Car Insurance: A Complete Guide

Settling on your ideal car insurance policy should not be difficult in these times. Various insurance providers are available to meet your insurance needs. Besides being a statutory requirement, insurance offers you peace of mind. We explore the best car insurance Singapore and other essentials you need to consider regarding insurance to help you make informed choices. Here is a complete guide to car insurance. Tag along!

What is Car Insurance?

Car insurance is a contract existing between a subscriber and a chosen insurance company. This contract safeguards you from financial loss in case of accident, theft, or fire. In return for paying premiums, the insurance company covers losses as agreed on your insurance policy.

Why Would I Need to Insure My Car?

Car insurance is a must-have if you want to drive a car in Singapore. Regardless of your car type, all drivers must have insurance to utilize public roads within Singapore. Your insurance policy must at least cater for third-party accidents, including death, damage, and bodily harm to any person resulting from your motor.

Also, your vehicle is a precious expense that you should protect. Thus, consider insurance. It is a cover that can help settle repair bills after an accident, depending on your type of coverage.

While most individuals may quickly go for cheaper insurance, it would be wise to consider other dynamics, like how soon your insurance can come to your rescue and the amount of actual coverage on your pay.

How Much Does Car Insurance Cost?

Car insurance begins at $600. Other contributing factors include:

• Your insurance provider
• No Claims Discount applicable for you
• Your type of plan, whether basic or most comprehensive
• Your driver profile

Best Car Insurance Companies in Singapore

Are you seeking to insure your car? Below is a company worth considering that give the best value for your money.

DirectAsia

DirectAsia is among the companies offering the best budget-conscious insurance plans. It is ideal for individuals who are in their late twenties or older. Moreover, this company is suitable for you if you have faced prior accident records.

Why Should I Choose DirectAsia car Insurance?

• A listening Ear- The company’s dedicated experts ensure that you experience a swift and customized claim with guaranteed greater clarity and assurance.
• Personalized Car Insurance- Akin to your vehicle, you should have the right to customize your policy. DirectAsia offers optional benefits for anything you want.
• Exceptional Customer Service- The company has a very high customer satisfaction rating of about 90%. They continuously try to look for ways to better your consumer experience.

Available Types of Cover for your Car Insurance

There are various types of cover available for your car. Depending on your budget and other factors, you may select options such as:

Third-Party Only (TPO)

This is a mandatory cover and covers for injuries to others caused by your car. Although ideal for the budget-conscious driver, it also covers damage to other’s property in case of an accident. TPO further caters for all litigation expenses following an accident by your car. TPO is the cheapest car insurance in Singapore and is enough to meet the basic legal requirements. Since it provides cover for other people when your vehicle causes damage, you will have to pay for your damages.

Third-Party and Theft (TPFT)

TPFT is ideal for the cautious individual seeking to surpass basic coverage. Unlike TPO, this cover compensates you for losses resulting from theft and fire. TPFT ensures greater peace of mind, giving you time to worry less about uncertainties like fire, theft, and damage. Third-party and theft is relatively expensive compared to third party since it covers additional risks.

Comprehensive Cover

As the name suggests, comprehensive insurance covers all risks, thereby ensuring more calmness to the subscriber. Besides the other covers’ features, comprehensive responds if you crash into a third-party vehicle or anything other than a car. Additionally, the cover encompasses any non-crash damages to your car, damages resulting from natural disasters such as floods, and damages to your windows or windscreen.

Comprehensive cover is the most expensive cover, and rightfully so, thanks to the number of risks it covers. Suppose a covered peril damages your car; a comprehensive coverage comes in to replace or repair your vehicle, depending on your motor’s cash value. Comprehensive is normally an optional coverage. However, you cannot subscribe for comprehensive coverage if your car is more than ten years old.

Bottom Line

Car insurance is a must-have if you desire to use public roads in Singapore. Hence, there is no better way to ensure your vehicle’s safety than insuring it. Before selecting your provider and premium, you should consider other metrics such as cost and response time. Refer to the guide above and make the best car insurance decisions.