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 Proton Insurance Program, premium increasing?

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TSRphAcng
post Nov 19 2020, 06:24 PM, updated 6y ago

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Hello,

My car insurance is expiring soon, and I'm now looking at different options, comparing between different products and its pricing to choose which one to go for.

This is my first year renewing car insurance and road tax.

My vehicle is currently insured under Proton Insurance Program (PIP), via Zurich provider, product name Z-Driver. The weird thing is that this year's quotation is more expensive than the previous year.

Here's my payment for 2019 insurance:

user posted image

The new quotation for the upcoming 2020 renewal under PIP:

user posted image

So my questions are:

1. Why is the basic premium much more expensive? In 2019 it was RM 1.1k, but in 2020 it went up to RM 1.3k.

2. Wondering as well, what is ACT premium listed in the payment detail?

3. Should I continue with PIP? The benefits seem good, 10 years waiver of betterment, 12 years agreed value coverage, key care, flood, PA

Regards.
MUM
post Nov 19 2020, 06:28 PM

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QUOTE(RphAcng @ Nov 19 2020, 06:24 PM)
Hello,

My car insurance is expiring soon, and I'm now looking at different options, comparing between different products and its pricing to choose which one to go for.

This is my first year renewing car insurance and road tax.

My vehicle is currently insured under Proton Insurance Program (PIP), via Zurich provider, product name Z-Driver. The weird thing is that this year's quotation is more expensive than the previous year.

Here's my payment for 2019 insurance:
..............

The new quotation for the upcoming 2020 renewal under PIP:

user posted image

So my questions are:

1. Why is the basic premium much more expensive? In 2019 it was RM 1.1k, but in 2020 it went up to RM 1.3k.

2. Wondering as well, what is ACT premium listed in the payment detail?

3. Should I continue with PIP? The benefits seem good, 10 years waiver of betterment, 12 years agreed value coverage, key care, flood, PA

Regards.
*
how old was your car in year 2019?
victorian
post Nov 19 2020, 06:30 PM

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1. You need to show your sum insured for year 2019.

2. Act cover is the minimum cover for a motor policy.

3. Go ahead
nexona88
post Nov 19 2020, 08:12 PM

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Well u can go visit Pos Malaysia & check out all the insurance plan / company available...

Ask them which cheapest...
Can see in the system...

Then u compare... 🙏 & Make decisions want to proceed with current one or buy new insurance plan / providers
SUSRagingBalls
post Nov 19 2020, 08:15 PM

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QUOTE(nexona88 @ Nov 19 2020, 08:12 PM)
Well u can go visit Pos Malaysia & check out all the insurance plan / company available...

Ask them which cheapest...
Can see in the system...

Then u compare... 🙏 & Make decisions want to proceed with current one or buy new insurance plan / providers
*
Yes this is true. I had done it in the Pos Dayabumi and you can choose the cheapest. I got one with a name never ever heard before and I took that as it was very cheap.
nexona88
post Nov 19 2020, 09:42 PM

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QUOTE(RagingBalls @ Nov 19 2020, 08:15 PM)
Yes this is true. I had done it in the Pos Dayabumi and you can choose the cheapest. I got one with a name never ever heard before and I took that as it was very cheap.
*
Many people don't know & always get cheated by those agent insurance.... Because they get some fat $$.. POS also earn some.. but not fat as individual agent 🤑

Once I try getting from POS Malaysia... And well I'm happier ever...
Now Each year keep changing providers... Etiqa, Tune, Some others I forgotten...

This post has been edited by nexona88: Nov 19 2020, 09:43 PM
TSRphAcng
post Nov 19 2020, 11:50 PM

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QUOTE(MUM @ Nov 19 2020, 06:28 PM)
how old was your car in year 2019?
*
It's a new car manufactured in the same year smile.gif


QUOTE(victorian @ Nov 19 2020, 06:30 PM)
1. You need to show your sum insured for year 2019.

2. Act cover is the minimum cover for a motor policy.

3. Go ahead
*
The sum insured in year 2019 was RM39k. So,

2019 - insured 39k - premium 1.1k
2020 - insured 36k - premium 1.3k


QUOTE(nexona88 @ Nov 19 2020, 08:12 PM)
Well u can go visit Pos Malaysia & check out all the insurance plan / company available...

Ask them which cheapest...
Can see in the system...

Then u compare... 🙏 & Make decisions want to proceed with current one or buy new insurance plan / providers
*
Awesome pointer biggrin.gif

Off-topic question, actually is there any requirement to be able to renew car insurance online, for instance via MyEG? If I buy from Pos would I be able to?
MUM
post Nov 19 2020, 11:59 PM

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QUOTE(RphAcng @ Nov 19 2020, 11:50 PM)
It's a new car manufactured in the same year smile.gif
The sum insured in year 2019 was RM39k. So,

2019 - insured 39k - premium 1.1k
2020 - insured 36k - premium 1.3k
Awesome pointer  biggrin.gif

Off-topic question, actually is there any requirement to be able to renew car insurance online, for instance via MyEG? If I buy from Pos would I be able to?
*
thumbup.gif it is a good things that you checked/compared the coverage and the premium to be paid before actually buying it..... thumbsup.gif

else KENA-lah sad.gif bangwall.gif mad.gif
mini orchard
post Nov 20 2020, 10:09 AM

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B4 motor insurance was liberalised, calculation is basically ..

1st 1,000 sum insured ... 273.80
Thereafter per 1,000 insured .... 26.00
Less NCD, if applicable
Add Stamp duty

Now ... other than the above, other risk factors are taken into consideration ... age, claim records, driving exp, age of vehicle, make of vehicle etc.

Most car manufacturers have agreement with panel insurers not to impose unncessary 'loading' for 1st year insurance irrespective of risk factor.

Some insurers are willing to underwrite higher risk while others more cautious.....certain vehicle make parts are more expensive to replace than others in the event of an accident.

Is all about incurring less losses in any claim.

Motorist will know about insurance matters ONLY in the event of a claim.
nexona88
post Nov 20 2020, 10:53 AM

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QUOTE(RphAcng @ Nov 19 2020, 11:50 PM)
It's a new car manufactured in the same year smile.gif
The sum insured in year 2019 was RM39k. So,

2019 - insured 39k - premium 1.1k
2020 - insured 36k - premium 1.3k
Awesome pointer  biggrin.gif

Off-topic question, actually is there any requirement to be able to renew car insurance online, for instance via MyEG? If I buy from Pos would I be able to?
*
MyEG also can.. I thinking...
The services. Fee is higher than POS Malaysia...
So it's your choice which platform u want...

POS Malaysia go counter buy.
Don't know got online or not...

MyEG sure online 👍
MUM
post Nov 20 2020, 11:13 AM

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QUOTE(nexona88 @ Nov 20 2020, 10:53 AM)
MyEG also can.. I thinking...
The services. Fee is higher than POS Malaysia...
So it's your choice which platform u want...

POS Malaysia go counter buy.
Don't know got online or not...

MyEG sure online 👍
*
found this Car insurance at PO Online thing...
https://www.posonline.com.my/PosOnline.Web....ateCarInsurance
nexona88
post Nov 20 2020, 12:05 PM

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QUOTE(MUM @ Nov 20 2020, 11:13 AM)
found this Car insurance at PO Online thing...
https://www.posonline.com.my/PosOnline.Web....ateCarInsurance
*
so limited?

I think should have more providers?
Tune is missing... Pacific Insurance too...
TSRphAcng
post Nov 20 2020, 03:40 PM

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MUM Yea, I had a past experience of my insurance agent selling me insurance products, mostly ILPs for simple coverage, and I wasn't making well-informed decision cuz I didn't know anything about insurance at that time. Lesson learnt, doing my homework now.

mini orchard I see, good point on manufacturers or dealers not imposing more loads during the first year, I'm now curious of the underwriting process.

nexona88 Definitely paying POS Malaysia a visit sometime soon!
nexona88
post Nov 20 2020, 04:01 PM

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yup. u got more choices when visit them branch...

make sure what u want on the insurance....
mini orchard
post Nov 20 2020, 04:09 PM

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QUOTE(RphAcng @ Nov 20 2020, 03:40 PM)
MUM Yea, I had a past experience of my insurance agent selling me insurance products, mostly ILPs for simple coverage, and I wasn't making well-informed decision cuz I didn't know anything about insurance at that time. Lesson learnt, doing my homework now.

mini orchard I see, good point on manufacturers or dealers not imposing more loads during the first year, I'm now curious of the underwriting process.

nexona88 Definitely paying POS Malaysia a visit sometime soon!
*
Insurance co are now given a free hand to underwrite risks. Shop around. Do remember that what you pay is what you get in the event of a claim.

Was reading you quote sheet ... you have not consider adding windscreen and flood coverage ?

https://forum.lowyat.net/topic/5052599

This post has been edited by mini orchard: Nov 20 2020, 04:12 PM
TSRphAcng
post Nov 20 2020, 06:09 PM

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If I continue to use Proton's insurance, i.e. PIP I will get those coverage included, except for windscreen.

user posted image

user posted image

This coverage is the same for year 2019 and year 2020, so I don't think this is the cause for the hike in basic premium price in Y2020.

As for windscreen, I didn't include it in the first year, didn't think I would need it. Then last few months ago, a stone decided to fly to my windscreen and leave a hairline crack there.
mini orchard
post Nov 20 2020, 08:19 PM

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QUOTE(RphAcng @ Nov 20 2020, 06:09 PM)
If I continue to use Proton's insurance, i.e. PIP I will get those coverage included, except for windscreen.

user posted image

user posted image

This coverage is the same for year 2019 and year 2020, so I don't think this is the cause for the hike in basic premium price in Y2020.

As for windscreen, I didn't include it in the first year, didn't think I would need it. Then last few months ago, a stone decided to fly to my windscreen and leave a hairline crack there.
*
For new cars less than 6 years, betterment premium not applicable.

The flood coverage allowance is not enough to cover repairs in the event of a claim.

Why cannot insure windscreen for next renewal ? Is not only cover front but ALL windscreens.

Agreed value ok.

As for others, you decide.
adele123
post Nov 20 2020, 08:30 PM

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Renewing car insurance is really easy now.

I frequent a few providers online before purchasing.

Usually, etiqa, takaful malaysia, kurnia.

Other notable easier to use website i have tried are tune and axa.

Just choose whichever you like. Buying directly will save you commission of 10%. And usually you can get a quote with few simple info. I have been buying from etiqa many years, never charged for extra driver also. Erm so the unique edge you get from proton, probably other companies also giving just you dont realise.

Additional tip... etiqa website can use amex to buy car insurance. I usually use maybank amex to buy on weekend.

This post has been edited by adele123: Nov 20 2020, 08:32 PM
TSRphAcng
post Nov 21 2020, 05:17 PM

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Yah it's my first time renewing car insurance, so just got into reading what are the norms and types of coverage that it usually provides.

Hoping to drop by POS Malaysia this coming Monday, to get a price check across different providers.

I'm currently inquiring as well for the increase in Y2020 premium for my PIP thorugh my car agent, and that has been dragging for almost a week. :')
victorian
post Dec 2 2020, 05:47 PM

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QUOTE(RphAcng @ Nov 19 2020, 06:24 PM)
Hello,

My car insurance is expiring soon, and I'm now looking at different options, comparing between different products and its pricing to choose which one to go for.

This is my first year renewing car insurance and road tax.

My vehicle is currently insured under Proton Insurance Program (PIP), via Zurich provider, product name Z-Driver. The weird thing is that this year's quotation is more expensive than the previous year.

Here's my payment for 2019 insurance:

user posted image

The new quotation for the upcoming 2020 renewal under PIP:

user posted image

So my questions are:

1. Why is the basic premium much more expensive? In 2019 it was RM 1.1k, but in 2020 it went up to RM 1.3k.

2. Wondering as well, what is ACT premium listed in the payment detail?

3. Should I continue with PIP? The benefits seem good, 10 years waiver of betterment, 12 years agreed value coverage, key care, flood, PA

Regards.
*
To TS, If you are still wondering why your premium has increased, I think I have the question.

I was going to renew my Allianz insurance this year, last year my sum insured was 45k, premium 1.3k. This year when I tried to renew, it showed me lower sum insured of 42k, but premium has increased to 1.5k.

So I asked my colleague in the motor insurance business, he told me that actually detariffication of motor insurance has started since 2017, which means general insurers can offer higher or lower premium based on many factors.

Apparently the effect is felt this year, so we will have more fluctuating premium rate.

This post has been edited by victorian: Dec 2 2020, 05:47 PM
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