Automobile Insurance

Automobile Insurance – Cars will always be luxuries and prized possessions in Singapore, but not because the city-state has a large number of gearheads or car enthusiasts – in fact, several people from the best underground car-cultural scenes in the world. believe that car modification in Singapore ranks among the toughest in the world due to strict laws.

The vehicles are highly prized in the small Southeast Asian country due to their price, as Singapore is notoriously at the top of the world in terms of new car costs due to the government’s aim to encourage the use of public transport. It has been well documented that an entry-level car like the Suzuki Jimny can cost around US$21,000 in the Philippines, US$23,000 in Thailand, and US$105,000 in Singapore.

Automobile Insurance

Automobile Insurance

So if a buyer is trying to buy a car in Singapore, it seems obvious to get car insurance too, because why not protect something important and expensive, and get rid of the worry of not getting compensated in the event of an accident. ?

Reasons Why You Need Good Car Insurance Coverage

It is mandatory for anyone who owns a car in Singapore to have their car insurance cover before they can actually drive and use – or even register the car in the government books.

The insurance provides a certain amount of financial compensation for damages that may have resulted from a car accident. By paying a specific amount, separately or combined with the purchase of the car, drivers have a backup plan in case something goes wrong after a road accident. .

The OneMotoring website, which is owned by the Singapore government, says it is illegal to drive a vehicle that is not covered by motor insurance and violators can be fined up to 1,000 Singapore dollars.

Drivers who insist on driving vehicles without car insurance in Singapore can also face up to three months in jail and a 12-month ban on having a driver’s license. Similarly, those who refuse to renew their car insurance will be penalized.

The History Of Car Insurance

In 2019, an article published in the Singapore Business Review stated that car insurance premiums in the city-state, despite having one of the most expensive vehicles in the world, were still lower than in New York.

It seems that the average cost of car insurance at that time was 862 Singapore dollars – much lower than the 4,097 Singapore dollars in New York at that time, as mentioned in the article.

Of course, this cost does not take into account other car costs in Singapore, such as additional tax payments such as the clearance certificate that car owners must process to make their vehicles road legal.

Automobile Insurance

Then there are the extra fees drivers have to pay if their cars are already over 10 years old, as the Singapore government encourages vehicle replacement to minimize harmful emissions.

Better Safe Than Sorry: A Guide To Buying Car Insurance

The definition of car insurance can be simple, there are different forms of car insurance allowed in Singapore – not to mention the complicated ways of calculating and evaluating offers to ensure you get the best car insurance available.

As mentioned earlier, third-party only car insurance is often the cheapest – often because the way car insurance is calculated in Singapore is somewhat complicated.

A quick visit to car insurance companies reveals that companies ask for a lot of details from potential customers – basic personal details such as name, email addresses, age and gender, marital status and occupation, for more complex information such as the type of car a person drives, date of purchase and registration, a person’s driving experience, and previous claims, if any.

This is because insurers want to know how at risk a person is in terms of accidents. a claimant has a higher risk of having a car accident, or has had claims in the past and is not eligible for a non-claims reduction (NCD).

What To Know About Car Insurance Renewal In Singapore

Insurers who obtain detail boats from potential customers say prices are not the same for everyone: some people may need to pay more money because the vehicles they own are less safe than others .

There is also the factor of age and driving experience, as in general more experienced drivers can avoid accidents. More and more with people who have had no auto insurance claims – it just means they never needed to seek claims and assistance. due to accidents.

So here are some of the best auto insurance options for someone over 30 with at least five years of driving experience:

Automobile Insurance

Allianz Motor Protect Insurance promises broad coverage as they “expect even the unexpected” to give customers peace of mind

Auto Insurance — Gary Marshall Insurance

MSIG offers two main products, MotorMax and MotorMax Plus at low cost despite having a wide range of auto insurance solutions

FWD says its offerings stand out from the rest of the competition because they have features like 24-hour roadside assistance for accidental and non-accidental damage, and a discounted 50-hundred-year, no-claims-free lifetime warranty. .

HL Insurance or HLAS like the best auto insurance companies also offer daily transportation allowance, 24/7 roadside assistance in case of breakdown, and high medical coverage for drivers and passengers.

With one of the cheapest car insurance in Singapore, getting an Allianz policy is great value for money, especially if you’re looking to cut costs.

What Is Non Owner Car Insurance And Do You Need It?

Allianz offers several benefits found on more expensive offers, such as free 24/7 roadside assistance in the event of car breakdown, lifetime warranty on auto repairs, free courtesy car during repair of your vehicle and the possibility of replacing yours. a new car, less than two years old for an older one if the insured vehicle has been declared irreparably damaged.

Although they only offer third-party car insurance, the comprehensive option is a good bet due to the broad coverage offered by Allianz.

MSIG is a popular choice among those looking for peace of mind, as the company has been around for a while now and has an A+/Stable financial rating from Standard and Poor’s rating agency.

Automobile Insurance

It also offers the cheapest auto insurance policy among this batch of auto insurance plans, despite excellent coverage and a credible network of auto repair shops.

Ntuc Car Insurance Overview 2020

The two offers, MotorMax and MotorMax Plus differ mainly on the amount awarded in the event of an accident, with MotorMax Plus customers benefiting from additional assistance.

Additionally, MSIG allows policyholders to have their car repaired at any workshop for MotorMax Plus customers, while MotorMax owners are limited to MSIG-accredited workshops.

AIG offers a flexible car insurance policy, with discounts for more experienced drivers and those over 30, as well as those who can limit their expected annual mileage to 10,000 kilometers.

Additionally, it also offers collision-only coverage, which compensates drivers only when accidents are caused by a collision with another vehicle.

The Basics On Auto Insurance — The Insurance People

But for more worried customers, AIG also offers their comprehensive plan, which only covers everything covered by collision coverage, but also includes vehicle damage or loss due to theft, acts of God such as floods, riots and civil unrest. An additional provision for windshield and window repair is also included in the comprehensive plan.

FWD probably has the most coverage in terms of car insurance policy depending on where accidents may occur, as parts of West Malaysia and parts of Thailand have been included. It also has a high rate of approved requests, with 98.7% of all police requests.

Major benefits are available – a free courtesy car when vehicles are being repaired, 24 hour roadside assistance in the event of a breakdown, 50% lifetime protection on NCD claim discounts and indemnity daily transportation.

Automobile Insurance

Even better, FWD provides legal assistance if auto insurance policyholders accidentally injure someone or damage their property.

Renewing Car Insurance? Here’s An Essential Guide To Key Factors

Etiqa prides itself on having flexible offerings – its third-party only, third-party fire and theft coverage plans, and comprehensive coverage plans that you can combine with additional, customizable items.

For example, if you prefer to have your car’s sunroof covered by your car insurance plan so that it can be repaired in the event of an accident.

You can also choose a shop of your choice, choose to cover your car’s solar film, or choose their Etiqa plan which offers loss or damage towing, medical and dental expenses, enhanced personal benefits, and roadside and 24-hour medical assistance. 24 hours. .

In addition, Etiqa also caters to young and inexperienced drivers, and they can get an additional discount on their car insurance policies if they have no demerits in the past three years.

Car Insurance Quotations, Car Accessories, Car Workshops & Services On Carousell

Although not the cheapest car insurance plan in Singapore, Singlife and Aviva’s products are actually on par with the best of the competition as they offer great deals.

In addition to 24/7 roadside assistance and supposed to have the lowest NCD penalty, the company also promises to keep the customer’s NCD intact if it was not the cause of

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