Almost all nations, like Singapore, mandate auto insurance. However, owning an automobile involves more than just buying the car. Owning a car also means paying taxes, insurance premiums, upkeep, and other expenses. Before driving, all drivers should confirm that they have enough insurance coverage.
However, a lot of people merely accept the insurance that is offered to them. You can get a car insurance quote online from multiple providers to compare prices and coverage options. Additionally, consider factors such as your driving record, age, and type of vehicle when selecting the best insurance policy for your needs.
Factors to consider while selecting an auto insurance policy:
- Check your excess insurance first.
Accidents happen, but it annoys me when your insurance company demands that you pay the extra even when it wasn’t your fault. The excess is the sum you agreed to pay the insurance company when you filed a claim.
- Buying auto insurance
Look for a plan that gets rid of the extra. It must waive off the excess if it isn’t removed because you shouldn’t have to pay for other people’s mistakes.
- Examine no-claim rebates.
If an insured party does not file a claim for a predetermined period, they may be eligible for a no-claim discount (NCD), which offers significant premium savings. However, if you submit a claim and are found to be at fault in an accident, your NCD may decrease by 10%, which is the lowest amount that some Singaporean insurance providers would offer.
Don’t panic, though; you may reduce your NCD by a smaller amount or check into policies that protect your NCD for just one claim by adding an NCD protector to your policy. By doing this, you can avoid a hefty fine for a single mistake.
- Consider purchasing a used car insurance policy.
A ten-year certificate of entitlement (COE) is enough to buy and operate a used car. After this time, you can either renew the COE or deregister your vehicle. Nonetheless, most of the auto insurance policies have a ten-year coverage expiration date.
Look for insurance that covers older automobiles if you would prefer to save cash by renewing your COE instead of buying a new car. However, do your homework before purchasing auto insurance to get the best deal for your vehicle and profile.
Find out more about buying a car insurance.
You can get one of the best auto insurance policies from a reputable insurance provider that does everything right. If the policyholder is not at fault, the excess is waived, and if the customer is at fault, the NCD is only reduced by 10%. DBS, for example, provides motorists with the following advantages:
- The comprehensive DBS DriveShield plan covers everything from brand-new electric cars to cars up to 15 years old, along with everything in between.
- Assistance with a breakdown in an emergency
- You can obtain free roadside help when your car breaks down.
- guardian of loans
- auto repairs
- changing the windshields
- Glass (windscreen) replacement cost if handled by certified repairers.
- The number of windshield claims that might be made
- The windscreen is too big.
- Theft, fire, or accident-related damage
- Coverage for factory-installed car accessories, audio equipment, and the COE at full market value.
To be eligible for car insurance:
There are regulations that an applicant must fulfil in order to be eligible for car insurance in Singapore. These requirements entail that the applicant must be between the ages of 21 and 70, live in Singapore for at least 183 days a year, possess a current NRIC or FIN, drive for at least a year, not have filed more than two claims in the three years, be a registered owner of the vehicle, and never have an auto insurance application denied for any reason. The age of the insured vehicle cannot be less than fifteen.
Total peace of mind is provided by vehicle insurance coverage. You can be confident that if your car is lost or damaged, you won’t have any financial difficulties.
