Unlike practically everything else in the world (even vehicles!) where it’s quite straightforward to comparison-shop for the cheapest costs, car insurance is a hard one since pricing for premiums are provided on a case-by-case basis. On top of that, not every insurance would divulge their costs easily or offer you a price online.
When it comes time to renew or get auto insurance, it makes perfect sense to use free internet resources to compare rates.
In Singapore, How Much Does It Cost To Insure a Car?
Need to get a Singapore car insurance? A year’s worth of coverage might cost anywhere from $700 to $1,000 — or even more! — depending on your location.
Your yearly auto insurance premium is computed on an individual case-by-case basis. In general, insurers attempt to determine how probable it is that you will be involved in an accident and how expensive it will be for them to cover the costs (i.e., the risk they assume).
How Can I Get the Best Deal on Auto Insurance?
It’s impossible to alter one’s driving history, driving record, or automobile. You may, however, search around to find the greatest deal for your specific profile and vehicle. To begin, obtain insurance estimates from at least five or six different firms. With the help of MoneySmart’s Car Insurance Wizard, you can easily obtain this information.
Insuring your vehicle should not be as inexpensive as it appears. Cheap insurance is worse than having no insurance since you’re wasting your money and putting yourself at risk.
High excess (the amount you must pay ahead before the insurer begins to pay for the remainder) and/or terrible terms & conditions (i.e. you can’t claim crap since EVERYTHING is excluded) are often associated with cheap rates. Check the fine print of your policy to make certain you’ll receive the protection you desire.
Directly Through an Insurance or Through a Broker, Which Should I Choose?
Keep in mind that rival insurers may offer lower rates to attract new clients. After all, our auto insurance specialists will perform the comparison for you while you rest and enjoy your time off. In the event that your current insurance provider offers a better bargain, at least you won’t have to worry about missing out on a better deal.
You may, of course, get automobile insurance on your own if you don’t mind going over the tiny print and checking out the facts.
Various Kinds of Car Insurance to Consider
Comprehensive Car Insurance
This sort of auto insurance, as the name indicates, covers practically everything, even the expense of repairing or replacing your own vehicle. This sort of insurance is the most frequent in Singapore because of the high cost of automobiles here.
Third Party Only (Tpo) Car Insurance
This is the most basic and least expensive sort of insurance since it only covers damage to the property of others. You’ll be on the hook for repairs to your own vehicle if something goes wrong with it. Most experts advise against attempting to fix a really old automobile that has reached the end of its COE lifetime.
Third Party, Fire & Theft (Tpft) Car Insurance
An enhanced form of TPO vehicle insurance. Except that TPFT also covers your automobile for loss, theft, and fire damage. Despite the fact that it provides a little extra security, this is typically just an option for drivers of older vehicles.
Most insurance companies in Singapore use a $500 or $600 deductible as a baseline for their estimates. The average amount that automobile owners are prepared to spend out of their own money may be derived from this figure. When comparing auto insurance rates, it’s important to consider both the premiums and the excess. If you choose a high excess, you can save money on your premium, but are you really willing to pay $2,000 if you are involved in an accident? It’s probably not going to happen.