When should I renew my vehicle insurance?

You have the flexibility to renew your vehicle insurance within the 2-month period prior to your policy’s expiry date. Ensure you renew it before the expiry date to maintain continuous coverage.

Published on January 23, 2025

Related Questions

What should I do if I receive an "incorrect data" message and can't proceed to renew my vehicle insurance through the app?

If you encounter an “incorrect data” message, especially after recent ownership changes or a new vehicle purchase, there’s no need to worry. Simply click ‘Request Manual Quote’ at the pop-up message.You can request a manual quotation by simply uploading a picture of your vehicle grant. Our team will process it and send the quotation directly to your WhatsApp, while also updating it in your app. If you don’t receive the manual quotation within 24 hours, please reach out to our customer support team, who will assist you promptly.

When should I renew my vehicle insurance?

You have the flexibility to renew your vehicle insurance within the 2-month period prior to your policy’s expiry date. Ensure you renew it before the expiry date to maintain continuous coverage.

What is No Claim Discount (NCD), and how does it affect my premium?

No Claim Discount (NCD) is a discount given by insurance companies for not making any claims during the policy period. It’s a way to incentivize safe and responsible driving. The NCD is usually represented as a percentage and is applied to the renewal premium of the insurance policy. Here’s an example to illustrate how NCD works:Let’s say you have a car insurance policy and during the policy term (usually 1 year), you haven’t made any claims. At the time of renewal, the insurance company may offer you an NCD of 20% for your next policy term. Here’s how the premium calculation might work:Current Insurance Premium: RM 1,000 (without NCD)NCD Percentage: 20%NCD Discount: 20% of RM 1,000 = RM 200Premium for Next Policy Term: RM 1,000 – RM 200 = RM 800So, with a 20% NCD, your insurance premium for the next policy term would be RM 800 instead of RM 1,000.The NCD percentage increases with each claim-free year, typically up to a certain maximum, offering higher discounts on the premium. The NCD rates for private cars, motorcycles, and commercial vehicles are as follows:No-Claim PeriodPrivate CarMotorcycleCommercial Vehicle1st year0%0%0%2nd year25%15%15%3rd year30%20%20%4th year38.33%25%25%5th year45%25%25%6th year onwards55%25%25%However, if you make a claim during a policy term, your NCD may be reduced in the subsequent policy term, leading to a lower NCD discount and a higher premium. It’s important to maintain safe driving practices to maximize and retain your NCD, resulting in lower insurance premiums over time.

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