Have you ever heard of an insurance company named Mitsui Sumitomo, or is it known as Mitsui Sumitomo Insurance Group (MSIG)? If you are looking for a great car insurance company, you should consider Mitsui Sumitomo Insurance Company! Here is why.
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What is Mitsui Sumitomo Insurance Company?
Mitsui Sumitomo is an insurance company centered in Japan. It offers property, housing, fire, travel, casualty, leisure, automobile, and nursing insurance services. This company has gone worldwide and has come to 42 countries and regions worldwide.
Mitsui Sumitomo Insurance was established in October 2001 through the merger of the former Mitsui Marine and Fire Insurance. (Mitsui Marine Insurance) and the former Sumitomo Insurance Company. Founded. (“Sumitomo Navy”).
In April 2008, they transferred the entire group to a holding company to further diversify our business. In April 2010, Mitsui Sumitomo Insurance Group, Nissay Dowa General Insurance Co., Ltd., and Aioi Insurance Co., Ltd. merged with the MS&AD Insurance Group.
Mitsui Sumitomo Insurance Company Offers
Mitsui Sumitomo Insurance Company mainly offers many services, such as personal and commercial insurance. The private Insurance that they provide covers home insurance, motor insurance, private insurance, and travel insurance.
And the commercial insurance they offer covers cargo, property, motor, liability, financial lines, engineering, and aviation. In the next part, we will describe the detail of MSIG personal insurance and commercial insurance.
Mitsui Sumitomo Car Insurance: MotorMax Car Insurance
The best car insurance at this company is MSIG’s MotorMax. Mitsui Sumitomo Company Insurance has an excellent option for confident drivers looking for comprehensive financial protection against costly accidents. MSIG’s auto insurance plan has two tiers.
Motormax and Motormax Plus. Each tier increases coverage and price levels. MSIG MotorMax only offers comprehensive online plans, so older motorists who need a Third Party, Fire and Theft (TPFT) or Third Party Only (TPO) plan must find another insurance company.
Starting April 1, 2022, MotorMax Plus will be available on all-electric vehicle models. A previous ban on Toyota vehicles was also lifted on the same day, allowing you to receive offers related to the car.
The most important aspect of an MSIG auto insurance plan is to provide legally mandated auto insurance. This means that MSIG will provide property damage coverage of S$5 million, unlimited liability insurance (in the event of death or personal injury to others), and coverage up to the market value in the event of vehicle damage or loss.
Key Features of MSIG MotorMax Auto Insurance
There are some key features that you should take note of about MotorMax Car Insurance. Here are the MotorMax key features.
Regarding auto insurance, MSIG MotorMax offers one of the lowest premiums. One reason is that he limits the minimum age of drivers to 27 or older. This reduces the overall risk borne by the pool of policyholders.
Therefore, Mitsui Sumitomo Company Insurance makes MotorMax focus on attracting the attention of motorists looking to lower their car insurance premiums.
2. Depth, not breadth, of benefits offered
MSIG MotorMax car insurance does not include as many perks as other car insurance companies, for example, no coverage for personal items left in the car or car modifications.
Instead, focus on fewer but arguably more significant perks and ensure the compensation you get is enough to meet your needs. As such, the policy can provide unlimited benefits for death or personal injury and S$5 million for damage to third-party property.
3. Low deductible for windshield and personal injury
Another notable feature of MSIG MotorMax auto insurance is the very low deductibles for windshield replacement and auto repair claims. Windshield repair is S$100, and vehicle repair or replacement due to damage or loss is only more than S$500. It is an excellent deal from Mitsui Sumitomo Company Insurance.
4. Includes accident and health insurance
MotorMax and Motormax Plus plans include accident insurance (S$20,000 and S$100,00,0, respectively). So, if that coverage area is important to you, you’ll still get some protection even if you choose a lower plan.
Also included is a medical allowance of up to S$1,000 each to help with minor injuries and follow-up visits.
Advantages and Disadvantages of MotorMax Car Insurance
But, still, there are some pros and cons to this car insurance from Mitsui Sumitomo Company Insurance.
Advantage
- Drivers with 50% NCD have below-average compensation costs
- Offers rare protection benefits for auto loans
- Personal accident and medical insurance applies to passengers and nominated drivers
Disadvantage
- Not very competitive for female riders or beginner/young riders
- No accessory cover
- MotorMax accident coverage is below average
How Much Does It Cost?
Mitsui Sumitomo Company Insurance makes MotorMax focus on safe drivers and prices below average for a basic all-inclusive policy for drivers who have achieved their NCD of 50%. On the other hand, new drivers typically see premiums above the market average.
For example, if NCD makes his 50% male sedan, his driver can expect to pay an average of 5-11% lower premiums. A woman and confident driver of a luxury car or her SUV expects an amount slightly below the market average.
This compares to young drivers in their 20s. They pay 19-25% above the market average for all-inclusive plans with an NCD of 0%.
The premium version of the MotorMax plan, MotorMax Plus, costs around S$30 more than the average when comparing all-inclusive plans on the market. However, if you compare the Plus plan with other all-inclusive top programs, you’ll find the MotorMax Plus from Mitsui Sumitomo Company Insurance to be very competitively priced.
For example, drivers with 50% NCDs have an average premium that is 5-11 lower compared to another premium comprehensive auto insurance plans. Similar to MotorMax, new drivers end up paying slightly above average.
How to Claim?
If you need to claim your policy, please follow these steps:
- Call the Mitsui Sumitomo Company Insurance hotline at 6827 7660.
- Take note of all of the information you need.
- report the accident to the police.
- Bring your damaged vehicle to an MSIG Authorized Repair Facility within 24 hours or the next business day. Otherwise, your No Claim Bonus may be at risk.
So that’s all about car insurance service from Mitsui Sumitomo Company Insurance that you should know. If you are interested in this insurance, you can call the hotline or visit their website in your country.