CARSOME, Southeast Asia’s largest integrated car e-commerce platform,
has partnered InsurTech firm PolicyStreet to introduce Carsome Care+, a car personal accident coverage that also covers car loan payments in the event of unemployment.

The complimentary coverage is valid for a year and is embedded into every purchase of a Carsome Certified car, available to Malaysians who apply for car loans from Carsome Capital without any additional cost, PolicyStreet said in a statement on Thursday.

Understanding that approximately 90 percent of the Malaysian population, or about 30 million Malaysians are underinsured PolicyStreet said the protection also includes personal accident coverage of up to MYR 10,000 ($2142) in the event of accidental death or permanent disablement.

According to the statement, Malaysians can cruise confidently as the loan protection add-on in Carsome Care+ covers car loan payments of up to MYR 1,000 ($214) per month for a maximum of six months.

With a projected 60,000 jobs at risk in 2023, PolicyStreet said the protection ensures those who may be affected by layoffs and workplace downsizing are not financially burdened by their car loans.

The Carsome Care+ coverage also includes weekly hospitalization benefits, smart key protection in the event of theft or accidental damage, theft of personal belongings kept inside the car, and travel allowance for the transportation of the policyholder’s children to school and tuition classes.

“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 , Co-Founder and Chief Executive Officer of PolicyStreet.

Through the partnership with Carsome, he said PolicyStreet hopes to narrow the protection gap and protect underinsured Malaysian drivers.

“By embedding the Carsome Care+ protection into the car purchasing journey, we can offer drivers purposeful insurance coverage without the added financial burden,” he added.

As Southeast Asia’s largest integrated car e-commerce platform, Carsome is also committed to creating value for its customers by providing comprehensive protection when a customer takes home a Carsome Certified car.

Carsome Co-Founder and Group Chief Executive Officer Eric Cheng said, at Carsome, the firm believes that owning a car is more than just a means of transportation, and it is a significant investment and a part of its customers lives.

According to him, this insurance policy goes beyond the usual after-sales services.

“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,” he said.

He also said Carsome Care+, combined with its existing quality guarantee through Carsome Certified, ensures that consumers can enjoy a worry-free and hassle-free car buying experience.

“It begins from the moment you make your purchase to long after you’ve hit the road, so customers benefit from end-to-end support throughout your entire car ownership journey,” he added.

PolicyStreet is a full-stackinsurtech group of companies providing digital insurance solutions to businesses and consumers in Southeast Asia and Australia.

The firm works directly with over 40 life, general, and takaful providers globally to offer a comprehensive range of products and services, which includes but is not limited to embedded insurance, customized employee benefits, financial advisory and aggregation of insurance, as well as the development of digital solutions to make insurance purposeful and simple for businesses and consumers.

PolicyStreet is backed by the Malaysian sovereign wealth fund Khazanah Nasional Berhad, and serves over 5 million customers with over $6 billion in sum insured.

Carsome is Southeast Asia’s integrated car e-commerce platform, with operations across Malaysia, Indonesia, Thailand and Singapore.

The firm aims to digitize the region’s used car industry by reshaping and elevating the car transaction and ownership experience.

Together with subsidiary brands iCar Asia, WapCar and CarTimes, Carsome provides end-to-end solutions to consumers and used car dealers across the decision funnel, from car
content consumption, car inspection, ownership transfer to financing and other ancillary services.

Carsome currently has more than 4,000 employees across all its offices in Asia.

It has sold over 150,000 cars annually and serving more than 15 million unique customers monthly across its diverse online and offline channels in the region.

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