14, June 2017 – In line with Bank Negara’s phased liberalization policy of motor insurance in Malaysia, Chubb Insurance Malaysia Berhad (Chubb) today announced the launch of MY Car Insurance, its first non-tariff rated motor insurance product.
With the recent policy implementation by the Malaysian central bank, Chubb is now able to develop and match motor insurance packages and products to suit consumer budgets. Premium rates will be determined according to individual risk profiles of each policyholder.
Road accidents and vehicular breakdowns happen all the time. Based on alarming statistics provided by the Malaysian Institute of Road Safety Research (MIROS), there were 521,466 road crashes in 2016 and 8,300 vehicular breakdowns in 2015 alone. Accidents and vehicular breakdowns are stressful and the problem can be further compounded by the financial burden that comes with repair work. Major repairs are the bane of drivers. To make matters worse, frequent floods and theft are equal dilemmas plaguing today’s drivers.
MY Car Insurance undertakes to solve this problem by offering two advantageous plans for consumers. The plans seek to provide coverage for loss or damage to a vehicle caused by an accident, flooding and third party liability. The plans also offer a host of other benefits to compensate drivers and in the process alleviates the inconveniences they suffer during unfortunate incidences. Here are some of the key benefits MY Car Insurance covers:
- Minor road-side repairs.
- Unlimited towing services 24 hours a day, 365 days a year nationwide in the event of a vehicle breakdown or accident.
- The flexibility to have the vehicle towed to a preferred location at no additional cost.
- If a major repair is required and the policyholder is stranded far away from his or her home, MY Car Insurance covers the cost of hotel accommodation and provides a temporary replacement car. All these benefits are provided at no additional cost, irrespective of the number of car breakdowns in a year.
- Coverage for loss or damage inclusive of cleaning cost of the car interior affected by floods; which happens to be a key risk factor here in Malaysia.
According to Steve Crouch, Country President for Chubb in Malaysia, “At Chubb, we view the phased liberalization of motor insurance as an opportunity for us to drive innovation through our product offerings, in order to meet the evolving needs of consumers.”
He added, “In crafting the MY Car Insurance policy, we conducted extensive studies on the various experiences Malaysian drivers go through and came up with an all-encompassing coverage for inconveniences faced in the event of a vehicular breakdown, accident or flooding.”
MY Car Insurance is distributed and made available via all Chubb agents throughout Malaysia.
