Have you ever put something off until the last minute? Why when so little good comes out of delaying something, do we do it so much?

There’s probably a couple of factors that could cause you to procrastinate renewing your car insurance. Perhaps it’s timing or the fact that you find it an unpleasant commitment, or maybe it’s the thrill of getting things done at the last minute.

Regardless of these reasons, your overall financial well being could be greatly altered because you were rushing and renewing with higher insurance price due to lack of research, or leaving your renewal to pass its due date and get a summon during a speed trap.

All of which can be mentally exhausting and cost so much of your time and money.

Let’s explore the possible options for renewing your car insurance through these channels and find the best solution to manage your renewal and— give yourself a break from procrastination.

Comparison Criteria

PRICE

Looks at how good the price will be on average when you buy the insurance. An example of GOOD is when you can get your insurance at the best price.

SPEED & CONVENIENCE

Looks at how easy and fast you can get your insurance and road tax. An example of GOOD is when you can get your insurance and road tax on the same day without leaving your house.

SALES ADVICE

Looks at how much assistance you get when buying your insurance. An example of GOOD is when you have someone explaining to you the different insurance terms and helps you make the right choices.

CLAIMS SUPPORT

Looks at how much assistance you get when you have an accident. An example of GOOD is when someone is available to guide you on the steps to take, assists you when making a police report and helps with claims against the insurance company.

Buying from MyEG online

PRICE: NEUTRAL

When you buy your insurance from MyEG, you do not get a 10% discount. MyEG acts as an agent, so you are not buying directly from the insurance companies. MyEG currently (June 2017) offers insurance from the following insurance companies: AIG, Zurich Takaful, Etiqa Takaful, RHB Insurance, Berjaya Sompo Insurance and Takaful Malaysia.

SPEED & CONVENIENCE: GOOD

MyEG is very convenient because besides buying motor insurance, you can benefit from other useful services like check your summons and purchase your road tax. This saves you a lot of time and trouble, especially since you can have both the insurance and road tax delivered to your doorstep.

SALES ADVICE: BAD

The disadvantage of buying direct is that you need to have some background knowledge on insurance to select the right insurance company and policy. With MyEG you can choose from different insurance companies, but you will not know what the differences are. With the start of the Motor Detariffication this July, you will want to compare prices among the various insurance companies to find the cheapest insurance. You will need to do that on your own for each of the companies.

CLAIMS SUPPORT: BAD

When you have a claim, MyEG offers a hotline that you can call. But when you call the line, MyEG will refer you to the insurance company hotline or website. There is no support in filling out the insurance claims form. Without knowledge and experience, you may find it difficult to go about the claim process on your own.

Buying from Pos Malaysia

PRICE: BAD

Pos Malaysia does not offer the 10% direct discount because you are not buying the insurance directly. If there is an insurance branch near you, it is better for you to buy your insurance directly from the branch office, because you will receive a 10% discount. At Pos Malaysia, you get the same service  as offered by the branch office, but without any discount.

SPEED & CONVENIENCE: GOOD

The biggest advantage of Pos Malaysia is that they can be found almost anywhere. Pos Malaysia has over 700 locations nationwide where you can buy your motor insurance. A big plus is that when you buy insurance you can also purchase the road tax simultaneously. Also, Pos Malaysia offers insurance from many different insurance companies.

SALES ADVICE: NEUTRAL

When you buy insurance from the Pos Malaysia counter, your buying experience will depend on the clerk behind the window. If the clerk is experienced and knowledgable, he/she will be able to guide you to an insurance company and product that is best for you. If you are unlucky, you will get a clerk that will try to sell you an insurance that is best for Pos Malaysia, because they get better incentives from the insurance companies.

CLAIMS SUPPORT: BAD

Pos Malaysia does not have a claims department. When you need to file a claim, you will have to find out from your documents from which insurance company you bought the policy from. Then you need to contact the insurance company to inform you what forms you need to fill out. There is no support in filling out the claims form. Without knowledge and experience, you may find it difficult to go about the claim process on your own.

Buying from full-time insurance/takaful agents

In our yearly survey to find the best motor insurance company in Malaysia, we found that Malaysians largely buy their insurance from an agent. In 2016, 34% of our survey respondents bought through an agent. You can read more about the award here. So we are curious to see how good the insurance agents are compared to the other channels.

PRICE: NEUTRAL

We have ranked buying from an insurance agent as neutral, because it really depends on how efficient your insurance agent is and how well you know him. If your insurance agent is a family member, then there might even be a chance that you will receive part of the commission back. On the other hand, it is not BAD like Pos Malaysia, because you pay for the extra service that a good agent is providing you.

SPEED & CONVENIENCE: GOOD

Buying from an insurance agent offers the best possible service you can get, especially if you choose a reliable agent. Picking the right agent is critical as they not only put your needs before theirs, but can also help you in picking the right insurance product. Buying through an insurance agents also is the most convenient way of purchasing your insurance, because filling out all the necessary forms, payment, collection and delivery of road tax are all done through the agent.

When it comes to speed, not all insurance agents will be able to give you the road tax together with the insurance on the spot like Pos Malaysia or an insurance branch. However, some agents have their own Road Tax device from MyEG that allows them to issue the road tax. You can identify them by their MyEG sign at their office. Often times, the places are labeled as MyEG Kiosk.

SALES ADVICE: GOOD

Large agencies can represent more than one insurance company. These agents  can help you compare prices among insurance companies to find the cheapest. This is important, because with the motor detariffication starting July 1st, each insurance company will offer a different price for you. Read more about the Motor Detariffication in our article Malaysian Motor Detariffication.

CLAIMS SUPPORT: GOOD

Insurance agents play an important role during accidents. When you are involved in a road accident or if your car is stolen, a good insurance agent will be able to guide you what to do and what not to do. The agent will be able to advise what the insurance company will cover and pay for. A great agent will even fill out the claims form for you and collect all the necessary documents to file the claim with the insurance company.

To recap, these are the 3 best options that we feel could be your ultimate solution to managing your car insurance renewal much better than before.

With Pos Malaysia, you will notice that even though the price may not exactly be on your side, convenience and timing serves you well.

Why? Because it doesn’t just have a wide network of branches nationwide, you can also renew your car insurance when you need to settle your water, electric bill or even when your driver’s license is due for renewal.

In realizing that buying groceries is also a weekly affair for consumers and families, Pos Malaysia has a branch in almost all Tesco supermarkets so consumers can conveniently drop by to settle personal errands.  

Myeg Online speaks for itself. You can easily settle your insurance renewal tasks even before you start your TV drama marathon online.

Another ultimate solution is by letting your agent manage your renewals for you. Everything from price, speed, convenience, advice, and support is ranked good. Then again, minimal effort is still required on your part— to always communicate with your agent so you won’t end up renewing your car insurance blindly.

WAY OF BUYING
INSURANCE

PRICE

SPEED & CONVENIENCE

SALES ADVICE

CLAIMS SUPPORT

MYEG

NEUTRAL
GOOD
BAD
BAD

Pos Malaysia

BAD
GOOD
NEUTRAL
BAD

DIRECT Insurance/
Takaful Branch

GOOD
BAD
BAD
NEUTRAL

ONLINE DIRECT

GOOD
BAD
NEUTRAL
NEUTRAL

Good Insurance/
Takaful Agent

NEUTRAL
GOOD
GOOD
GOOD

Car / Motorcycle Dealer
without insurance
staff

NEUTRAL
BAD
BAD
BAD

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