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While it can be tempting to simply renew your existing auto insurance plan and get that chore out of the way, you might be passing up on a much better deal out there. To begin with, you might get a much cheaper car insurance premium with another insurer. (You’ll want to get a quotation online, because insurance costs are based upon the driver’s profile, car make and model.)
These days, many car insurance plans include amazing features that cater to different needs, be it personal roadside assistance, young driver coverage, or an extended set of conveniently-located workshops. Don’t lose out on those, either.
Here are the best car insurance plans in Singapore which means you are able to see how your current plan stacks up. For easy comparison, we’ll be covering each insurer’s comprehensive plans only.
What to look out for when buying auto insurance
#1 Car insurance type
The first thing to look out for would be the car insurance coverage type. There are usually three types of auto insurance plans:
- Third Party Only: The most basic car insurance plan, this covers injury or death to an authorized, plus problems for others’ property. This does not cover the damage to your own vehicle.
- Third Party Fire and Theft: On top of what vacation car insurance offers, this also covers fire damage or theft of your automobile. Again, this does not cover the cost of other damages to your own vehicle.
- Comprehensive: Includes what Third Party Fire and Theft covers, plus coverage for the repairs or replacement necessary for accidental damages to your motor vehicle. It can also include personal accident and medical expense coverage.
Third party only is the bare minimum you’ll need to get for your automobile. If you’re looking for more complete coverage, you should instead decide on a comprehensive plan that covers for the damages to your car in case of an accident. Visit this website to get more insight Singapore car insurance
#2 How much excess you’re willing to pay
The excess refers to the maximum amount you can expect to buy from you of your own pocket in the event of a claim. However, this excess is only paid during times when you’re at fault. For example, if your policy unwanted is S$500 and your claim is for S$2,000, you’ll simply pay S$500 while your insurance company forks out the rest of the S$1,500.
How much you’re willing to spend in policy excess in the eventuality of a major accident will affect the car insurance plan you settle on.
In general, the higher the excess, the low the premiums and vice versa. It is because you accept greater ‘cost’ by paying a higher excess should an accident occur and for that reason will be rewarded with lower premiums. This is one way to lower your insurance costs.
#3 Authorised workshop only, or any workshop of your decision
Most car insurance plans encourage that you have your repairs done at among the many authorised workshops approved by the insurer. This assures both you and your insurer of the product quality and price of repairs.
However, if you have a preferred workshop, or if you’d like the flexibility to have your car repaired at any workshop, you’ll have to opt for a plan that provides such an option. Typically, car insurance plans that allow repairs at any workshop should come with higher premiums.
Secondary factors to consider when choosing a car insurance plan:
- Additional driver: Will there be someone else driving the automobile? If so, you should give a ‘named driver’ or ‘additional driver’ to the policy who’ll also be insured to operate a vehicle the car. The ‘named/additional’ driver will usually have the same amount of coverage as the primary driver and will include additional cost.
- Roadside assistance: Would it not provide you with peace of mind to have access to roadside assistance anytime of the day should you go into an accident? If the answer is yes, look to see if the car insurance plan offers 24/7 roadside assistance. This could come in useful especially for newer drivers who are unsure of the procedures in the event of a car accident.
- No Claims Discount (NCD): Just how much is your NCD? NCD gives you a discount off your vehicle insurance premiums and is determined by how many claims you make (or don’t make) within the last year. In case your NCD is between 30% to 50% you could consider adding on riders such as an NCD protector to shield your NCD in case of a claim.
- Daily transport allowance: That is an allowance you’ll receive from the insurer for each day that your automobile will be repaired. This allowance is subject to the insurer’s conditions and conditions and could be capped.
- Overseas coverage: If you require overseas coverage, for example if you frequently drive in and out of Malaysia, you’ll need a car insurance plan that offers such coverage. Do be aware that most insurers have pretty standard geographical areas that they provide coverage for – mainly West Malaysia and Southern Thailand.
Finally, if you’re a driver, do expect that your premiums and excess will be higher because of your insufficient driving experience.
