Grab Malaysia usage-based motor insurance and takaful policy for its e-hailing drivers is out now. The company said that the insurance and takaful policy specially designed in partnership with 14 leading Malaysian insurers and takaful operators.
Grab Malaysia said this offers its driver-partners the option. In other words, the drivers can choose to add on daily e-hailing insurance or takaful coverage. They only need to pay RM 1 a day.
This move comes to comply with new e-hailing regulations, Grab Daily Insurance (GDI). GDI is the latest product launched by Grab Financial Group’s insurance arm GrabInsure. It is a digital insurance market place established by a joint venture between Grab and ZhongAn Technologies Insurance International.
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The new regulation requires e-hailing drivers to purchase an e-hailing insurance or takaful policy. They also still need to purchase it even when they already have existing motor insurance or takaful policies.
Grab company noted that 80% of its drivers are part-time drivers. It supplements their average income by 37%, on top of income from their day-to-day jobs. Grab Malaysia head said that this insurance plan will help ease the cost burden borne by its drivers.
How to Use It
Grab drivers need to opt-in for the Grab Malaysia motor insurance within their version of the Grab app to access it. Besides, drivers need to also ensure that their respective motor insurance or takaful provider is on the Grab’s panel operators.
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Once they opt-in, The system will automatically deduct heir driver wallet every 24 hours upon going online for the premium. Meanwhile, the daily rates range from RM1 and RM2. The rates depend on the driver’s motor insurance and takaful provider. Moreover, drivers only need to pay for insurance for the days when they are online.
Grab’s panel of insurers and takaful operators include Allianz General Insurance Company (Malaysia) Bhd, AmGeneral Insurance Bhd, AXA Affin General Insurance Bhd. Besides those three companies, there are 11 other companies join grab panel of insurers and takaful operators.
