Chubb Launches Its First Non-Tariff Rated Motor Insurance ProductPOSTED BY Raja Danielle ON 14 June 2017
Chubb Insurance Malaysia Berhad (Chubb) launched its MY Car Insurance on June 14, its first non-tariff rated motor insurance policy that was developed under the phased liberalisation of motor insurance in Malaysia.
The introduction of the phased liberalisation of motor insurance allows insurers the flexibility to develop and package motor insurance products and services that suit the consumers’ budget. Premium rates for these insurance policies will be liberalised and determined by the individual risk profile of policyholders.
Road accidents and vehicle breakdowns are commonplace. Based on statistics provided by the Malaysian Institute of Road Safety Research (MIROS), there were 521,466 road accidents last year and 8,300 vehicle breakdowns in 2015.
An accident or vehicle breakdown is often a stressful event which can be compounded by the financial burden due to motor repair. The situation could be made worse if the vehicle needs major repair, leaving the driver further inconvenienced.
In crafting the MY Car Insurance, Chubb took into consideration the everyday risks drivers are exposed to such as accidents, vehicle breakdowns, floods and theft.
Available in two plans to meet different budget needs and depending on the selected plan, MY Car Insurance offers coverage for loss or damage of a vehicle due to an accident, third party liability and flood. The policy also offers a host of other benefits to compensate drivers and alleviate the inconveniences they may encounter in a range of unfortunate circumstances.
The key benefits of MY Car Insurance include:
- Minor road-side repair
- Unlimited towing services 24 hours a day nationwide in the event of a vehicle breakdown or accident
- The flexibility to have the vehicle towed to a preferred location at no additional cost
- If a major repair is required and the policyholder is stranded far away from home, MY Car Insurance covers the cost of hotel accommodation and provides a temporary replacement car. All these benefits are provided at no additional cost, irrespective of the number of car breakdowns in a year.
- Coverage for loss or damage as well as interior cleaning costs due to flood
According to Chubb’s country president Steve Crouch, “At Chubb, we view the phased liberalisation of motor insurance as an opportunity for us to drive innovation in our product offerings to meet the evolving needs of consumers.
“To craft the MY Car Insurance policy, we conducted extensive studies on the various experiences Malaysian drivers go through, and designed an all-in-one solution encompassing coverage for inconveniences in the event of a vehicle breakdown, accident or flood.”
The MY Car Insurance is distributed via all Chubb agents throughout Malaysia.
Chubb is one of the world’s largest publicly traded property and casualty insurance companies. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
As an underwriting company, Chubb assesses, assumes and manages risk with insight and discipline while servicing and paying out claims fairly and promptly. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations.
Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide.
Chubb’s operation in Malaysia (Chubb Insurance Malaysia Berhad) provides a comprehensive range of general insurance solutions for large corporates, small and medium-sized businesses, as well as individuals through a multitude of distribution channels. With a strong underwriting culture, the company offers responsive service and market leadership built on financial strength. Chubb has a network of 23 branches and more than 2,500 agents in the country.
For more information, visit www.chubb.com/my.