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Why Should You Compare Car Insurance In Singapore

Car insurances in Singapore are a way to safeguard your expenses if there is an accident or any other unforeseen event involving your vehicle. The rise in car sales has also given rise to risks related to the vehicle. There are so many car insurances available in the market that one may easily get confused. Therefore, it is always wise to compare car insurance before buying one. It is better to avoid any unseen liability by availing of a good car insurance policy beforehand. There are different cover levels for different car insurances from several companies. To compare car insurance is by far the best bet you can place, to obtain the best cover and facilities regarding car insurance. 

Why Should You Compare Car Insurance In Singapore – Factors

Comparing car insurance is not a difficult task if you have all your criteria clear in your mind. Lucrative insurance companies provide several offers. Whether or not they fulfill the criteria you are looking for should also be considered before buying. Therefore, comparing car insurance is a key to having the best car insurance for your vehicle.

Some of the factors based on which you can compare car insurance are listed below:

Compare Premiums break up

Comparing the premiums incurred on the policy you buy is an essential point that needs to be considered before buying the policy.

Check IDV

This is important as an Insured Declared Value should ideally cover your total losses in case of accident or theft. This is the basic reason why we look for car insurance, i.e., to obtain maximum cover for the losses on the vehicle. IDV is basically the complete amount that the insurer will provide you if a total loss of your vehicle or theft.

Renewals

Check if renewals are easy and can be done instantly.

Claim settlement benefit

Check if there is a cashless facility on the claim settlement.

Negotiate for a discount

This is possible for most companies, and it is worth trying a negotiation as you may save a good amount on the cost of the policy.

Additional Covers to check when compare car insurance in Singapore

Zero Depreciation Cover

Some policies cover the cost of the damage caused to rubber, glass, or other materials, which others may not cover. So, it is good to check on this point.

Engine Care

The car’s engine needs special care during monsoons, and this is one of the additional covers provided by some companies.

NCD Benefit

No claim discount is again a great point to check on, as most companies are generous with this. This basically means that there may be a discount on the renewal if there hasn’t been any claim made throughout the tenure of the active policy. 

Numerous Options to choose from

 When you are comparing car insurance, you can get instant quotes from several leading companies, and there are several options to choose from the wide variety of insurance plans in front of you.

Saves time and money

If you compare car insurance online, it will indeed save you a lot of time and money.

Transparency

 When you purchase car insurance online, you can rest assured about the transparency in charges and claims.

Customized Policy Possible

When you compare car insurance, several companies provide quotes and provide you with a completely customizable policy to suit your needs. The policy can be customized regarding the type of policy or the IDV and the Add-ons that you receive.

Summing up, these points can get you several advantages if you have compared the car insurances well.

Simple questions to ask while comparing car insurance

Although there’s a bewildering array of car insurance products out there, comparing them to get the best deal has never been easier. Many online tools can help you evaluate your options and find a policy that’s right for you. Car insurance comparison websites can help you obtain several quotes as well as provide relevant information to help you make your choice. Here are a few simple questions to ask yourself. The answers will help to make your car insurance comparison easier and more useful.

What Cover Do You Need?

When you’re comparing policies, it’s important to reflect on what kind of cover you’re likely to need. If you’re in an accident that involves damage to someone else’s car (in insurance terms, “third party property”), you may be liable for the cost of repairs. Major repairs, especially to luxury cars, can cost thousands of dollars.

A fire or theft involving your own car could also leave you out of pocket. Legal costs are another potential expense — if you find yourself in court over a traffic incident, you could face a big bill at the end. A comprehensive car insurance policy that covers accidental damage, fire, theft, and third-party property claims may give you peace of mind. Depending on your budget and the level of risk, it may be worth opting for a more inclusive policy that covers expenses like these.

What Car Are You Insuring?

Other factors that you’ll need to include the kind of vehicle you drive. When you’re comparing car insurance policies, check to see if there is any exclusion that may affect you.

Some insurers have different rates for cars that have been modified; for example, if you have (or plan to get) rims, tinted windows, or other modifications, your car insurance quotes may be higher. Some companies don’t insure extensively modified or unusual vehicles at all. Any car insurance comparison for a modified or imported car will need to take this into account.

How Old Are You?

Age can be an important factor when it comes to the price of insurance. Older drivers may benefit from lower rates, and some insurance products are designed especially to attract such drivers. If you’re in the young driver age bracket, don’t despair — you can still find some appealing car insurance deals. Compare rates from companies who specialize in insuring younger drivers to see if they are better than the car insurance rates from other companies.

Check Your Excesses and Limits

Look at excesses (the amount that you agree to pay out of your own pocket if you make a claim) and upper limits (the maximum your insurance company may pay you in the event of a claim). Higher excesses and lower limits may translate into lower premiums but also into lower insurance pay-outs if you do need to claim.

Tips to compare car insurance in Singapore

Know Your Situation 

This basic level of knowledge will help you significantly in your search. If you don’t know your current policy or what you’re looking for, how can you move forward with this task? Your current situation is a great place to start. Perhaps this will be your first car insurance policy, which means that you are starting from scratch. For most others, you likely are insured at the moment. This will allow you to have a basis upon which you may compare policies. Look at the large and small items of your policy. Start with coverage limits and major areas of protection – but don’t stop there. Do you have roadside assistance, glass replacement insurance, and car rental reimbursement cover? These are some of the items that can significantly alter the value of a policy. 

Car Insurance Discounts 

Always take discounts into account when you’re searching for a car insurance policy. You might be able to find a promotional discounted price on something that is similar to your existing car insurance cover. By the way, speaking of discounts, you would do well to compare the array of special car insurance discounts offered by potential insurers – that can be a selling point right there. Insuring more than one car under a united multi-car insurance policy can bring good discounts, too. 

Comparing Potential Policies 

Of course, you’ll need to compare the car insurance policies you’re interested in point for point. As you might expect, the Internet is a powerful tool here. There are plenty of car insurance comparison sites, from independent sites to the insurers themselves, which will give you fairly accurate quotes. Insert your details, and you should be able to see what is being offered. You can also do things the traditional way by contacting individual insurers. This will give you a better idea of their policy points and allow you to pinpoint details that can make a difference in the premiums. For our next point, this is particularly effective. 

Bundling Policies 

Keep in mind that the best rates you’ll find often involve the discount known as bundling. If you take out a car insurance policy with the same insurer that provides your home or other insurances, you can realize significant discounts. Thus, if you are comparing car insurance quotes, you might not be getting the full picture from online tools – you need to go deeper. Consider contacting insurance companies with the potential of multiple insured items; you can find great savings that way. 

Overall, take a look online to begin your search for the right policy. You can easily see which companies offer decent rates and then take it further. Always keep in mind vital discounts – such as bundling and multi-car discounts, for instance – that can increase your car insurance savings. With a sound understanding of your own individual situation and needs, you’ll be able to compare car insurance policies like a pro.

Car Insurance Quotes Comparison Tips

Compare quotes from at least three companies

This will give you a better understanding of what the industry offers as a whole.

Ask friends and family for a referral

Why not ask around to see which companies other people are buying from? This is oftentimes the best way to buy a car insurance policy with confidence.

Money, money, money

Like most consumers, you are probably concerned with the cost of coverage. Compare the premium of each quote to ensure that you know which one is most affordable.

Tip: you must compare “apples to apples.”

Coverage

Although you are probably most interested in saving money, you don’t want to overlook the coverage that you are getting. In other words, you need to know what you are paying for while ensuring that it is enough to protect both you and your vehicle.

Discounts

One of the best ways to save on the cost of car insurance is through discounts. Did you know that some car insurance companies offer more discounts than others?

Future discounts

There are some discounts that you will receive at the time of buying your policy and others that will come in the future. For example, a “good driver” discount may be applied after several years of not being in an accident.

Customer service

There is nothing worse than doing business with a car insurance company that does not value you as a customer. Do your best to find a company or agent that will give you a high level of service at all times.

Multiple payment options

Do you want to pay by check? How about a credit card or money order? Only you know what works best for your financial situation. Choose a company that can meet your requirements.

How often will you pay?

 Some car insurance companies allow you to pay in monthly installments. This may or may not be something you are interested in. It all depends on your financial situation.

Take away

  • When you compare car insurance policies, it can help you to get maximum benefits from it.
  • There are some factors to check while comparing car insurance like coverage, IDV, car insurance premium, renewals, claim settlement benefits, and more.
  • To compare car insurance, you should compare potential policies, Bundling Policies to get the most of it. Choose the one that comes with multiple payments.  

Bottom Line

Finding great deals on car insurance is closely linked to comparison shopping. Without at least a quick car insurance comparison, you might not have an accurate picture of the rest of the market, which could offer better coverage, better prices, and overall better service than your current insurer. You should certainly be comfortable with comparing car insurance policies to get the most out of your money. 

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