Comparing car insurance: 5 tips to get you started
Insurance jargon can be very confusing, and sometimes can even seem like a foreign language. This can make the prospect of comparing car insurance daunting for those who are not as well versed in the realm of car insurance. Fortunately, our team of experts at Kwiksure Singapore are here to help with this handy mini-guide on how to compare car insurance.
1. Know your requirements
Before comparing car insurance, it’s first essential to know what type of car insurance you need. In Singapore, there are three main motor insurance options:
- Third party only insurance: This is the most basic and cheapest type of motor insurance, as it is designed to meet the minimum requirements set out by law. Third party only policies cover death/bodily injury to third parties, and also third party property damage.
- Third party fire & theft insurance: Considered the next step up from third party only insurance, this type of motor insurance covers your car against theft, damages from attempted theft, and losses caused by fire.
- Comprehensive car insurance: As the most superior level of motor coverage in Singapore, this is the only type of car insurance that additionally covers the driver’s own vehicle. If you have a high value vehicle, comprehensive car insurance is likely the best option for your needs.
Of course, there are many more differences between the different motor insurance options in Singapore. To learn more about them, click here to read our in-depth blog post on the topic.
2. Evaluate “add-ons”
Sometimes, you can add optional extras to increase your level of motor insurance protection. Depending on your needs, these options might be something worth considering when comparing car insurance. Popular car insurance “add-ons” include:
- Vehicle towing coverage
- No Claims Discount (NCD) protection
- Personal accident and medical expenses cover
- And more
3. Comparing car insurance providers
While buying the cheapest car insurance can be tempting, the low price is likely not indicative of the best overall car insurance provider and customer service. Learning about the motor insurance provider when comparing car insurance is therefore another important step, which you can start doing by:
- Checking out the provider’s online reviews (e.g. official review websites, social media feedback, car forums). Do take this with a grain of salt, though, as it is likely that not all online comments are legitimate.
- Getting in touch with a broker with in-depth knowledge of the motor insurance industry, like Kwiksure Singapore.
- Contacting the Monetary Authority of Singapore (MAS) if you’re unsure.
4. Understand car insurance lingo
We’re not saying you have to become an expert on all car insurance terms, but familiarizing yourself with the most important terms will help you approach the comparison process with more confidence. Checking out our weekly updated blog can be a great way to start, as it includes many educational articles on the most important aspects of motor insurance coverage in Singapore.
5. Compare your options carefully
To ensure that you’re getting the best bang for your buck, it’s important not to go by price alone. Consumers should therefore compare their options carefully, and be aware of the most important elements to review before making their final purchase decision. Important factors to consider include out-of-pocket costs, customer support, claims timeframes, level of coverage, NCD transferability, etc.
Get in touch with a Singapore car insurance expert
The task of comparing car insurance can be made easier if you do your homework beforehand, but much, much easier if you engage the help of a reputed car insurance broker, like Kwiksure Singapore. Contact us today for answers to all your questions, or click here to get a free quote.