Auto insurance or motor insurance is compulsory in Malaysia. It will protect you financially when you have to bear expenses for damages and repairs due to a motor accident. You can take up an insurance policy or renew a policy online.
One way to pay your motor insurance is through credit card. You can use your card to pay your premium in instalments or in full. The benefits of using your card are:Premium discounts
Some insurance providers offer discounts for upfront payments. You can get that discount when you pay using your card. For example, Maybank offers motor insurance with an instant 10% discount upon online renewal. Similarly other banks in Malaysia have various discounts for online renewals, walk-in renewals ranging from 10% to 12%.
You can save money on your motor insurance renewal by paying through your Insurance credit card.Reward points
Some cards offer reward points for insurance premium payments. When you use your card to renew your motor insurance, you can accumulate more reward points. You can collect these points and redeem them later for any voucher or product you prefer.On time payments
Another advantage of using your card to pay your insurance premium is that you can pay on time. You can choose to pay in full or pay monthly. Since insurance can lapse if not paid on time, using your card is an ideal way to keep your premium payments up to date.No need to pay every month
If you use your card to make a full premium payment, then you don’t need to worry about premium payments every month. It would be one less bill to worry. You can use the money originally planned for monthly premium on other household expenses. You can even save that money to help you in the future.Things to remember
Pay your credit card bill on time. There is no point in saving money on premium payment if you incur interest and late payment fees on your card.
Not paying your credit card bills can lower your credit score that will affect any future financial plans such as an additional card or a personal loan.
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