We all know that car insurance is a legal requirement that carries consequences if we fail to comply. But that doesn’t mean we shouldn’t be smart about it!  If you think you’re overpaying on your car insurance or don’t know what coverage you should be getting, keep on reading.

Cheapest vs. Most Expensive Insurance coverage

In an ideal world, all of us would want the cheapest insurance with the best coverage. Unfortunately, there are always trade-offs and generally, it always goes:

The larger the insurance coverage, the higher the insurance premium.

That’s fine though! Just bear in mind that we buy insurance for protection, the same way we put an umbrella in our car for when it rains. No one ever plans to be in an accident, but having insurance in place will give you that safety net and financial assistance for repairs if it does happen. 

So, how do you actually cut costs while still keeping the coverage you need?

Firstly, it’s important to know what coverage is best for you. Try asking yourself these questions:

  • Have you done a quote comparison between a few insurance companies? Besides the price, don’t forget to also check the additional benefits from each insurer.
  • How old is your vehicle? For older cars, you may not need as much coverage but still want road-side assistance. As such, a Third Party, Fire and Theft product, or PrOmilej product would probably be more suitable for you. For new cars, you would probably want to have full coverage with our Comprehensive product or PrOmilej policy instead.
  • How experienced are you in driving? Besides how long you spend on the road, have you been in any accidents before?
  • Where do you normally drive? Being familiar with your driving routes will help you determine the coverage you need e.g. if your housing area is prone to floods, make sure you are covered for floods.

The Smarter Insurance Coverage

But hold on; what if there was an insurance policy tailored to all your exact needs- all while being perfectly affordable? Introducing PrOmilej: your lucky break from all the headache that usually comes from choosing a perfect policy. At Pacific & Orient Insurance Co. Berhad, we understand this lack of transparency and archaic model of one size fits all can be restrictive….so why not create a new one.

PrOmilej is Malaysia’s first mileage-based insurance policy where the premium is based on how much you drive in a year at a discount upfront!

Remember, whether you are heading to office or driving off for a holiday, having the right insurance will protect you and your car without hurting your wallet. Always think about what you need covered/protected and couple that with how much insurance premium you can afford.