Usain Bolt M3

Right now when you renew your motor insurance, 10% of the fee you are paying actually goes to the insurance agent as commission. From the 1st of July 2009 onwards, you could potentially save on this 10% fee by buying your motor insurance from insurance companies directly.

Insurance companies will have to offer mandatory rebates to customers who buy insurance directly such as through the Internet, telemarketing, direct mailing, or walk-in customers. If you are a new customer you will be entitled to a 5% rebate, and from the 2nd year renewing with that company onwards, you’ll get a 10% rebate.

There are already plenty of insurance companies selling insurance online such as ETiQA. But while this move will benefit consumers who are aware of this and know how to go directly to the insurance companies, many insurance agents would have lost a source of annual income, as the same person usually goes back to a certain agent every year for his motor insurance needs.