Best Car Insurance – Finding the right car insurance in Singapore can be a daunting task, especially if you don’t know where to start. Even if you already know the basic things like the average cost of car insurance, you still need to assess your personal preferences, individual circumstances, and which type of vehicle you currently have.
Know the Facts Before Getting the Best Car Insurance
The following page will outline some essentials regarding best car insurance in Singapore, as well as how to find the right one for you.
What Type of Insurance Should You Get?
First, let’s go over insurance types for your vehicle in Singapore. Overall, there are three types of insurance you can get, which are:
- Comprehensive Car Insurance
- Third-Party Only (TPO) Insurance
- Third-Party, Fire & Theft (TPFT) Insurance
Each type of insurance offers different coverage levels, and therefore, has different prices. Let’s go over each insurance type so that you understand how they work.
- Comprehensive Car Insurance: This is considered the most expensive insurance type, and it’s because of all the things it offers. Overall, this insurance type offers everything the TPO and TPFT insurances offer, plus coverage for repairs for any accidental damages your car experiences. Some policies also include personal injury damages.
- Third-Party Only Insurance: Overall, this is the most basic insurance type you can get for your vehicle, and therefore, it’s the cheapest one. It typically covers damages caused to a third party, including death. It’s vital to note that this insurance typically doesn’t cover damages done to your vehicle.
- Third-Party, Fire & Theft Insurance: Finally, this insurance type covers everything the previous one has, plus fire damage or theft of your vehicle. Unfortunately, this insurance typically doesn’t cover any other type of damage caused to your vehicle.
In the end, the decision of which insurance to choose is up to you. However, keep in mind that accidents can happen when you least expect them, so you should consider making an investment in an insurance policy that covers as much as possible.
Considering Your Excess
Overall, your excess refers to the maximum amount of money you will pay out of pocket after an accident or claim. You will only pay the excess in cases where you’re the at-fault party. In essence, the higher your excess, the lower your premium will be.
This doesn’t mean that you have to go for an extremely high excess in an effort to get a low premium. Overall, you must find a good balance between your excess and your premium so that you can enjoy all the benefits.
You may also get charged one of the following three excess types:
- Standard Excess
- Inexperienced Driver Excess – Here, the excess is considerably higher.
- Unnamed Driver Excess – This applies in cases where you share your vehicle with another driver that’s not named in your policy.
Consider the Workshop
Typically, most insurance plans for vehicles will recommend you get repairs at an authorized workshop. This is the best way to go since it ensures high-quality repairs and decent prices.
However, some people prefer to get to a particular workshop. In those cases, you must ensure that your insurance provider offers you the option of choosing your preferred workshop. Keep in mind that those insurance providers tend to charge higher premiums.
Features to Look Out for When Choosing the Best Car Insurance
Regardless of what type of insurance you decide to go for, you may want to consider some of the following essential features to ensure you get as much coverage as possible:
- Vehicle Damage: As mentioned before, some insurance types don’t provide coverage for damages caused to your vehicle. Singapore is known for being prone to flooding, so you may want to get coverage for any unexpected damages.
- Personal Injury Coverage: Not all companies offer the same amount of coverage for medical expenses after an accident, and some companies don’t even offer that at all! Remember to take a look at your policy to see if it offers something of the sort.
- Additional Drivers: If there’s any other person other than yourself that will drive your vehicle, it’s recommended for you to add an additional driver to the policy. Typically, these people get the same amount of coverage, although you may have to pay for additional expenses.
Other features you may find helpful include:
- Roadside Assistance
- No Claims Discount
- Daily Transport Allowance
- Overseas Coverage
- Loss of Use
Using MoneySmart Financial for Your Insurance
Now that you know how to choose the best car insurance, we want to make sure that the process is as easy for you as possible. With MoneySmart, all you have to do is tell us what you need, speak to our specialists, and purchase the best car insurance you can get for your money!
There are dozens of companies in Singapore that offer different coverage types, so make sure to browse our website for more information!