MSIG Malaysia

Why Liberalise?

Motor Insurance Liberalisation

Currently, motor insurance premiums or motor  takaful contributions are determined by tariffed rates based on model, age and engine capacity of vehicles, and discounts in the form of NCD*.  Starting  1 July 2017, the premium/takaful contribution for Motor Comprehensive and Motor Third Party and Theft products will be determined by individual insurance companies and takaful operators. Liberalisation will drive fairer ways of pricing premiums/takaful contributions based on risk profiles, which will encourage road users to be more responsible. This will spur innovation with more products and services to meet different consumer needs for the ultimate benefit of the motoring public.

*No Claims Discount

Click here to view the video by PIAM in support of their initiative to educate consumers in better understanding of liberalisation of motor insurance in Malaysia.

To read on the Frequently Asked Questions (FAQs), you can download it by clicking on the link below.

Liberalisation of Motor Insurance FAQs by PIAM