Car Insurance Company: Strengths And Weaknesses Of 6 Major Brands (2024)

Car insurance is mandatory for all registered vehicles in Malaysia. Since there are more than a dozen brands available in today’s market, choosing the right one can be challenging. This simple review by Bjak highlights the strengths and weaknesses of some of the leading car insurance companies in Malaysia.

Here’s a breakdown for a comprehensive comparison:

Allianz

Allianz is a car insurance company that has the largest market share in Malaysia to date. As a global financial services company, it offers a wide range of insurance and asset management products and services for individuals, businesses, and corporate clients in various sectors.

• Strengths: Offers comprehensive coverage with a wide range of add-on options. Known for prompt claims processing and a wide network of repair workshops.
• Weaknesses: Premiums might be slightly higher compared to some competitors. Customer service can be slow at times.

AXA

AXA Affin General Insurance Berhad was incorporated in Malaysia in July 1975 as a licensed general insurance company. It is a joint venture between AXA Group and Affin Holdings Berhad, the parent company of Affin Bank. Together, the companies have nearly 150 years of experience in offering insurance.

• Strengths: Provides customizable plans with various add-ons. Good customer support and efficient claims handling. Innovative product offerings.
• Weaknesses: Some policyholders report occasional delays in claim settlements. Limited coverage for certain specific incidents. Market share is smaller than some of its competitors.

AIG

American International Group, better known as AIG, is a multinational insurance corporation that provides a wide range of insurance products and services for commercial, institutional, and individual customers. AIG is a relatively popular brand for vehicle insurance and has been around in the Malaysian market since 1953.

• Strengths: Offers comprehensive coverage and a variety of optional benefits. Strong financial backing and reputable global presence.
• Weaknesses: Higher premiums for certain coverage options. Some customers have reported issues with claim processing time. Can be difficult to find online platforms that offer AIG insurance products.

Etiqa

Etiqa is undoubtedly one of the most renowned auto insurance brands in Malaysia. With a well-known presence in ASEAN for over 15 years, it provides customised vehicle coverage that meets the needs of different socio-economic groups in the region.

• Strengths: Competitive pricing and a user-friendly online platform. Known for hassle-free claims processing. Offers instant discount for those who sign up online.
• Weaknesses: Limited coverage options in standard plans. Some customers experience longer wait times for customer service support. Relatively new compared to other brands.

Tokio Marine

Tokio Marine is one of the largest property and casualty insurance groups in Japan, with a significant global presence. The brand is particularly popular among private vehicle owners in Malaysia, as it is the go-to option for most imported cars. It was established in Malaysia in the year 1957 and has since grown to be one of the most recognisable auto insurance brands.

• Strengths: Comprehensive coverage options with flexible plans. Good track record for claims settlement and customer service.
• Weaknesses: Higher premiums for comprehensive coverage. Limited add-on options compared to other providers. Smaller global presence.

Zurich

Zurich Insurance Group is one of the oldest insurance companies in the world. With more than 150 years of experience in protecting people, it is well-versed in offering motor insurance products across the globe. In Malaysia, Zurich offers a full range of insurance and takaful solutions that cater to the different ethnic groups in the country.

• Strengths: Wide coverage options and flexibility in customizing policies. Strong financial stability and efficient claims processing. A reputable brand with a global presence.
• Weaknesses: Relatively higher premiums compared to some competitors. Limited discounts are available for certain policyholders.

The verdict

While these are some of the leading car insurance providers in Malaysia, individual experiences may vary based on specific needs, location, and personal circ*mstances. Therefore, we recommend prospective buyers conduct further research by comparing policies, considering coverage, premiums, add-ons, customer service, and claim settlement efficiency before making decisions.

Additionally, policy terms and conditions may change over time, so it’s advisable to check the most recent offerings and reviews before purchasing car insurance.

Bjak is one of Malaysia’s biggest insurance comparison websites, offering policies from over 10 brands. Visit Bjak today to get your free insurance quote!

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