Bank Negara Malaysia (BNM) has announced that beginning 1 July 2017, motor insurance will be liberalised in stages.
This means that motor Insurance applications will now be assessed based on a list of risk factors, resulting in different premium amounts instead of the current fixed pricing
What does this mean?
Liberalisation of the tariff means removing the tariff structure or freeing up the fixed premium rates for Motor Insurance
so that the premiums charged correspond to the risk behavior of the consumers.
When this happens, different insurance companies will charge different rates for the same risk behavior based on their business risk models and strategies.
So it is time to go shopping for best deal in town!