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In Malaysia, it is mandatory to take motor car insurance. There are different types of car insurance which varies from one another based on the type of protection and coverage they offer.
Recently, insurance news in Malaysia talked about the introduction of phased liberalisation and its impact on insurance companies and consumers. When you think about buying a new car, apart from motor insurance, there is other paperwork also which is to be taken care of. Here's a look:
1. Finalising the car loan
Once you have chosen the car of your choice, it's time to make the payment. If you are not paying for the car in cash/cheque, the only option is loan. When you take a car loan, you are supposed to apply for the loan which is granted to you on the basis of your credit score. You have to pay 15 to 20% of the amount as down payment and rest can be taken as loan. Read the agreement for EMI and check the processing fee. You will also need to provide identity proof, income proof, and address proof.
2. Insurance
The way you compare car dealerships before buying the car, you must explore and compare motor insurance companies also. You should compare the policies and try to get a better deal. Always remember that the car salesman can guide on which car is the best for you but not about the best insurance coverage.
Also, if you believe that dealership is the only place to get insurance, you are mistaken. There is no compulsion to buy insurance from them and you must explore better options in the market no matter how much they compel you.
3. Booking the car
Once the financial arrangements are done, it is time to buy the car and sign the documents. The car will be in the name of the person taking the loan. If the loan is in the name of a family member, the booking has to be made by them.
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