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Best Car Insurance
Car insurance is compulsory if you drive a car in Singapore, lest you get caught and suffer penalties of fines up to S$1,000 or imprisonment. If you are involved in an accident without car insurance, then you might have to shoulder the medical expenses and cost of car damages out of your own pocket. You might not even be allowed to drive your own car away from the accident scene!
Therefore getting the best car insurance Singapore policy is so important.
Yet, it is not at all an easy task. You would need to do the necessary research on your own and that takes a lot of time and effort. Luckily, we at InsuranceQuote (we provide car insurance comparison services!) are here to break it down for you. We have noted down everything you need to know about car insurance in Singapore, what to look out for, what to avoid, and how to get the best car insurance deal in Singapore.
What is Car Insurance?
Car insurance can help cover the costs of repairs or replacements after an accident, as well as medical expenses caused by injuries sustained during the collision. Some insurers even cover smaller inconveniences like tow truck fees and alternative transportation while your vehicle is being repaired.
With car insurance policies under your belt, you can feel reassured knowing that, should you have a car accident or mechanical breakdown, there will be someone who can help you out, especially for young or inexperienced drivers.
What it covers
Some car insurers provide even more benefits! Do not forget to ask your agent about these when you are comparing policies.
What it doesn't cover
Some insurance policies provide benefits that others don’t have and vice versa. It is always important to read the terms and conditions of your car insurance policy. Otherwise, you could be putting yourself at risk for some serious financial damage.
Cars with non-approved modifications
Cars that are not registered
Under the Road Traffic Act
Legal limit of people
Cars carrying more than the legal limit of people
Drink-driving drivers
Drivers under the influence
Drugs, alcohol, etc..
Damages
Civil disturbances, strikes, and riots
Natural accidents
Flooding, earthquakes, falling branches, etc...
Damages
Caused by war and terrorism.
What are Car Insurance Premiums?
You pay a premium every month when you purchase a car insurance policy. Depending on your car insurer, you can pay in installments or a single upfront payment.
How are they calculated?
- The type of coverage
- Your age
- The area in which you live
- The car you drive
- Claims filed in the past
- Tax & services fees
- Moral hazard and adverse selection
Your insurance premiums may increase after the policy period ends, or if the risk associated with offering a particular type of insurance increases. You can save money by regularly shopping for better deals that fit your needs.
Things to take note
Factors to consider when buying a Car Insurance Plan.
If so, you should add a ‘named driver’ or ‘additional driver’ to the policy who will also be insured to drive the car. The ‘named/additional’ driver will usually have the same amount of coverage as the main driver and will come with additional cost.
If your car breaks down or needs to get towed to a workshop, and you are a newer driver who is not sure how to proceed, it might give you peace of mind to apply for 24/7 “roadside assistance”.
NCD stands for no claims discount. It reduces your premium the following year if you haven't made a claim in the preceding 12 months with your current insurer. This is to reward you for being a safe driver.
With Daily Transport Allowance, drivers can claim a daily transport allowance if their vehicle repairs take longer than expected. This way, they can continue to make their daily commutes in other ways while their car gets fixed.
If so, you’ll need to get a car insurance plan that offers coverage for overseas trips. You can either get a single-trip car insurance policy or an annual multi-trip car insurance policy. Multi-trip car insurance policies would save time and money if you make frequent international visits while a single-trip car insurance policy only covers one trip and will not cover future trips within the same year.
What types of Car Insurance are there?
If you want to drive on the roads in Singapore, you must purchase a Third-Party Only liability insurance plan. This plan only pays when you have damaged another person’s car. The Third-Party Only insurance plan is typically the most affordable car insurance coverage compared to other options on the market, so it is definitely the best car insurance Singapore plan for drivers who are budget-conscious and frugal.
TPO covers:
- Death or injury to other parties
- Damage to other parties’ vehicle
TPO car insurance is ideal for:
- Budget-conscious drivers who are willing to take risks
- Drivers who do not require full coverage
- Drivers that barely drive your car
- Drivers with lots of experience on Singapore’s roads
- Drivers who travel very short and safe trips with minimal risk of car accidents
- Old vehicles that you wouldn’t mind scrapping completely after an accident
If you want more coverage than just a TPO plan but still want to keep the costs of insurance down, then choose a TPFT car insurance plan. You’ll get protection from TPO plus a higher level of protection in case your car is damaged due to fire or theft.
This plan is usually more expensive than a TPO plan while being cheaper than a Comprehensive plan. So, it’s the best car insurance Singapore plan for drivers who want more coverage than a TPO without splurging on an expensive comprehensive plan.
TPFT covers:
- Third-Party Only (TPO)
- Fire damage or theft of your vehicle
TPFT car insurance is ideal for:
- Drivers who want TPO with added coverage
- Budget-conscious drivers who are willing to take risks
- Drivers who do not require full coverage
Comprehensive Plans are the most expensive car insurance type you can get. However, it includes the benefits of TPO, TPFT, and additional coverage for all accident types – even those by natural disasters or self-imposed. Some even cover the medical expenses for the passengers on board the vehicle at the time of the accident!
Many car owners in Singapore believe that the best car insurance Singapore policy is the one that best protects you and your family. So if you feel the same and believe that safety and full coverage for all occasions is your top priority, then this plan will be the best car insurance Singapore policy for you.
Comprehensive Plan covers:
- Third Party, Fire, and Theft (TPFT)
- Accidental damage to your vehicle
- Windscreen damage
- Damage arising from riots, strikes, and civil commotion
- … and more!
A comprehensive Plan is ideal for:
- Drivers who want to minimize financial risks
- Drivers who need full coverage
- Drivers who use their car to travel regularly
- Inexperienced, or new drivers
- Luxury, branded, new, cars with expensive accessories that will take a lot of money to repair
Why choose InsuranceQuote?
Fitting your needs
InsuranceQuote is here to help you find the right policy for your needs. We offer car insurance comparison services across multiple insurers and work tirelessly to find you the best car insurance Singapore plan that fits your needs!
Always available
We keep our car insurance comparison services simple to understand and we're always available online - 24 hours a day on our website or through our email. No matter what your query, we have an expert on hand who can help with all of your questions. Contact us today!
Contact us!
If you are interested in learning more about Singapore insurance plans, do contact us at InsuranceQuote! We provide top-quality car insurance comparison services, and we will be more than happy to assist.
