Car insurance comparison in Singapore takes time, so for your convenience, we’ve looked at all the different options on the small island and chose the very best car insurance in Singapore. Singapore is a wonderful place to live, visit or do business. It is small but packs a punch when it comes to business. If you have a car, it is a must to car insurance quote online Singapore just like getting a domestic maid insurance. You should be covered regardless of who was at fault in the accident. Be prepared to pay an excess fee for excess coverage.
Take Note of the Factors to Consider
A number of factors go into deciding which insurance policy is best for you. The type of vehicle you drive and its condition are major determinants. The area you live in also makes a difference as certain areas have higher crime rates. Do you have to insure more for a bigger car? If so, you’ll probably want to get a larger policy so that it will cover more expenses. Singapore has a unique policy on car insurance which allows you to claim for damages and injuries that occurred while overseas.
Understand the Car Insurance Coverage
Singapore is one of the few countries in the world that offers a no-fault insurance plan. All you have to do to get full coverage is to enroll in the plan and pay a yearly premium. Comprehensive insurance is another form of insurance coverage that covers damages due to natural disasters, vandalism, and malicious intent. This type of insurance is usually more expensive than comprehensive insurance. Singaporean laws allow drivers to opt for third party coverage for their cars.
Comprehensive coverage and other add-ons are available through your agent, but sometimes it’s a good idea to go through a broker. Brokers have access to the most insurance companies in the country and are usually willing to offer you a discount. There are certain types of add-ons that can increase your premium. If you want to pay the same amount every month but don’t want to take out any extra excess, your broker can also quote you a fixed interest rate on a dedicated savings account that will cover your premiums.
There are some specific things you should look for when shopping around for insurance. The first thing is to ask the company if they offer a comprehensive package or a collision and damage waiver (CDW). A comprehensive package is ideal if you rarely ever hit the road. This kind of policy also covers damages incurred by other drivers during a wreck. However, CDW is ideal if you are a named driver on a loan or if you have an outstanding loan that is paid off.
In addition to these two options, many Singaporean insurers also offer uninsured and underinsured motorists, which will protect you in the event that you are involved in a wreck with an uninsured driver. You will be charged a higher premium because you will not be covered for any medical costs. If you have an outstanding loan or credit card balance, this will increase your premium. It is important to remember that the majority of insurers in Singapore do not offer any sort of comprehensive guide. It is up to you to request one from each company you are interested in doing business with.
Getting a Custom Policy
Some insurers in Singapore will allow you to tailor your policy to meet all your needs. For instance, you can request the insurer to waive the deductible. Or, you can choose to pay a higher premium, but only if you opt for an alarm system, an immobilizer, or anti-theft devices fitted to the vehicle. Of course, premiums will vary between insurers. It is important to compare as many of them as possible before deciding upon the right policy for you.
Remember that the type of vehicle and driver will have a significant impact on the type of premium you pay. Therefore, it will make sense to shop around before you settle on any particular insurer. Car insurance in Singapore is getting cheaper by the day. However, it is still advisable to carry out extensive research before signing up for any policy and must do car insurance Singapore compare.