KUALA LUMPUR, March 26 -- For first-time car owners, juggling the various financial commitments that come with ownership can be a challenge.

Besides the monthly loan payments, one of the highest costs incurred is motor vehicle insurance, which must be renewed annually, along with your road tax, as mandated under the Road Transport Act.

From third-party to special perils cover, it can all seem overwhelming when dealing with insurers for renewal purposes, as owners consider a suitable policy to ensure adequate protection without being overinsured or underinsured.

However, it must be noted that motor insurance premium is often determined by different types of policy coverage, additional benefits, and the sum insured.

There are many types...