Recently, I needed to buy travel insurance in order to apply for a residence visa for one of the European countries. I literally collected quotation from ALL insurance companies who offered travel insurance! Honestly it was time consuming to collect it and i hope with this article, you wont have to do the same as i did.
I was looking for a travel insurance with a duration of 6 months, cover the costs totaling at least EUR 30 000, cover the costs of both emergency and other medical care, as well as hospitalization, dental care and possible repatriation for medical reasons and covers all European countries. From these criteria, here are the quoted price from various insurance companies :-
Companies
Price
Remarks
Tune Protect
RM571.50
seems like it doesn’t cover repatriation
PIAM
no facilities to provide online quotation and i lazy to call them
AIG
RM3020.00
Allianz
RM1820.00
Berjaya Sompo
RM254.50
total cover is rm150k for 3 months max
AXA
RM493.75
Etiqa
RM433.00
duration is 2 months
Great Eastern
RM370.00
duration is 2 months
RHB
RM751.75
CHUBB
somehow the online quotation doesn’t work
Zurich
RM570.00
Tokio Marine
RM580.75
MSIG
somehow the online quotation doesn’t work
Kurnia
RM759.00
I ended up shortlisting Zurich and Tokio Marine since their prices look affordable. Finally i chose Zurich because I can change the start/end date for the policy. I hope this article helps.
In my 20 years of experience of owning a cheap motorcycle and a 3rd party insurance, I can never escape from discrimination from the several parties.
I noticed the renewal fee of 3rd party insurance for my 125cc motorcycle has increased. The story began when i received an automated reminder email from AXA Affin General Insurance to renew the insurance which costs RM87.58 (the same price i’ve been paying for more than 5 years with AXA). After contacting AXA to request for online payment, they sent a revised quotation which costs RM109.50. The price increase because they added an additional coverage (motorcyclist PA Plan A with towing). When asking the reason for price increase, they said “Personal Accident cover is required for Third Party motorcycle policy“. Honestly, money is never an issue to pay the price increase but I am not paying extra money just because the company wanted me to!
the quoted price from automated email
the revised price
I browsed the internet and study the 3rd party insurance regulations and guidelines and found an informative article here. In this article, the writer got help from MNRB (Malaysian National Reinsurance Berhad) to instruct the insurance company to allow him/her to buy insurance without Additional Coverage. This means we have the right not to buy the Additional Coverage! I contacted MNRB but no one pick up the phone, I even emailed to MNRB but no reply at all! MNRB is owned by PNB (Permodalan Nasional Berhad) which makes MNRB as a GLC. But I am not surprised to see a GLC in Malaysia to have this poor customer service.
I contacted the writer to explain about my problem and he provided me with a list of insurance companies that provides MMIP. I emailed each one of them and i have tabulated the results as shown below:-
Insurance Company
Remarks
AmGeneral Insurance Berhad
They did not reply my email
Chubb Insurance Malaysia Berhad
Price = ??? They replied with “We regret to inform you that we unable to cover Third Party for your motorcycle Honda AFS125MCR – is declared as Decline Risk by Chubb Insurance”
Liberty Insurance
Price = RM113.50 ( the price includes Additional Coverage)
Lonpac Insurance
They did not reply my email
MPI Generali
Price = RM113.50 ( the price includes Additional Coverage)
Pacific & Orient
They did not reply my email
Pacific Insurance
They did not reply my email
Progressive Insurance
They did not reply my email
RHB Insurance
Price = ??? I did not receive the quotation because they wanted me to go to the branch
Takaful Ikhlas
Price = ??? They replied with “Kindly to inform you that we no longer have MMIP or third party coverage”
Tokio Marine
Price = RM87.57
Quoted Price of 3rd party insurance for 125cc motorcycle
Of all the companies that I contacted, only ONE COMPANY offered insurance without Additional Coverage! This shows that the welfare for motorcycle owners with 3rd party insurance are not being taken care of. However there is still one kindhearted company (Tokio Marine) which offered a fair deal. In the end, I bought my 3rd party insurance for both my motorcycle and my car with Tokio Marine and they still impresses me until today.
