Revolutionising car insurance in Malaysia: CARSOME and PolicyStreet launch Care+

PolicyStreet, an innovative insurance solutions provider, and CARSOME, Southeast Asia’s largest integrated car e-commerce platform, have come together to launch CARSOME Care+, a unique Car Personal Accident Coverage for Malaysians.

This first-of-its-kind coverage includes protection against unemployment, ensuring free car loan payments in case the policyholder loses their job. It’s offered to all Malaysians purchasing a CARSOME Certified car with a loan from CARSOME Capital, at no extra cost.

The partnership aims to narrow the protection gap in a country where approximately 30 million Malaysians, or 90% of the population, are underinsured. The CARSOME Care+ policy provides personal accident coverage of up to RM10,000 in case of accidental death or permanent disablement.

CARSOME, committed to creating value for its customers, provides comprehensive protection to every customer who purchases a CARSOME Certified car. Meanwhile, PolicyStreet, established as an innovative insurance solutions provider, offers policies that cater to diverse needs.

As an added feature, the CARSOME Care+ policy covers car loan payments of up to RM1,000 per month for a maximum of six months, providing financial protection for those affected by job loss or downsizing. Other benefits of this coverage include weekly hospitalisation benefits, smart key protection, theft protection for personal belongings in the car, and travel allowance for children’s school and tuition transportation.

PolicyStreet Co-founder and CEO, Yen Ming Lee said, “While car insurance is mandatory for road-legal vehicles, there are no regulations to ensure that the drivers themselves are protected while on the road. Through our partnership with CARSOME, we hope to narrow the protection gap and protect underinsured Malaysian drivers.”

Eric Cheng, Co-founder and Group CEO of CARSOME, shared, “At CARSOME, we believe that owning a car is more than just a means of transportation—it is a significant investment and a part of our customers’ lives. CARSOME Care+, combined with our existing quality guarantee through CARSOME Certified, ensures that you can enjoy a worry-free and hassle-free car buying experience.”

Keep up with all the latest FinTech news here.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.