5 ways to find the best car insurance in Singapore
If you’re in the market for a new car in Singapore, then you’re also in the market for car insurance. The laws of the country make it so that you can’t drive without vehicle coverage, so knowing what sort of car insurance plan you’ll need can be as important as knowing what car you want to drive. There’s a really quick way of ensuring you get the best car insurance for your needs and situation but, for those of you adamant on doing it yourself, here’s some Kwiksure Singapore tips to remember before you buy a policy.
1. Know what type of car insurance you’ll need
When it comes to getting the best car insurance, you’ll need to be a bit more specific in the type of plan and coverage you actually want or need. While there are a wide range of different policy options available, motor insurance policies will generally come down to three specific types:
- Third party insurance: This is the basic form of car insurance that covers damage to third parties only. It may be damage to their vehicle, other property, or bodily injury or death. Third party insurance plans are the bare minimum legally required by Singaporean law, and will not cover any damage to your own vehicle.
- Third party fire & theft (TPFT): TPFT insurance covers the same third party liabilities as the above, but also includes coverage for your own vehicle’s theft, damage incurred from attempted theft, and any damage sustained by fire (such as arson damage). Damage to your vehicle resulting from a road accident, however, will still not be covered.
- Comprehensive insurance: As the highest level of motor insurance coverage, comprehensive plans cover everything that a TPFT policy does, but extends benefits to damage and loss to your own vehicle. In addition, many policies will also offer extras such as a towing, windscreen damage, and personal accident coverage.
2. Think about your coverage options
Benefit limits, exclusions, deductibles, and excesses: There are a number of aspects of a car insurance policy that can impact what you pay now as a premium, and what you pay later when you need to make a claim. Limits relate to the maximum amount an insurer will pay out for a specific type of claim, while exclusions are items or circumstances insurers will automatically deny coverage for. Deductibles and excesses are amounts that you agree to pay either before or after a claim is made, both of which can reduce your premium the higher you agree to make them.
3. Understand how your car impacts your insurance
As insurance is all about assessing risk, it stands to reason that faster, more powerful cars are going to cost more to insure. The higher the speed a vehicle is travelling, the shorter the amount of time a driver will have to identify and react to anything that might impact the safe travel of their vehicle. Car crashes at 10km/hr are going to create less damage and pose less risk of injury and death than a collision occurring at 100km/hr. A Nissan Micra is going to cost less to insure than a Dodge Demon.
4. Research your options
There is an entire market of car insurers in Singapore offering a range of different policies and service levels. Some will have great coverage options, some will have great prices, others will have exceptional service levels. Some will be strong in all of these areas, but no two insurers are the same. The way to know whether you’re going to get the best car insurance for your needs is to do some research. Search the insurer online, read about their policies, check out consumer reviews, and contact them for more information. The more you know, the better position you’ll be in when it comes to buying car insurance.
5. Drive safely
This might not apply to new drivers, and may seem like a no brainer for experienced ones, but it’s important to remember that being a good driver often helps when buying car insurance. Things like a clean driving record or a No Claims Discount (NCD) can see you reduce your car insurance premiums by a significant amount. Those that do incur fines and driving offences, or have made a claim on any car insurance policy in the recent past, can find themselves paying more than they would otherwise need to. Many car insurers will also allow you to transfer your NCD from another policy, even one from a competing insurer.
How do I skip all this and get the best car insurance faster?
The answer is simple: Kwiksure Singapore. Our team of experienced expert advisors are trained to do all the hard work for you; from researching and comparing the right plan for your driving experience in Singapore, to assisting with claims and renewals when you need them. These consultants have decades of experience among them and can ensure that you can get the best car insurance for your situation, meaning you can drive with confidence that you’ll be covered by some of the country’s most reputable car insurance companies.
Ready to save yourself some time and money? Talk to our team at Kwiksure Singapore today.