Malaysia-based automotive marketplace Carsome has partnered with insurance technology (insurtech) company PolicyStreet to offer a personal accident plan that also covers car loan payments in the event of unemployment.
Carsome Care+ coverage is valid for a year and comes free with every car purchase financed by a Carsome Capital loan, the companies said in a statement.
It also includes personal accident coverage of up to MYR10,000 ($2,142 U.S.) in the event of accidental death or permanent disability.
According to the statement, the loan protection add-on in Carsome Care+ covers car loan payments of up to MYR1,000 ($214 U.S.) per month for a maximum of six months.
“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 a peace of mind that every Malaysian should be able to enjoy,” said Yen Ming Lee, CEO of PolicyStreet.
Carsome co-founder and Group CEO Eric Cheng added: “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.”
Founded in 2015, Carsome is an integrated automotive e-commerce platform that operates in Malaysia, Indonesia, Thailand and Singapore.
Founded in 2017, PolicyStreet is a regional group of InsurTech companies that provides digital insurance solutions to businesses and consumers in Southeast Asia and Australia.