A relatively recent development in the world of car insurance is that you can now easily renew your car insurance policy remotely. Rather than going through the conventional process of being physically present at the building of an insurance company to do the needful, you can now handle the entire process with a few clicks of a button. While this process is very new and exciting, it can be a bit too much too soon for many people. With that in mind, I’ll be briefly running down some important things to know in this post.
Starting from the basics, one might ask; what does the whole car insurance renewal thing even mean? Good question! Allow me to address that this way:
When you bought your new car, you had to take out specific insurance coverage packages on it before you could drive it around freely, right? Now, depending on how much you wanted to protect yourself and your vehicle financially, you might’ve taken out more than the primary Third-Party Coverage policy. You either chose the Third Party, Fire and Theft or even the all-encompassing Comprehensive package (good for you!)
Regardless of what type of insurance policy you took on your vehicle, the insurance coverage policy expires after a stipulated duration of time. What does this mean to car owners? After a certain period, you will have to renew your car insurance policy. You renew a policy as a way of indicating that you wish to continue that specific package.
Is Car Insurance Renewal Important?
The answer to this is a firm–Yes! In some countries, most car insurance policies are automatically renewed. However, that is not how car insurance operates in Malaysia. Here, you have to renew your vehicle coverage policy consciously. While this might seem like undue extra work for you, it has one significant advantage; you are always aware of everything happening with your car insurance policy.
What Does This Mean For Car Owners?
What a lot of insured individuals don’t know (or tend to forget) is that after your initial policy period has lapsed, your insurance rate tends to change, depending on how things went during the initial period. So, when you actively renew your car insurance, you get to know firsthand what your new insurance rate is and if you’re comfortable moving forward with it. This information can help make sound decisions and wise actions.
Where’s The Best Place To Renew My Policy In The Country?
The idea of renewing car insurance policies remotely is still relatively new in Malaysia so buying a policy can be tricky. Most insurers haven’t had the time to make a name for this niche yet. However, one insurance company to keep an eye on is Fincrew.my, a project wholly owned by Nick Metrics group. As far as renewing car insurance policies online goes, they’re the best bet for me. After just recently sampling their services, I found it considerably affordable and accommodating concerning the others out there today.