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Savings Strategies

Just Bought a Car? Here are Some Tips for You to Get the Best Car Insurance!

CIMB ❘ 20 Jan 2025

4 min(s) read

In Malaysia, having car insurance isn’t just a legal requirement; it’s also your safety net in case of accidents or other unforeseen events. Discover why securing the right insurance for your new car could save you in the long run.

Understanding the Basics

With so many car insurance options available, choosing the right one can feel overwhelming. Let us simplify the basics and help you find the coverage that suits you best. There are three main types of car insurance in Malaysia:

Comprehensive Insurance

If you’re looking for car insurance, then comprehensive insurance should be your top choice. This type of insurance covers almost everything from accidents, theft, and fire, to even damage to other people’s vehicles.

Third-party, Fire and Theft Insurance

This insurance covers damage to other vehicles, but not on your car. While it covers fire and theft, this might not be the best choice if you are on the road every day.

Third-Party Insurance

This basic car insurance only covers damage to other vehicles — and that’s it.

What Affects Your Car Insurance Rate (and How to Save)

When shopping for car insurance, keep in mind that the amount you pay can vary based on factors like your car’s value, whether you’re a new driver, your annual mileage and more.

Car value: The make, model, and year of your car affect your premiums. A brand-new luxury car, for example, will cost more to insure as repair and replacement costs are higher.

New vs. experienced driver: New drivers less experience may be viewed as higher risk higher insurance premium. On the other hand, experienced drivers with no record of accidents might be quoted a lower premium.

Annual mileage: The number of miles you drive is an important factor in setting your motor insurance premium. Driving less means a lower risk on the road, which can lead to lower premiums.

Driving history: A clean driving record with no accidents or traffic violations can help you secure lower premiums. On the other hand, a history of accidents or violations can make your insurance more expensive.

But there’s a hack! Some car insurance, like CIMB Secure Motor insurance, doesn’t take into account the factors above!

Our policy does not look at your annual mileage and driving history to derive the premium you pay. We want to make sure that you are fully covered and getting your money’s worth—that’s why we only offer comprehensive insurance policies.

What’s Right for Me?

Choosing the right insurance doesn’t have to be stressful. To help you make the right choice, we’ve put together a handy checklist to guide you:

1. Coverage: Compare what is covered under your policy against what isn’t and weigh that against your car usage to see what would be the best fit for you.

2. Premium Costs: Compare how much you would be paying against the value of the coverage and pick the one that is the most cost-effective for you.

3. Policy Limits: Make sure your policy covers enough to handle potential expenses, especially if you are in a serious accident.

4. Customer Service and Claim Process: Look into how easy it is to make a claim and how long it usually takes. Good customer service can make a big difference!

5. Roadside Assistance: Check if the policy includes tow trucks and 24-hour help. You never know when you might need it!

6. Deductibles: This is the amount you will need to pay out of pocket before the insurance kicks in. Make sure it’s something you can comfortably manage.

7. Special Perils Coverage: Some policies offer additional coverage for things like floods or natural disasters. Malaysia is known to experience flash floods, so this is definitely something you need to consider.

Pro tip: Our CIMB Secure Motor insurance covers up to RM10,000 [1] [2] of damages caused by natural disasters like floods, storms, landslides etc.

How Can I Get the Best Deal?

Before committing to a policy, you can compare quotations from different providers. Most of the time, you would have to set up an appointment or make a call to these insurance companies to get a quote. But with CIMB, you can get it online from the comfort of your home or office.

You should also keep an eye out for any discounts or special offers, you never know when you might find a great deal! You could also speak to an insurance agent to get a second opinion. Their expertise might make you more comfortable with your decision or help you better understand your options.

And speaking of trusted opinions, CIMB offers extensive coverage for car insurance plans. If you’re not sure where to start, check out our offers—something might catch your eye!

Get Behind the Wheel with Confidence When You Choose CIMB Motor Insurance!

Remember, don’t wait until the last minute to renew your car insurance! Start shopping around two months before your insurance expires so you have enough time to choose the best policy. By staying on top of your insurance, you’ll enjoy safer travels and worry less about potential mishaps.

Ready to explore your options? Get a quote today or speak to us to find out more. Safe travels!

This article is for informational purposes only and CIMB does not make any representation and warranty as to the accuracy, completeness and fairness of any information contained in this article. As this article is general in nature, it is not intended to address the circumstances of any particular individual or entity. You are advised to consult a financial advisor or investment professional before making any decisions based on the information contained in this article. CIMB assumes no liability for any consequences arising from your reliance on the information presented here.

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Just Bought a Car? Here are Some Tips for You to Get the Best Car Insurance!

Understanding the Basics

What Affects Your Car Insurance Rate (and How to Save)

What’s Right for Me?

How Can I Get the Best Deal?

Get Behind the Wheel with Confidence When You Choose CIMB Motor Insurance!