Bjak Introduces Buy Now, Pay Later Option For Car & Motorcycle Insurance Renewals

The platform says vehicle owners will be able to split insurance payments into three equal, zero-interest payments.

Cover image via Malay Mail & Hafiz Sohaimi/New Straits Times

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Automotive insurance comparison platform Bjak is launching a new buy now, pay later option for car and motorcycle insurance renewals from 1 November

According to a statement on Thursday, 28 October, Bjak said they are the first platform to provide the payment option for 15 insurance brands in Malaysia.

Image via Malay Mail

The new payment option enables vehicle owners to split insurance payments into three equal, zero-interest payments

"Users can choose to split the payment into three months. Six-month and 12-month options will be enabled in the next release," said Bjak vice president of operations Fatin Izzati.

The company is partnering with Atome, a leading buy now, pay later provider in Southeast Asia, to introduce the flexible payment process for customers.

"This partnership aims to make auto insurance renewal more accessible to the public especially during the post-pandemic period," said Fatin.

Image via Bjak

There is also no minimum amount or supporting documents required to select the payment option

All customers will be able to choose the buy now, pay later option for their insurance and road tax renewals on Bjak's website starting next month.

The first payment can be made by debit or credit card and the following two payments will be automatically spread 30 days apart without any fees or interest.

Other payment options already offered on the platform include debit card, credit card, online banking, cash via 7-Eleven, and credit card instalment plans.

Last year, Bjak was recognised by insurance companies as the single largest car renewal channel in Malaysia:

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