I've bought AXA's travel insurance for scuba purposes before, quite cheap only (RM xx). They have the rates (depending on travel destination and duration) on their website.

However for equipment coverage (if gear gets stolen or whatnot), IIRC is quite low one. Probably won't be enough to cover your BCD/regs.

Touch wood, yet to make a claim before

Diving with whale sharks = priceless experience.
Strongly recommend you go there at least once in your diving lifetime.
I think for the quality of dives you're getting, it's a small price to pay.

But go when you're abit more experienced la. The currents in the channel dives can be challenging for newbies

Not much utility in a dive watch for actual diving, except for counting your bottom time and making sure you surface in time for tea time at the resort.
But if you must, I think the Seiko divers are rather popular for that sort of money.

I too would recommend a dive computer instead. The Suunto D4i goes for around RM1,400 IIRC and will look good over and under the sea.
Or a Zoop (I got mine for slightly below RM800) if budget does not permit, though the Zoop is to be worn during dives only (you'll look silly wearing a Zoop on land).

These 2 computers are fairly standard issue, and most dive shops in the Klang Valley should carry it.
Last time when I was shopping around for my Zoop, I found that most shops were selling it for around the same price.