Malaysia’s Carsome Partners with Insurtech PolicyStreet
Malaysia’s Carsome Partners with Insurtech PolicyStreet
Automotive marketplace Carsome, based in Malaysia, has entered into a partnership with insurtech firm PolicyStreet to introduce a personal accident plan that includes coverage for car loan payments in the event of unemployment.

Known as Carsome Care+, this coverage is offered free of charge for a year with every car purchase financed through a Carsome Capital loan, according to a joint statement from the companies.

The coverage includes personal accident protection of up to MYR10,000 ($2,142 US) in case of accidental death or permanent disability. In addition, the Carsome Care+ plan includes a loan protection add-on that covers car loan payments of up to MYR1,000 ($214 US) per month for a maximum duration of six months.

PolicyStreet CEO Yen Ming Lee highlighted the importance of providing insurance protection for drivers, stating, “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. Regardless of the circumstance, we believe that insurance is peace of mind that every Malaysian should be able to enjoy.”

Carsome co-founder and Group CEO Eric Cheng pointed out the partnership’s goal of alleviating concerns and uncertainties associated with car ownership, stating, “We understand the worries and uncertainties that come with car ownership, and that’s precisely why we’ve partnered with PolicyStreet to provide this added layer of protection.”

Established in 2015, Carsome is an integrated automotive e-commerce platform that operates in Malaysia, Indonesia, Thailand, and Singapore. PolicyStreet, founded in 2017, is a group of insurtech companies serving the Southeast Asian and Australian markets, providing digital insurance solutions to businesses and consumers.

The partnership between Carsome and PolicyStreet exemplifies the commitment to enhancing the car ownership experience and promoting financial security among Malaysian drivers. With this collaboration, Carsome aims to provide its customers with an additional level of protection and peace of mind throughout their car ownership journey.

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