The plan is supported by 10 insurers across 10 major banks in Malaysia.
The e-commerce platform is owned by parent company DCR Marketing. Polisea Sdn Bhd, a financial adviser approved by Bank Negara, operates under the brand name PolicyStreet. Based here, the insurtech startup is a marketing and technology partner for insurance providers with a product range that appeals to millennials in particular.
DCR Marketing and Polisea claimed the "Car Insurance Made Easy" product would revolutionise the way car owners in Malaysia compare quotes from insurers, buy, renew and pay for their car insurance - all done online.
According to the two companies, "Car Insurance Made Easy" also enables private vehicle owners to renew and get their insurance cover note within 24 hours on a working day.
Customers are also able to opt for road tax renewal as an add-on service at a flat rate via the car insurance platform and the physical copy will be delivered to them, they added.
DCR Marketing CEO Rosalie Lin said the online insurance purchase facility with 0% interest-free instalment payment plan is the first of its kind in the local market.
Lin and Yen.
“The ‘Car Insurance Made Easy’ collaboration with PolicyStreet marks the expansion of our offerings into services," she said.
“The experience of purchasing and renewing of motor insurance will be revolutionised with the launch of ‘Car Insurance Made Easy’."
PolicyStreet.com CEO Yen Ming Lee said the company aims to provide an easier and more affordable alternative insurance solutions for motorists.
“We are working with more than 40 insurance and takaful providers in Malaysia offering the best choices and options for customers.
“And now together with Dreamshop, we bring affordability to the next level by allowing our customers to purchase insurance with instalment payment plan.
“This collaboration is timely as we are recovering from the Covid-19 pandemic and want to help our cash-strapped customers by easing their financial burden,” he said.
The 10 comprehensive car insurance policies available on Dreamshop.com.my are from AXA Affin General Insurance Bhd, Berjaya Sompo Insurance Bhd, Tune Protect Group Bhd, Syarikat Takaful Malaysia Am Bhd, Pacific & Orient Insurance Co. Bhd, Allianz General Insurance Company (Malaysia) Bhd, MSIG Insurance Bhd, RHB Insurance Bhd, Zurich General Insurance Malaysia Bhd and Etiqa General Takaful Bhd.
Meanwhile, the 10 banks offering 0% interest-free instalment payment plans include Malayan Banking Bhd, United Overseas Bank (M) Bhd, CIMB Bank Bhd, HSBC Bank Malaysia Bhd, Hong Leong Bank Bhd, Public Bank Bhd, RHB Bank Bhd, AmBank (M) Bhd, Standard Chartered Bank and OCBC Bank (Malaysia) Bhd.
"Car Insurance Made Easy" accepts credit cards from most major banks in Malaysia.
The minimum payment for six months is RM500 (except for CIMB RM600), while the minimum payment for 12 months is RM1,000 (except for CIMB RM1,200).
Log on to www.dreamshop.com.my for details on the Dreamshop & PolicyStreet ‘Car Insurance Made Easy’ or to start buying a 0% interest-free instalment payment plan.
Follow Dreamshop Facebook Page www.facebook.com/dreamshop.com.my/ and Instagram account www.instagram.com/dreamshop.com.my/?hl=en for more updates, contest and promotion.
