5 things to consider when looking for car insurance quotes online
Nowadays, finding the best deal can be as effortless as a few clicks of your mouse. Obtaining car insurance quotes online is a fairly easy process, and the details you’ll need to provide to a broker or insurance company is usually quite straightforward. Some of what you’ll be asked for will be common sense information, but you might not necessarily be familiar with how it affects your premium. To help, this blog post highlights 5 top things to consider when searching for car insurance quotes, and why it might be important.
1. Know your desired level of coverage
Before shopping for car insurance, it’s a good idea to take note of what you need from the policy. The first step is to decide your desired level of coverage. Motor insurance companies offer three main types of plans in Singapore, and depending on your needs, driving habits, budget, and vehicle, one option might suit you better than the other.
We’ve addressed this topic in greater detail in a recent article on car insurance types, but here’s a quick summary of the key features of each coverage level:
- Third party only plans are designed to cover the minimum level of auto insurance protection required under Singapore law. As the name suggests, it covers other people – including passengers – in the event that the policyholder gets into a car accident. Most third party plans will also cover damages to property belonging to other parties, such as buildings and vehicles, but with one key exception: the insured’s own vehicle.
- Third party fire & theft (TPFT) plans cover the same things as third party only plans, but with a few extra benefits. These include theft of your vehicle, damages from attempted theft, and fire damage (e.g. arson). Like third party only plans, TPFT plans won’t cover damages to the insured’s own vehicle.
- Comprehensive plans are the highest level of auto coverage drivers in Singapore can secure, and are the only type of auto policies that covers damage to or loss of the insured’s own vehicle. Comprehensive policies can additionally include a wide variety of extra benefits, such as No Claims Discount (NCD) protection, windscreen damage cover, and more.
2. Know how to reduce your premium
When looking for car insurance quotes, it’s also a good idea to learn how to save money on your premium. Though the temptation of choosing the cheapest option is understandable, it can also be misguided. This is because low cost auto insurance plans tend to be more restrictive, feature lower coverage limits, and may also lack in other areas such as their quality of customer service. That said, there are a number of things you can do to ensure that you’re getting the best deal, at the best price. Two of the top tactics for lowering premiums include:
- Have a clean driving record: Driving records are one of the top factors influencing how auto insurance premiums are calculated. Insurers reward those who drive carefully by giving them NCDs, which are discounts given to policyholders who’ve driven claims-free for a set period of time. In Singapore, the maximum NCD for private car drivers is 50%, representing 5+ years of claims free driving. Car insurance quotes are often affected by an existing NCD you have, as a number of insurers will allow you to transfer that discount across to a new plan.
- Pay a higher excess: The excess, which is the amount you need to pay if you submit a claim, is inversely related to your premium. This means that the higher your excess, the lower your premium – and vice versa. Take care however, as you’ll want to ensure that you can afford paying the excess should an accident occur.
3. Be prepared with necessary vehicle and driver information
Naturally, car insurance quotes are more accurate if you can provide more complete information. Before you call your broker/insurer, or use an online quote generation tool, be sure to gather all necessary vehicle and driver information. For example, our quote tool will request a number of motor and personal details, including (but not limited to) the following:
- Vehicle make
- Year of make
- License plate number
- Cylinder capacity
- Driving history
- Drivers’ dates of birth
- Number of drivers
It’s important to note here that most of the information requested with have an impact on your quoted premium. For example, the make and model of your car can impact your potential premium based on its value and performance ratings. Age is also an important factor, as younger and older drivers are seen as riskier.
4. Do I need any optional extras?
Car insurance quote tools will sometimes feature an optional extras section, which provides the option of including additional benefits such as auto assistance services and personal accident insurance. If you’ve decided that you might benefit from these optional extras, be sure to read the fine print to double check what’s covered, as well as conditions that are excluded.
5. Weigh your options carefully
As with any other insurance product, it often pays to review multiple plan options. This lowers your risk of securing an ill-fitting plan, which can lead to higher costs in the long run should you need to submit a claim.
While tangible factors like premiums, exclusions, and coverage benefits are all important things that you should watch out for when comparing car insurance, it’s also a good idea to look out for intangible aspects such as the insurers’ customer service reputation. Exceptional insurer reputation is key, as under-resourced motor insurance companies can be hard to contact when you need them, and their claims processing times are more likely to be lengthy and cause unnecessary stress.
Get car insurance quotes with Kwiksure Singapore today
Using our Kwiksure Singapore quote generation tool, you’ll have access to two great benefits; our experienced consultants, and a wide range of the best car insurance products in Singapore. By entering a few key details, you’ll be well on your way to discovering and selecting the best car insurance plans in Singapore, at the best price! If you’ve got questions about any insurance-related matter, or about obtaining car insurance quotes in Singapore, contact our team today.