In these extremely hard times, when individuals are losing jobs and facing salary cuts, we can only cancel a certain number of subscriptions (bye Netflix, Spotify, Viu). However, there is one thing we cannot say good-bye to… insurance! That is the infinity crucible of the real world, since with a single snap, you can save a boatload of money! There are several types of insurance available, including life insurance, medical insurance, health insurance, and even pet insurance.
However, today we’ll discuss insuring your automobiles and yourself while driving. Let’s have a look at six methods you can reduce your auto insurance price while still enjoying your movies.
Nota bene: We’re going to use admin’s Nissan Almera (1.5) as a starting point.
- They must all be compared!
As with all grandmothers in grocery stores, you must determine which firm or platform offers the best value for money (no pun intended). All you have to do is conduct a search for websites that provide close comparison estimates of issuers’ price and advantages. If you are malas, the URL is included in the following paragraph.
For example, comprehensive coverage on admin’s current Nissan Almera will cost between RM1000 and RM1200 per year. However, after conducting some study, admin discovered that the price estimately around RM900 only! As with most things in life, it does not come easily, therefore you must exercise caution. Here’s a great place to begin: Compare Car Insurance Quotes in Malaysia & Renew Road Tax Online.
- Everyone receives unnecessary add-ons!
Certain auto insurance prices include optional coverages and charge you for them without your awareness. For instance, if you do not reside in a flood-prone location, you will not require flood coverage, which will assist reduce your premium. Therefore, ensure that you thoroughly read your insurance and select an option that meets your needs!
If you require flood coverage, you may also be interested in this article on how to safeguard your automobile in the event of a flood.
- NCD – The Discount King
The No-Claim Discount (NCD) is the holy grail of premium savings. What is NCD in reality? As previously stated in our post about transferring NCD, NCD is a discount that you will receive each year when you renew your car/motorcycle insurance. After the fifth year, assuming you make no claims, your NCD entitlement will climb to a maximum of 55%.
The following are the numbers associated with your slumbers:
Year One: 0%
Second Year: 25%
Third-Year: 30%
Fourth Year: 38.33%
Fifth-Year: 45 %
After the Fifth Year: 55%
That means that by the fifth year, an RM 1,000 premium saves you RM550! That is a more straightforward monetary gain than possessing 200,000 ASB Savings units.
- Calculate your savings based on your mileage!
Typically, your premium is determined by the specs of your car, your driving record, your residential location, and even your age (because your reflexes tend to slow down after a while). However, mileage is usually never considered, especially on PrOmilej.
Therefore, if you travel infrequently, the pricing on PrOmilej are really worthwhile! Additionally, if you don’t travel frequently, selling your automobile will be lot easier!
With an average auto insurance cost of between RM1000 and RM1200 for admin’s car, admin can save up to 40% if he drives less than 5000 kilometres in total. This reduces the premium to just RM600! This is, of course, prior to any NCD deduction (which, like a game of jenga on a dull MCO day, is stacking).
- Reduced price?! Discount?!
Malaysians simply adore a good deal, innit! Discounts on clothing, houses, and credit cards, not to mention how much Shopee gained on 11.11 in 2020. Guess what? Automobile insurance is also an option! Certain insurance companies do offer cash refunds and discounts. What’s the best part? iLyF offers you the way to earn cash vouchers just by simply helping your friends making the switch!
- Drive Safely for Increased Savings
Are you sure you didn’t just say “what?!!” in your head? Indeed!
Being a more responsible and safe driver on the road can actually help you save money on your insurance costs! How? Telematics-based app enables you to receive additional rebates of up to 30% on top of your NCD based on your braking, speeding, acceleration, and turning on the road. You are not even need to open the application! It will detect movement in the background on its own.
Drive carefully!