It is important to get car insurance in Singapore. If you think that simply renewing the existing car insurance plan in Singapore, then you may be missing out on a better opportunity. For instance, you need to know how to choose car insurance to get yourself of a premium cheaper car insurance plan in Singapore.

Several car insurance plans accommodate different needs. This can be in the form of young driver coverage, personal roadside assistance, and a list of local car workshops. Below, we have listed a few factors that you need to consider while choosing the best car insurance in Singapore.

Factors You Need To Consider When Choosing The Best Car Insurance In Singapore

1. Damage to the vehicle

Insurance companies in Singapore will pay the car’s market value during the time of repair. However, keep in mind that few companies do not provide coverage for any loss or damage resulting from natural disasters such as floods. Singapore is prone to flooding; therefore, you have to read the policy documents to safeguard against any unpleasant events.

2. Medical coverage and personal accident

Some companies offer coverage for personal accident benefits up to S$50,000 and medical expenses up to S$1000. You can get further extensive coverage both for other car passengers as well as policyholders. Some companies do not include medical expense coverage or personal accident benefits. They come in the form of an additional feature that you need to pay extra charges for, so look through the print policies first.

3. Type of car insurance

• Comprehensive

This type of car insurance includes Third Party Theft covers and Party Fire with coverage for replacement or repairs for any kind of accidental damages to the vehicle. Besides, it consists of medical expenses and personal accident coverage.

• Third-Party Theft and Fire

It is one of the top third-party insurance car offers. This covers theft or fire damage to your vehicle. But, it does not include other damages to your vehicle.

• Third-Party Only

This car insurance plan covers death or injury to a third party in addition to the damage to the property of others. Like Third Party Theft and Fire, it does not comprise any damage to the vehicle.

4. Excess that you need to pay

The excess is the maximum amount that you need to pay out of your pocket during a claim. But, you need to bear this excess only when you are at fault. Generally, the more the excess, the lower the premiums will be. You can take on a greater cost by paying a high excess in case of an accident and will get rewarded with low premiums.

5. Workshop

Many car insurance plans help you to get your repairs done at any authorised workshop approved by an insurer. This ensures that both your insurer and you get a good price and quality of repairs.

Things that affect the cost of car insurance in Singapore

• Car modifications

Some modifications are not LTA compliant and require additional coverage that raises the premium price.

• Integrity and honesty

Dishonesty about driving history can leave you vulnerable to a higher premium in case of false information.

• Car usage type

Private hire insurance premiums cost higher than private vehicle policies.

• No claims discount

If you have been free of claims for a few years, you will get a renewal discount.

• Driving years

If you have a driving experience of less than four years, you need to pay a higher car insurance premium.

• Car age

The more your car ages, the lesser will be the insurance cost of your car.

• Car model and make

European cars have high import taxes and pricier parts that increase the premium cost.

• Insured age

People below 30 and over 65 may need to pay expensive premiums.

• Marital Status

If you have a family, your car insurance cost will be lower.

• Occupation

If you have a job, then your chances of having an accident are higher. This can result in higher premiums.

Now that you have a basic idea about the car insurance policies in Singapore, we will look into some car insurance plans.

HLAS Car Insurance

 

• It has high medical coverage. You can receive up to S$20,000 Personal Accident Cover and additional Medical Expenses in the event of an accident.
• If the repair takes more than three days, you can get a transport allowance.
• You can get 24/7 roadside assistance when your car breakdown.
• You can choose from Free Car Servicing, Air-con Treatment, or Paint Protection on top of a 25% discount.

AIG Car Insurance

• You will get Free NCD Protector on 50 percent NCD while you renew for AutoPlus and AutoPlan.
• Haveunlimited use of AIG’s car courtesy for AutoPlus as long as the vehicle is still in the middle of a repair.
• Excess waiver up to S$1000 for in-car camera video footage during the time of accidents to prevent fraudulent claims.

Aviva Car Insurance

• Preferential rates for Aviva MHA/MINDEF group insurance, including family.
• The youngest limits for inexperienced drivers extend to twenty-four years.
• Choose a Dual Year Plan to lock current rates by purchasing a two-year policy period- saving more money.

DirectAsia Car Insurance

• Lifetime Repair Warranty at authorized DirectAsia workshops.
• SOS car insurance in case you or your driver had more than two fault accidents or got your insurance terminated.
• If you have held 50% NCD for the last five years, you will get a 10% discount on your base premium.

Moreover, after you have chosen the best car insurance in Singapore, it is now time to find where to buy travel insurance in Singapore. You can look into them in more detail to decide which travel insurance is best in Singapore.