Rebate on Insurance

Reading the Star today, at http://thestar.com.my/news/story.asp?file=/2009/5/18/nation/3924369&sec=nation it hilites positive news where consumers get rebates for the motor insurance. Excerpt from there

"Come July 1, car owners who buy motor insurance directly from insurance companies without using the services of an agent will qualify for mandatory rebates, a move that could render agents redundant.

The move would see new customers being given a 5% rebate on their insurance if they buy it via channels such as the Internet, telemarketing, direct mailing or by walking into the insurance company. These customers would also get a 10% rebate for renewals in the second year."

Interesting, and good news for the general public. Maybe not for the agents though.

Anyway, just a point to ponder, I blogged about Takaful Malaysia some time back, and I have been using them for my motor insurance for years plus. I have been enjoying mudharabah sharings of 10% & above on my premiums at the end of each renewal. They send it by cheque.

Definitely a welcome to the other insurance players. Mmm, our bike insurance with Kurnia expires end of June. What timing! Should I wait till July to renew?