Pay-as-you-drive insurance being studied to lower costs for Malaysia e-hailing drivers, Malaysia News
KUALA LUMPUR — The federal government is studying dynamic insurance and takaful models that price coverage based on mileage and driver risk profiles, seeking to rein in escalating vehicle operating costs across the e-hailing industry. In a written reply yesterday to Bakri MP Tan Hong Pin in the Dewan Rakyat, the Transport Ministry confirmed that a dedicated Inter-Agency Task Force (IATF) convened by Bank Negara Malaysia is spearheading efforts to restructure e-hailing insurance mechanisms and alleviate the financial burden on drivers. Under the framework being considered, traditional fixed annual premiums could make way for usage-based policies calculated on a per-kilometre basis alongside individual risk ratings. The ministry explained that aligning pricing directly with actual road time and trip volume is intended to create fairer, more responsive coverage tailored to the varying work…