I think you know already that you need to first get a car insurance before you get to drive your car on the road, especially if you are in Singapore. So what makes a good car insurance? The cheapest? A brand you are familiar with? Or one that you can subscribe easily without any hassle? There are lot of things to look for while buying Car Insurance .
It is no doubt that getting the right car insurance is important. It is a way to ensure that you protect your prized asset when the unfortunate happens. Like getting any insurance policies, you’d want to know what to look out for so that you are not paying for something that you do not need, or worse, that doesn’t provide the coverage you thought you had. So here’s a look at the important factors to consider before you purchase a car insurance.
1. The Coverage
Most of the car insurers in Singapore provide you with three types of coverage options:
- Comprehensive – for the greatest peace of mind
- Third Party Fire & Theft (TPFT) – for a bit more than the minimum with extra options
- Third Party Only (TPO) – the lowest mandatory coverage you need to drive your car in Singapore
Comprehensive Insurance is the most complete cover and shields you from the daily dangers you face for yourself, your car and others. It also protects you against rare incidents like fallen trees, floods and natural disasters. This is especially recommended if your car is new and you want to do your best to protect it.
The TPO or the Third Party Only car insurance is the minimum requirement, and it is also the cheapest of the three. It only covers damages to other people’s cars but not your own. So if you’ve got a new car and if someone accidentally scratched it, the reparation cost is entirely on you.
2. Comparison
Question: Can car insurance be compared? The answer is yes of course, since every insurer do have different inclusions in their insurance offers. Comparison usually helps you to save more money since you can choose to only pay for type of car insurance that you need.
For instance, here at Insurance Market, you can make use of our platform to compare your car insurance policies. Don’t only check the price, but also see the coverage. We also provide coverage rating so you can check the value for your money easily for each Car Insurance Policy.
3. Excess
An excess, otherwise known as a deductible, is the amount of money you would have to fork out first before you get to claim from the insurer. The amount of excess payable differs from insurer to insurer so check that you are comfortable with the amount you need to pay. It is also possible to have a higher excess in order to enjoy lower insurance premiums.
4. No Claims Discount (NCD)
NCD is a brilliant way to reward safe drivers. Basically, it is a discount awarded annually by your car insurer if you have not made any claim on your existing car insurance. And since Insurance Market is a broker, our loyalty is towards our customer. We will always give you unbiased advice and support to choose the Best Car Insurance or Cheapest Car Insurance or Best Comprehensive Car Insurance which suits your needs.
It might sound like a tall order for some to maintain such a long no-claims record, but experienced drivers will understand that it is a really huge incentive to drive safely and be entitled to the NCD.
5. Coverage For Other Countries
If you intend to drive your car outside of Singapore for a road trip or a simple shopping trip over the weekend, check that your insurer provides you coverage. Because the last thing you would not want is to be stranded in a foreign country after meeting with a car accident and not being able to have an insurer which can help you with the claims process.
As a final note, shopping around for car insurance quotes is easy nowadays and the application process is as simple as clicking on your mouse. To know more about it, you can check out our website.
Insurance Market is a market place where we are serious about insurance and where professional parties come together to transact insurance only in the best and most responsible manner. Insurance Market offers a wide range of general insurance products (such as travel insurance, maid insurance, pet insurance and more) online and life insurance through personal advice from our qualified brokers. Please contact us at [email protected] or +65 69081811 if you have any questions.
