Motor insurance renewal is something every car owner in Malaysia must deal with annually. But did you know that renewing at the right time can help you save money and get better coverage? Many people leave their renewal until the last minute, missing out on discounts and benefits. In this guide, we’ll discuss the best time to check and renew your motor insurance to maximize savings and advantages.
Why You Shouldn’t Wait Until the Last Minute to Renew Your Motor Insurance
Many car owners tend to wait until the expiration date before renewing their motor insurance. While this might seem convenient, it can actually lead to higher premiums and missed benefits. Here’s why early renewal is better:
- Avoid Higher Prices
Insurance prices fluctuate, and last-minute renewals may lead to higher premiums.
- More Time to Compare Plans
Rushing means you may settle for a plan that isn’t the best for your needs.
- No Risk of Policy Lapse
If your insurance expires, you may face penalties or even legal issues.
- Access to Early Bird Discounts
Some insurers offer discounts for early renewals.
When Should You Start Checking Your Motor Insurance?
To optimize your savings and benefits, it’s ideal to check your insurance well before the expiry date. Here’s a suggested timeline:
- 1-2 Months Before Expiry: Start checking your renewal date and researching different plans.
- 3-4 Weeks Before Expiry: Compare different policies and request renewal quotes.
- 2 Weeks Before Expiry: Finalize your decision and renew your insurance.
Pro Tip: Some insurers in Malaysia allow renewals up to two months in advance, so take advantage of this window.
How to Check Your Motor Insurance Expiry Date?
If you’re unsure when your motor insurance expires, here’s how you can check:
- Check Your Insurance Policy
Look at your last policy document or renewal notice.
- Check Online via JPJ e-Services
You can visit the official JPJ (Road Transport Department) website to verify your insurance status.
- Ask Your Insurance Provider
Contact your insurance agent or company to confirm your renewal date.
How to Get the Best Savings and Benefits When Renewing Motor Insurance?
To maximize your savings and benefits, consider these key strategies:
1. Compare Different Insurance Plans
Never stick with the same plan without checking other options. Use online insurance comparison tools to see which provider offers the best premium rates and coverage.
2. Look for No-Claim Discount (NCD)
If you haven’t made a claim in the past year, you may be eligible for a No-Claim Discount (NCD), which can reduce your premium by up to 55%.
3. Take Advantage of Early Bird Discounts
Some insurers provide early renewal discounts for customers who renew ahead of time.
4. Consider Additional Coverage Smartly
Think about whether you need extra coverage such as:
- Windscreen Protection – Covers replacement of damaged windscreens.
- Flood Coverage – Important for those living in flood-prone areas.
- Special Perils Coverage – Protects against natural disasters and accidents beyond your control.
5. Check for Online Discounts
Many insurance providers offer special discounts when you purchase or renew online, so always check their official websites before renewing.
6. Avoid Policy Lapses
If your policy lapses, you may need to go through additional paperwork and even pay higher premiums when reinstating your insurance. Renewing early prevents this hassle.
Next Steps: How to Renew Your Motor Insurance?
Step 1: Compare Insurance Quotes
Use an online comparison tool or contact different insurers to get the best rates.
Step 2: Choose the Best Plan
Select a policy based on the coverage you need and the total cost.
Step 3: Renew Online or Through an Agent
Most insurance companies allow online renewals, which is the fastest and most convenient method.
Step 4: Get Your E-Cover Note and Road Tax
Once renewed, you will receive an e-cover note, and you can proceed to renew your road tax via JPJ or MyEG.
Final Thoughts: The Best Time to Renew for Maximum Benefits
The best time to renew your motor insurance is at least 1-2 months before expiry. This gives you enough time to compare plans, get discounts, and avoid last-minute stress. By renewing early, you can ensure lower premiums, better coverage, and a smooth renewal process.
Start checking your motor insurance today and renew early to enjoy the best savings and benefits!