First, the government says so. In order to drive legally on the road, you need to have your road tax from the start and have it renewed every year after that. But guess what, the Road Traffic Act says car insurance is a must for you to have your road tax in place.
Secondly, to save money! Yes, you heard me right! Let me explain to you how the mathematic works. A Perodua Myvi 1500CC costs you around RM 56,000. You might think that you have superb driving skills, but luck is not always on your side. Say one fine day on your way driving back from work, a reckless and irresponsible driver comes out of nowhere suddenly knock the back of your car. Shocked as you will be, before you are aware of what’s happening, the car just fled off without you even taking down the car plate number. Now that’s unlucky of you, a minor repair in a friendly workshop with parts replacement and paintwork can easily cost you few thousands of ringgit!
Imagine a different scenario, you attend your best friend’s wedding open house and you park your car by the roadside at the neighborhood. After the joyful evening at the wedding dinner, you walk back to where you park your car. You don’t see it there, at first you thought you might have remembered it wrongly and you start to look around at search for it. After half an hour of looking, you know you have to accept the fact. The wedding dinner just cost you RM 56,000!
For the two different scenarios above, both are covered by just a Comprehensive Car Insurance. The insurance will pay for the repair cost on the hit-and-run and replace or pay you in full of your Perodua Myvi if it is stolen. How much does that cost you? Less than a thousand ringgit if you have a good record of NCD.
Third reason is to protect yourself. Again, yes you may have extraordinarily good driving skills, but you might be tired on that day after driving on a long journey, having an emotional conversation with the one sitting beside you, or your brake could fail, let alone there could be a cockroach standing on your leg! The next thing you know, you have knocked on the Ferrari in front of you. Now what? You need to pay for it! Can you afford it?
Therefore, is it better to have a car insurance which costs you just couple of hundreds to a thousand plus for your Myvi? Your choice.
Secondly, to save money! Yes, you heard me right! Let me explain to you how the mathematic works. A Perodua Myvi 1500CC costs you around RM 56,000. You might think that you have superb driving skills, but luck is not always on your side. Say one fine day on your way driving back from work, a reckless and irresponsible driver comes out of nowhere suddenly knock the back of your car. Shocked as you will be, before you are aware of what’s happening, the car just fled off without you even taking down the car plate number. Now that’s unlucky of you, a minor repair in a friendly workshop with parts replacement and paintwork can easily cost you few thousands of ringgit!
Imagine a different scenario, you attend your best friend’s wedding open house and you park your car by the roadside at the neighborhood. After the joyful evening at the wedding dinner, you walk back to where you park your car. You don’t see it there, at first you thought you might have remembered it wrongly and you start to look around at search for it. After half an hour of looking, you know you have to accept the fact. The wedding dinner just cost you RM 56,000!
For the two different scenarios above, both are covered by just a Comprehensive Car Insurance. The insurance will pay for the repair cost on the hit-and-run and replace or pay you in full of your Perodua Myvi if it is stolen. How much does that cost you? Less than a thousand ringgit if you have a good record of NCD.
Third reason is to protect yourself. Again, yes you may have extraordinarily good driving skills, but you might be tired on that day after driving on a long journey, having an emotional conversation with the one sitting beside you, or your brake could fail, let alone there could be a cockroach standing on your leg! The next thing you know, you have knocked on the Ferrari in front of you. Now what? You need to pay for it! Can you afford it?
Therefore, is it better to have a car insurance which costs you just couple of hundreds to a thousand plus for your Myvi? Your choice.