Everybody is different. We, however, have one thing in common and that is that we don’t like to pay more than necessary. And definitely not for something that we enjoy as little as insurance. Before buying insurances in Singapore you have to compare different insurers and their policies. You probably feel like comparing apples and oranges.
We buy insurance to get peace of mind and to cover us for risks that we can not afford to take. How much risk we want to insure depends on our personality, our culture and on our financial position. Every person is different and has a different ability or appetite when it comes to taking risks.
What is more important price or coverage?
To just look at the price for an insurance is outright foolish. It is comparable to crossing the road only looking to the left and not to the right. You know you will not be hit from the left because you have that covered, but you are still exposed to the right. Your risk of getting hit becomes smaller, but it does not disappear. The same applies to insurances. You don’t want to just buy a policy without looking whether it actually protects you sufficiently. For that, you need to do some work and find a place that can help you in your need for personalisation.
Insurances in Singapore is like comparing apples and oranges?
To conveniently compare insurances is tricky. Comparing prices is easy enough. But you quickly discover you are not comparing apples to apples. The challenge is to compare different types of coverage with one and another and that quickly becomes pretty much impossible for the average person, so most people give up and just go for cheap.
To save up time in comparing those apple and orange insurances, we at Insurance Market did all the work for you. Our smart people who have been Risk Managers for most of their life have analysed policies from the major Insurers in Singapore. They were as unsatisfied as you and went out to find ways to make the comparison easy to understand and perform. For that, they use models that you don’t really need to understand but can definitely benefit from. You can use them through their website. What they do is that for every policy they first look if you actually qualify for cover (on factors such as age, citizenship etc.).
Then they calculate a “Value for Money Score” that you can compare between insurers and policies (some insurers have several policies you can choose from). You can even indicate what type of coverage is important to you and what is not. That affects the outcome of the scores and makes them comparable and personalised. For Travel Insurance some people think medical expenses are the most important, for others loss of baggage or evacuation support may be more important. There are many variables that can be personalised. People that buy Car Insurance can particularly see big discrepancies in prices and coverage. Even insurances such as Maid Insurance or Pet Insurance show big differences. For each policy, you can get a complete breakdown and even the policy wording in layman’s terms if you want to read it all.
Can anyone compare insurances?
Insurance Market has put a lot of effort into making the process of comparing, buying and managing insurance policies very simple and intuitive. After you compare you only need to click the buy button, complete your credit card details and you are done. You will receive an email with your policies which are also stored on your personal profile page that you can log-in to any time from anywhere in the world. Even better, if you have bought an insurance with us before it will auto-load your data, making the process even smoother. So say goodbye to all those binders and folders and enjoy the benefits of the internet.
Don’t go for just cheap
So don’t just go for cheap anymore, you know better now! Our platform comes with all the insurance promotions. Go for value for money instead. Be smart, check it out and cover yourself and don’t pay too much!