Best Car Insurance Tips | Compare and Buy Car Insurance Singapore

Car Insurance | Insurance
by Priyadarshini 24 May 2022

Here are a few common questions to consider before you buy car insurance in Singapore. We discuss the best car insurance tips in this article.

What exactly does Car Insurance cover?

Car insurance can help protect you from the financial consequences of a car accident, such as the cost of repairing your vehicle and towing services. It can also cover you and your passengers for medical expenses, death, and lost or damaged property. Car insurance also covers accidental damage to a third party’s property. Finally, you can take advantage of extra benefits such as 24/7 emergency support and a daily transportation allowance while your automobile is being repaired.

Why do you require Car Insurance?

Driving a motor vehicle in Singapore requires you to get car insurance. Driving without car insurance could result in a S$1,000 fine and/or a three-month jail sentence. You may also be barred from acquiring or retaining a driver’s license for a term of 12 months. Aside from the legal aspects, automobile insurance is essential for protecting you, your loved ones, and third parties from the financial consequences of a car accident.

Best Car Insurance Tips

How can I compare car insurance?

To compare vehicle insurance, first, review the policy coverage details. Coverage for car damage, medical expenditures, personal accident coverage, and liability to third parties are some crucial areas to check for.

Cost should also be considered, especially if you are on a restricted budget. Aside from comparing the vehicle insurance policies provided in this article, you can also acquire a free fast estimate online from several car insurance companies.

How can I file a claim with my auto insurance company?

  • Photograph the accident scene, including the damage to your vehicle and the other vehicles involved.
  • If at all possible, avoid moving the car.
  • Obtain all of the parties’ contact information and details.
  • Within 24 hours after the accident, submit and file your claim.
  • Provide the insurance company with all available evidence.
  • Repair your car at a car workshop — this might be an authorized workshop or any workshop, depending on the conditions of your insurance.

What happens to my auto insurance policy if I sell it?

If you decide to sell your car and buy a new one, you can cancel your current policy and receive a prorated return while you purchase a new policy to cover your new car. However, if you do not intend to purchase another vehicle, contact your insurance company to cancel it.

What exactly is car insurance excess?

Car insurance excess is the amount you must pay out of pocket when filing a claim, although it is only reimbursed for your losses or when you are at fault. For example, if your policy excess is S$500 and your claim is S$2,000, you will only be required to pay S$500 while your insurance provider pays the remaining S$1,500.

What exactly is NCD in vehicle insurance?

NCD stands for no claims discount, and it is the percentage discount that your insurer applies to your auto insurance premiums if you have not made any claims in the previous year. This might range from 10% to 50%, depending on how many claims you file throughout the years. You can also purchase an NCD protector to keep your NCD safe.

How to Get the Lowest Car Insurance Rates? – Best Car Insurance Tips

Here are some pointers to help you get the best deal on your auto insurance:

  • Compare auto insurance premiums by obtaining free internet quotes (don’t settle for the first plan you come across!)
  • Drive carefully to avoid accidents and increase your No Claims Bonus (NCD)
  • Choose lower coverage for older vehicles because the premiums may be higher than the market worth of your vehicle.
  • Maintain a solid credit rating
  • Increase the surplus
  • Choose pay-per-kilometer insurance.
  • Keep an eye out for bargains.

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