Grab Malaysia unveiled a first-of-its-kind usage-based motor insurance and takaful for e-hailing driver-partners in Malaysia, Grab Daily Insurance (GDI).
Specially designed in partnership with 14 leading insurers and takaful operators in the country, the innovative product offers driver-partners an accessible, value-for-money option to add on daily e-hailing insurance/takaful coverage for RM 1-2 a day, depending on your insurer.
The introduction of Grab Daily Insurance (GDI) is part of Grab’s commitment and ongoing efforts to assist driver-partners to comply with new e-hailing regulations. Approximately 80% of all Grab driver-partners are part time drivers, who are able to supplement their income by 37% more on average, on top of the income from their day-to-day jobs. And in all honesty, that’s a huge portion of only part timers, and they’ve already been dissuaded enough with the new regulations. This seems to be a pretty good move by Grab, as they make it much easier for their drivers to purchase, and manage their insurance.
New e-hailing regulations require drivers to purchase an e-hailing insurance/takaful, an add-on to their existing motor insurance/takaful, which may cost up to RM400-500 upfront for the year. GDI will help address this upfront burden via a flexible, affordable daily coverage.
“At Grab, we feel a great responsibility to give back and support the nation and our hardworking driver-partners. There is a huge opportunity to leverage on technology as a force for good – enhancing everyday life, providing access to better opportunities, all while driving Malaysia’s digital economy forward. The new Grab Daily Insurance (GDI) is a testament of this by helping to ease the cost burden for our drivers to continue driving, providing them with an e-hailing add on for as low as RM1/day.
“We are committed to form further strategic partnerships such as these with the private sector across industries to develop even more accessible innovations and also with our government to create a more conducive environment to do so,” said Sean Goh, Country Head at Grab Malaysia.
How it works:
GDI allows drivers to opt-in for daily insurance/takaful coverage while deducting from their GrabPay Credit wallet seamlessly. Drivers will only need to pay for insurance/takaful when they come online and will be valid for 24 hours. All rides within that period will be covered by the e-hailing insurance.
STEP 1: Opt-in directly on the app
The insurance and takaful is available to all driver-partners. To sign up, drivers need to opt-in to GDI within their app. Drivers just need to ensure that their Motor Insurance/Takaful provider is on our panel of insurers / takaful operators and click to opt-in.
STEP 2: Pay daily via the GrabPay Driver’sWallet
When drivers choose to opt-in for the daily e-hailing insurance, their premium will be deducted from their driver wallet every 24 hours upon going online. Daily rates range between RM1 to RM2, depending on driver-partners’ Motor Insurance/Takaful provider as approved by Bank Negara Malaysia.
STEP 3: Drive with better peace of mind
This new arrangement enables driver-partners to retain the flexibility of working at any time without the worry of additional cost burden. When the GDI is activated, driver-partners’ Credit Wallet will only be deducted for days that they go online.
GDI helps driver-partners to retain their flexibility of working at any time with no minimum trip requirement per day, while staying protected until their policies expire. The policy covers loss or damage to vehicles, liability to passengers and third-parties, as well as providing personal accident coverage for these driver-partners for the time they are operating as an e-hailing driver with Grab.
“The introduction of GDI is yet another way we’re enhancing and setting the standard for the transportation industry in Malaysia, making our platform even more accessible and inclusive as a source of income for Malaysians. Within less than a week of being rolled out, more than 20% of our driver-partners have chosen to opt into the new e-hailing motor insurance.
“We look forward to further partnerships to provide better support to both current and future driver- partners while safeguarding their incomes and enhancing their driving experience with Grab,” added Goh.
For more information on GDI, check out the site here.
