This means that the price of motor insurance products that
will no longer be based on the Motor Tariff. Instead, prices are determined by
individual insurers and takaful operators, allowing customers to enjoy a wider
choice of motor insurance products at more competitive prices.
Insurers and takaful operators can also charge premiums better
suited to the individual buying them as well. With cover more reflective of the
risk profile of their holders, insurers can create a better framework of policies
going forward.