Motor tariff to be increased with discount for direct cases?

Are motor insurance premiums finally going up? The motor insurance tariff has remained unchanged since 1978, despite higher motor claims, surging vehicle thefts and the rising cost of automotive repairs. Some insurance companies are shying away from writing motor insurance, while others have allegedly forced consumers to buy other general insurance products together with motor insurance.

It was reported that BNM was considering approving a hike in motor insurance premiums with the condition of those buying direct getting a discount of 5% in 1st year and 10% in renewal years. This is in view of the saving of commissions which will not be paid for direct cases.

Source: The Star