Car insurance is one of the compulsory requirements when driving your car on Singapore roads. It’ll be important to choose the best insurance provider for your insurance. However, with the various companies offering car insurance plans, it’s good to have the knowledge to choose the car insurance that suits your driving needs and budget. Most insurance companies and agents might be unreliable, leading to most drivers purchasing ill-fitting car insurance. Therefore, before shopping for car insurance, you need to compare car insurance Singapore to ensure you get the best car insurance. This article provides the important things to consider when shopping for car insurance in Singapore.
Factors that affect the cost of Singapore car premium
Before deciding on the cost they’ll charge the applicant, various insurance companies will check for some factors. The most common factors that may lead to a higher or lower cost of insurance premium the insurance company offers include:
- Driving history- where the driver without a clear driving history will pay more insurance premium.
- The driver’s age- for the car insurance premium, the younger drivers will likely pay more premium than the older drivers.
- Valuation of your car- for the more common vehicles, the owner will pay a lower premium than less common ones.
It’ll be important to compare car insurance in Singapore to get the insurance company that offers car premiums at a lower premium. The lower premium should be despite the numerous factors they’ve to consider when allocating car insurance. Nevertheless, the lower premium shouldn’t compromise the quality of the insurance cover.
The cheapest insurance plans are not the best
Most car owners would indeed wish to save a lot of cash when choosing a car insurance plan. Thus, this illustrates that most car owners will compare car insurance Singapore based on the cost. However, it’ll be good to avoid cheap insurance plans when shopping for the best car insurance. A cheap insurance plan has numerous disadvantages, such as providing inadequate coverage and may also include non-existing customer care services. The plan also provides a very limited time for the drivers to submit claims following an accident, mostly up to three days.
Common car insurance exclusion
Before shopping for car insurance, it’ll be good to understand the various car insurance exclusions. Regardless of the car insurance type you want to purchase, there are various scenarios that the car insurance company won’t cover you. Thus, when shopping for insurance for your car, it’ll be good to understand the scenarios, which the companies won’t cover:
- Intentional damage
- Street and motor racing
- Using the car for commercial uses without having a commercial insurance plan.
- Driving your car while on drugs or alcohol.
All the information necessary for getting the car insurance quote
Before getting an insurance quote, it’ll be necessary to have the details that the insurance company will require to process the insurance quote. It’ll be important to know the type of car insurance you are looking for; this is based on your car’s purposes. The car details include car’s make, year of manufacture, model, body type, engine number, number of seats & doors, and chassis number. Lastly, it will be important to provide the details on your occupation, driving history, experience and provide the driving demerit points if you’ve got any.
When working with an insurance broker you’ll get the best car insurance deal
While you compare car insurance in Singapore, you’ll realize that the premium and terms of insurance vary among the various insurance companies. Thus, to get the best insurance plan that suits your driving needs and budget, you’ll have to spend a considerable amount of time researching insurance companies and premiums. However, getting a good insurance broker will save you the hassle of researching the various insurance plans. The broker might have links or partnerships with various insurance companies. Thus you’re sure of getting the best insurance plan to suit your needs.
The bottom line
Insurance companies in Singapore are offering a variety of car insurance plans. However, it’ll be good to choose the best insurance plan that suits your budget and driving needs. It’s good to understand the above things that are essential to know when shopping for your car insurance. These factors will help you compare car insurance Singapore and choose the best car insurance for your car.