Getting your Ringgit to work the corner of Car Insurance Street

It’s a dirty job but someone’s got to do it and that someone; or rather something, is always your money. So, how do you get your Ringgit to navigate the shady street of car insurance and get you the best service on the block?

For starters, the recent deregulation or detariffication of the industry has opened up more options out there when it comes to insuring your pride and joy. Nonetheless, nobody wants to pay for a service they won’t actually be on the receiving end of.

With that in mind, here’re a few tips towards getting your moneys worth when getting your Ringgit to bust its back out on that street corner and now get stiffed for service.

Also Read: Proton is the latest carmaker to extend flood relief assistance to customers

1. Put on your bargain hunter hat
Variety is the spice of life although you’ll end up having to settle for one. However, that doesn’t mean you can’t check out the goods from every service provider. Always keep a close eye out for discounts when it’s time to renew your policy. You can make the most if you own more than one vehicle with a bundle plan or if you don’t drive that much in a year by capitalising on plans that cap your mileage in return for a lower premium.

2. Understand how quotes work
Every provider has their own formula in calculating the premium that takes into account a variety of factors related to the driver’s lifestyle, needs and the vehicle. If you can, always ensure you find a plan that satisfies your needs. If your car is relatively new, it’s best to approach your car dealer as they’ll always best deal with a policy that was drawn up for your car’s specific make and model. Plus, most of them wouldn’t mind doing it as a value added service with no extra charge.

3. Check in with your agent or dealer regularly
Insurers are constantly adding new services or coverage so make sure to to check-in with your insurance agent before renewing your plan to take advantage of any great deals. Do remember to always update them of any changes to your lifestyle and or needs as it might help lower your premium.

Also Read: Carsome quietly gifted a Proton Saga to a flood victim

4. Match the policy to your lifestyle
Remember the bit about a mileage cap? Always keep in mind to review your coverage based on your current lifestyle, circumstances and situation. For instance, a new job might now see you taking the train to work instead of driving so your vehicle will be clocking in less mileage or if you’re now living or working in a flood-prone area, check for flood protection coverage.

5. Skip add-on’s you don’t need
Before you sign on the dotted line, go over your insurance policy with a fine-toothed comb and if you’re unsure about anything, ask your agent. If you feel you wouldn’t need an add-on, have it removed for a lower premium. For example, the Proton Insurance Program additional benefits such as 24-hour roadside and towing assistance are already included as part of the package and not an additional service with a premium tacked on.

Also Read: Proton goes the extra mile with additional flood relief assistance

6. Drive safely to grow your NCB with a better claims record
Lastly, your NCD is your wallet’s best friend. Drive safely and prudently to maintain a good drivers record which in turn ensures you retain your no-claims bonus. This makes the most significant impact on your premium and is especially crucial if you intend to switch up to a better, more expensive car in the future.

That being said, it’s now time for a shameless plug in saying it’s best to have the people that know your vehicle best to have it insured. Proton offers protection for customers via its Proton Insurance Program that’s specially designed for Protons.

It offers customisation to customers from six different providers (Allianz General Insurance, AmGeneral Insurance, Liberty General Insurance, Zurich General Insurance, Etiqa General Takaful, and Zurich General Takaful), with features such as instant claim approvals of up to RM 20,000 for the X-Series SUVs and up to RM 10,000 for other models with no adjuster involved.

Also Read: SA takes new Proton X50 on joyride, ends up in ditch

Following the recent floods, there’s a flood relief allowance of up to RM1,000 for damage due to floods as well as coverage of up to RM1,000 for repairing or replacing your car key if it is lost or damaged due to theft.

Going the extra mile, or the extra 5 years, the policies include a waiver of betterment cost of up to 10 years that sees customers pay nothing for spare part replacements for cars up to 10 years old whereas other policies tend to stop at 5 years.

Also Read: PIAM: Insurers expected to pay RM 3 Billion in flood damage claims

Beyond that, Proton Insurance Program customers also get agreed value coverage for up to 12 years. This will see the pay-out for a total loss claim based on the agreed value or full value stated in the policy rather than the market rate or a re-evaluation with depreciation factored in at the time of the claim.

Aside from offering separate personal accident coverage of up to RM15,000 for the policyholders, all drivers of the vehicle are covered by the Proton Insurance Program and not just the registered drivers.

If you’re keen to explore more regarding the best policy for your Proton, you can check out the Proton Insurance Program here.