Top 5 Affordable Car Insurance Policies

What are the types of car insurance policies in Malaysia?

There are three main types of car insurance policies in Malaysia:

• Third-party only: This is the most basic type of car insurance and only covers damage to the other party's car and/or property in the event of an accident. It does not cover damage to your own car or injuries to yourself or your passengers.
  
  
• Comprehensive: This type of car insurance covers damage to your own car, as well as damage to the other party's car and/or property and injuries to yourself and your passengers in the event of an accident. It also provides coverage for theft and other losses.
  
  
• Takaful: Takaful is an Islamic insurance product that operates on the principles of mutual cooperation and risk-sharing. It offers similar coverage to comprehensive car insurance but with some religious considerations.
  

Read more: Best Takaful Car Insurance in Malaysia: Comparison of Top 5 Providers

Is it mandatory to have car insurance in Malaysia?

YES, in Malaysia it is mandatory to have at least third-party insurance to legally drive your vehicle. This ensures that in the event of an accident, compensation is available to the affected parties.

What are the factors affecting car insurance premiums?

A number of factors can affect your car insurance premiums, including:

• Age: Younger drivers typically pay higher premiums than older drivers.
• Driving record: Drivers with a clean driving record will typically pay lower premiums than those with a history of accidents or traffic violations.
• Model of your car: Some cars are more expensive to insure than others.
• Coverage you choose: The higher the level of coverage you choose, the higher your premium will be.
• The amount of voluntary excess you choose: A voluntary excess is the amount of money you have to pay out of pocket before your insurance company pays out on a claim. A higher voluntary excess will result in a lower premium.

How to find affordable car insurance in Malaysia?

There are a number of things you can do to find affordable car insurance in Malaysia:

• Shop around: Compare quotes from multiple insurers via Comparehero before you buy a policy to make the process easier.
• Choose the right type of coverage: If you're on a tight budget, you may want to consider a third-party-only policy. However, if you can afford it, comprehensive insurance is the best option, as it provides the most comprehensive coverage.
• Increase your voluntary excess: A higher voluntary excess will result in a lower premium. However, make sure you can afford to pay the voluntary excess if you need to make a claim.
• Consider add-ons: Car insurance add-ons can provide additional coverage, such as windscreen cover, personal accident cover, and roadside assistance. However, add-ons can also increase your premium. Only choose add-ons that you need and can afford.

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Allianz Motor Comprehensive and Zurich Motor Comprehensive are two of the most popular car insurance products in Malaysia. Both products offer comprehensive coverage for your car, including damage to your own car, damage to the other party's car and/or property, and injuries to yourself and your passengers in the event of an accident. They also provide coverage for theft and other losses.

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