Carput, PolicyStreet to jointly offer car insurance renewal

• Carput claims users can obtain insurance quotes from 10 insurers in 10 seconds
• Users can renew car policies, compare motor insurance instantly

INSURTECH company PolicyStreet.com has partnered with Malaysian automotive assistance platform Carput to offer car insurance services. Through their partnership, Malaysians can now obtain car insurance quotes from 10 leading insurers in 60 seconds and renew their car policies on Carput’s website and mobile application, Carput claimed in a statement.

Called “Carput Cover”, the service is the latest addition to Carput’s list of automotive services, which include battery replacement and towing facilities. The tie-up with PolicyStreet.com allows customers to renew their car insurance in three steps.

Founded in 2016, Carput serves as a roadside assistance service, catering to a range of car breakdown services such as towing, jumpstarts, flat tyre change and emergency petrol delivery. Carput claimed to  have 100,000 downloads on Android and iOS.

Meanwhile, PolicyStreet.com is an online insurance provider of more than 1,000 insurance products from 38 insurance and takaful providers in Malaysia.

Lee Yen Ming, co-founder and chief executive officer (CEO) of PolicyStreet.com, said the online convenience of Carput Cover will “prove a huge boon for those looking for a fuss-free car insurance renewal option that also maximises savings in today’s digital landscape.”

PolicyStreet.com also offers add-ons, such as windscreen and perils coverage, for more peace of mind, on top of an option to have the road tax delivered directly to one’s doorstep.

The company notably obtained the Financial Adviser and Islamic Financial Adviser (FA) approval from Bank Negara Malaysia in 2019, which allows it to provide both conventional and Islamic financial advisory.

The startup has since raised Series A funding from equity crowdfunding platform PitchIN during the Covid-19 pandemic. According to PolicyStreet.com, they have underwritten over US$2.43 billion (RM10 billion) in sum assured.

PolicyStreet.com’s existing site infrastructure will enable Carput Cover clients to compare motor insurance instantly and seamlessly. This, both companies claimed, will let Malaysians obtain the lowest price and best value on the market when using the service.