081 Motor Insurance with cash back

If you have been to Tesco at Bukit Indah JB, I wonder is you have ever seen this large advertisement at their escalator's wall.

December is my car's roadtax renewal. My existing insurance company sends me the renewal notice plus a quote of the premium. As my car is older than 10 years, I am being quoted to pay for loading and additional personal accident (PA).

Then one day, another colleague recommended me to renew my insurance with Takaful Malaysia. He had been using Takaful Malaysia. He explains to me if I don't make any claim, I may get 15% cash back next year.

I think to myself that my No Claim Discount (NCD) is at 55%, meaning i don't claim for the past few years but the insurance company did not pay me anything. And I think since motor insurance is tariff rate, the premium will be the same, why don't I try Takaful Malaysia.

I gave Takaful Malaysia a rang to confirm they will accept my car. Luckily, my car is not older than 15 years and so they can take me.

I went to their office in Setia Tropika (besides RHB Islamic Bank). I request them to give me a quote. Ahem, their price is cheaper. I do not need to take up the additional personal accident plan. Altogether, I save about RM70. And if I don't make any claim, I may get another 15% cash back.

I happily renew my motor policy with them. Now I am waiting for their official policy document to see their terms and conditions.

Takaful Malaysia's ads in their website.

There are a few more takaful companies in the market, Takaful Malaysia is the only company that offers 15% cash back. I think such practice is attractive as it rewards the careful driver. Many of us are having good record but the insurance companies keep on increasing the premium or adding in unnecessary expensive PA plans.

Will you use this takaful motor insurance for your car?