Car Insurance in Singapore |Six Important Factors for Car Insurance
Car Insurance | Insuranceby Priyadarshini 6 January 2021
Once you have got your own car, you probably are the most excited to take it for a ride. But before you do that, get your car insurance. Car insurance in Singapore is the most important thing to buy to protect your car. Singapore’s insurance market has plenty of insurance policy options for car owners so buying insurance is easy. However, you need to research well before you buy any insurance policy. Read this blog to know six important factors for car insurance in Singapore.
Car Insurance Annual Premium
The annual premium of a policy is the amount you pay every year for your car to be covered. Now you might be thinking, the lesser premium you pay, the less money you have to shell out. But that’s always the best thing to do. Your insurer will suggest you a policy with higher premiums basis their judgement of how accident-prone you could.
And this could depend on a lot of factors like your age, driving experience, etc. We recommend you don’t opt for cheap premiums as with those policies you may not be getting many coverages or benefits. So, watch out, read the details carefully before you sign up for car insurance in Singapore.
Named Driver Excess
This is where you add drivers in your insurance policy, just in case something unfortunate happens when your driver is behind the steering wheel. Keep in mind that if you add multiple named drivers then you will have to pay higher premiums too. Insurance companies are looking for opportunities to make you pay more so, you decide wisely. One hack is to not add named drivers or multiple drivers to your insurance policy so that your premium amount remains reasonable.
This refers to the amount you need to pay out of your own pocket so that you can deliberately keep your premium amount low. Now, what happens when you pay low premiums is that if you run into accidents and damages sometimes by third- parties you have to pay that out of your own pocket. That’s the excess you pay for car insurance in Singapore.
Comprehensive vs Third Party
Everything depends on the premium you pay. If you want comprehensive coverage that covers your car from natural disasters, terrorist attacks, etc. you can opt for the comprehensive coverage. However, with comprehensive coverage insurance plans your premiums will be higher. If you opt to cover third-party damages, then your premium amount will be comparatively less and it will only cover the cost of the opposite party. Know all this before you get car insurance in Singapore.
Authorised vs any Workshop
Insurance companies have their own listed authorised workshops where you can go for repairing your car. However, you can also check if your preferred workshop is listed with the insurer. Sometimes, insurers allow you a few visits to your preferred workshop even if it is not listed with them. So, check for these small details before you take up a policy.
Loss of use benefits
This is a very important point to remember. If your car is stuck at the workshop or is damaged beyond repair, you can check for a replacement with your insurer. Some insurance policies also offer transport allowance as a substitute. These are significant benefits and you must look for them before you buy an insurance policy. Now, you know all the six important factors for buying car insurance in Singapore.
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