Car Insurance Comparison

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VICare Insurance System is a one-stop car insurance solution for individual and commercial of 21 insurance company. Easily get 3 request quotation selection of 21 insurance company done with just a few clicks.

How are Car Insurance Premium Rates Calculated?

In Malaysia, all insurance companies are required to adhere to a pricing schedule determined by Persatuan Insurans Am Malaysia (PIAM). Previously, region, vehicle type and capacity were the only main rating factors used in the tariff model. There are also other factors like optional coverages, number of named drivers, compulsory excess, loadings, No Claim Discount (NCD), etc. which may affect the final. In 2017, however, the pricing scheme has moved from a tiered system to a risk-based structure — a move spearheaded by Bank Negara Malaysia toward the phased deregulation of the car insurance industry, whereby the existing NCD structure shall remain.
 
Car insurance premiums are now determined by prevailing market prices, after the insurance company has assessed your risk. Using the new pricing structure, each insurance company can apply different rating factors which may include but not limited to car model and manufacturer, car use, your gender, age, occupation, claims history, and location to generate premium rates for various market segments. Motor detariffication aims to provide fairer pricing and wider product options for the consumers. Now, persons with better risk-profiles can get lower premiums rates based on the insurer’s internal data / claims experience.

We Compare 20 Car Insurance Brands To Bring You The Best Deals

Market Value vs Agreed Value

The difference between agreed value and market value

Car insurance market value is a recognized industry term for what your car would fetch on the open market, as is. It is not, say, the trade-in value, nor what an unusual purchaser, such as a collector, would pay for your car. It’s not the cost of replacing your existing car with a brand new one.

So if you insure your car for market value, the price you will receive from the insurer in the event that your car is written off will be the price that your insurer estimates your car was worth just before the accident.

Car insurance agreed value is a sum that has been fixed after discussion and agreement between the insurer and the individual taking out the policy. People who bought a car using a car loan might decide to insure it for an agreed value while they still have finance owing on it.

Under an agreed value car insurance policy, you can expect to pay higher car insurance premiums if the agreed value is higher than what the car would sell at on the market (market value).

  • Amount is based on what your car is worth for resale just before the accident/incident
  • Premiums could tend to be lower than insuring your car for a high agreed value
  • There is a level of uncertainty about what compensation you will receive from your insurer if your car is written off
  • There is no flexibility around the amount that your car is insured for
  • Amount is based (within reason) on the amount that you want to insure your car for
  • Premiums could tend to be higher than insuring your car for a market value
  • Agreed value provides certainty about what compensation you will receive from your insurer if your car is written off. This is particularly useful if you have a car loan or other form of finance
  • There is flexibility around the amount that your car is insured for

Car Insurance Companies in Malaysia with Plans

Insurance Provider Type of Coverage NCD Free Tow Mode of Premium Payment Frequency of Premium payment
Etiqa Car Insurance Comprehensive Cover Yes Yes Cash, credit card or cheques -
Allianz Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes Cash, credit card or cheques Annual
Berjaya Sompo Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes - Annual
MSIG Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes - Cash, credit card, or cheques -
Tokio Marine Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes (Up to RM200 for accidents and RM250 for vehicle breakdown) Cash, cheque or credit card Annual
AIG Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes Cash, credit card or cheques -
AXA Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes Cash -
Kurnia Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes (up to 50 kms) Offline and internet banking Annual
Maybank Car Insurance Comprehensive Cover Yes Yes - -
Zurich Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes   Annual
RHB Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes (Up to RM200) - Annual
AIA Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes Cash, Credit Card or Internet Banking -
Alliance Bank Car Insurance Comprehensive Cover Yes Yes - -
Ambank Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes (up to 50 kms) - -
Berjaya Sompo Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes - -
Chubb Car Insurance Comprehensive Cover Yes Yes - -
Lonpac Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes - -
Tune Protect Car Insurance Third-Party Cover, Third-Party, Fire and Theft Cover, Comprehensive Cover Yes Yes - -