Malaysia-based insurtech firm PolicyStreet has launched a limited-time incentive campaign offering free road tax – capped at MYR177 (approximately US$38) – to consumers purchasing its Drive+ Membership.
The promotion, available on June 24 and 25 from 11am to 1pm, is aimed at addressing rising costs for vehicle owners amid ongoing ambiguity around the country’s fuel subsidy reform.
Drive+ Membership, typically priced at MYR99.90, will be available at a discounted rate of MYR9.90 during the flash sale period via PolicyStreet’s official vehicle insurance renewal platform.
The sale comes as Malaysian policymakers weigh reforms expected to impact fuel affordability and household transport costs.
PolicyStreet’s Drive+ Membership bundles several value-added services targeted at private vehicle owners. These include:
PolicyStreet co-founder and group CEO Yen Ming Lee said the objective is to enable Malaysians to better manage vehicle-related expenditures during periods of economic uncertainty.
“Everyone’s feeling the pinch. And with the fuel subsidy reform in limbo, there’s a lot of anxiety around what’s next for petrol prices. We can’t control the price at the pump, but we can give Malaysians a smarter way to manage their car-related costs. That’s what this flash sale is about,” he said.
The membership is intended to provide affordability and flexibility for the roughly 17 million Malaysians who depend on personal vehicles for daily transportation.
Lee noted that the offering supports car owners in streamlining their insurance management through a digital platform.
The initiative comes as the General Insurance Association of Malaysia (PIAM) reported continued growth in the national general insurance sector.
Gross written premiums rose 6.9% year-over-year in 2024 to MYR23.1 billion (approximately US$5 billion), driven by increased vehicle registrations and infrastructure development.
Motor insurance remained the leading contributor, with a 6.7% increase in premium volume, totalling an additional MYR651.1 million. The Malaysian Automotive Association reported a 2.1% rise in new vehicle registrations, supporting the growth in motor policies.
Regionally, the Asia-Pacific motor insurance market is forecast to grow at a compound annual growth rate of 5.6%, with total written premiums expected to rise from US$229.2 billion in 2024 to US$301.7 billion by 2029, according to GlobalData.
The expansion is attributed to rising vehicle sales, especially in electric vehicles (EVs), regulatory reforms, and the adoption of digital technologies.
