PolicyStreet and CARSOME, two innovative companies in the insurance and car e-commerce sectors respectively, have joined forces to introduce CARSOME Care+. This groundbreaking Car Personal Accident Coverage is specifically designed for Malaysians.
CARSOME Care+ offers a range of unique benefits, including protection against unemployment, guaranteeing free car loan payments in the event of job loss. This coverage is available to all Malaysians who purchase a CARSOME Certified car with a loan from CARSOME Capital, at no additional cost.
The primary goal of this partnership is to address the significant protection gap in Malaysia, where around 90% of the population, or approximately 30 million individuals, are currently underinsured. With the CARSOME Care+ policy, policyholders receive personal accident coverage of up to RM10,000 in case of accidental death or permanent disability.
CARSOME, renowned for its commitment to customer value, ensures comprehensive protection for every customer who buys a CARSOME Certified car. Meanwhile, PolicyStreet, an established provider of innovative insurance solutions, offers a wide range of policies to cater to diverse needs.
One notable feature of the CARSOME Care+ policy is its coverage for car loan payments, providing financial security by covering up to RM1,000 per month for a maximum of six months in the event of job loss or downsizing. Additional benefits include weekly hospitalization coverage, protection for smart keys, theft coverage for personal belongings inside the car, and a travel allowance for children’s school and tuition transportation.
Yen Ming Lee, Co-founder and CEO of PolicyStreet, emphasized the importance of protecting drivers themselves while on the road, highlighting that while car insurance is mandatory for road-legal vehicles, there are no regulations ensuring driver protection. Through the collaboration with CARSOME, PolicyStreet aims to bridge this protection gap and safeguard underinsured Malaysian drivers.
Eric Cheng, Co-founder and Group CEO of CARSOME, expressed the belief that owning a car extends beyond mere transportation, representing a significant investment and an integral part of customers’ lives. By combining CARSOME Care+ with their existing quality guarantee through CARSOME Certified, they aim to provide customers with a worry-free and hassle-free car buying experience.