To all insurance sifus,

If medical policy and motor policy due after April 1st, can the policy holder pay the renewal premium without GST in March ?

This post has been edited by aeiou228: Feb 5 2015, 10:24 AM

This is pretty common second year insurance renewal shock by the first time car buyer.
Your first year insurance premium was even higher but you didn't realise it because you only concern about the total OTR price, how much down payment and how much is the monthly instalment.

Motor tariff is standard and regulated. You buy from any insurance company also same tariff.
You get 25% Non Claim Bonus (NCB) upon 1st renewal. If no claim for this renewal, then you will get 30% NCB upon next renewal and so on until max 55% over 5 years (if you never claim la)
You can DIY buy online and get additional 10% discount.

In future, when you up grade to >RM100k car, the 55% NCB can be a very significant saving on insurance premium. So please don't simply claim insurance over small damages if you already attained 55% NCB.