Going the extra mile

• While vehicle insurance is mandatory in Malaysia, there is no protection for drivers themselves. This means about 90% of the Malaysian population — or 30 million people in the country — are underinsured on the road.
• 500-backed e-commerce platform CARSOME is improving this for their customers by partnering with insurtech firm PolicyStreet to introduce Carsome Care+, a car personal accident coverage.
• But it’s much more than just personal accident for drivers and covers car loan payments in the event of unemployment. This addition comes at a time when a projected 60,000 jobs are at risk in 2023, and will ensure those who may be affected by layoffs and workplace downsizing are not financially burdened by their car loans.
• What’s more, the policy is complimentary and valid for a year! It’s embedded into every purchase of a Carsome Certified car, available to Malaysians who apply for car loans from Carsome Capital without any additional cost.
• The Carsome Care+ coverage also includes weekly hospitalization benefits, smart key protection in the event of theft or accidental damage, theft of personal belongings kept inside the car, and travel allowance for the transportation of the policyholder’s children to school and tuition classes.
• Carsome Co-Founder & Group CEO Eric Cheng said the company believes that owning a car is more than just a means of transportation, and it is a significant investment and a part of its customers’ lives.
• “We understand the worries and uncertainties that come with car ownership, and that’s precisely why we’ve partnered with PolicyStreet to provide this added layer of protection,” he shared.
• Read the full story on Technode Global.