Should You Go Into Debt to Pay for Unexpected Auto Repairs?

The cost of owning a car does not end when you buy it. There are plenty of considerations that you must take into account, including unexpected auto repairs. Car repairs are not cheap and can even be unreasonable at times. If you’re buying a new car, this won’t be a problem since it will come with a manufacturer’s warranty. 

But if you’re getting a secondhand car or your original coverage is coming to an end, you need to consider how you’re going to fund the repairs. Fortunately, you have the option of getting an extended auto warranty, which takes effect once the manufacturer’s coverage expires. 

You may look for different options for your provider online by reading articles like CarShield reviews. Below is a discussion of an extended car warranty and how it can help with unexpected auto repairs.

About Extended Auto Warranty

According to The Balance, manufacturers, dealers, and third-party providers may offer an extended auto warranty as an add-on when you purchase a vehicle. You may use it to cover the cost of repair and parts replacement after the original coverage ends.

Although it’s common practice to avail of this type of service contract when you buy a new car, you can still purchase one before the current coverage expires. You can also use it for a secondhand car.

It aims to help car owners avoid potential out-of-pocket costs by covering repairs that may cost hundreds of dollars. Aside from covering repairs beyond the manufacturer’s warranty, it may also cover expenses for car parts that the original contract doesn’t include even when it’s still active. Examples of these parts are entertainment systems and onboard computers.

There are also instances where the manufacturer’s coverage requires a deductible you need to pay first before it kicks in. Some providers often place limits on specific expenses, like towing costs. The extended car warranty will take care of it as long as the service contract includes it.

Common Warranty Types

According to the AAA, the two most common types of extended car warranty are named-component and exclusionary. A named-component plan provides coverage for only the parts listed in the policy. The type of coverage differs depending on the level of the plan, such as gold, silver, and bronze. The higher the level of the plan, the more parts it covers.

Meanwhile, the exclusionary type is more straightforward in approach. Exclusionary policies cover most vehicle parts but identify those excluded from coverage.

Costs of Extended Auto Warranty

Because coverage varies, the cost of getting an extended warranty also differs from one provider to another. If you buy your vehicle from a dealer, chances are they will ask you to purchase an extended coverage too. Do not immediately agree to this because most dealers would mark up its cost to add to their profit.

If you’re on the hunt for one, you should consider negotiating with the dealer or talking to other third-party providers. Take time to read their quotes carefully and compare your options before deciding.

Getting this type of coverage may cost you about $1,000 or a few thousand up front, depending on the inclusions. Depending on the policy, deductibles are usually around $100 per visit or repair. You may choose zero deductible plans, but they will be more expensive.

You may also opt to include the warranty cost in your auto loan if you’re getting one. However, it will incur interest and other fees.

What to Look Out For

The AAA also identified several items you need to know when getting an extended car warranty aside from what parts are covered and how much deductible is required. You must know where to take your car for repairs. Some providers have specific repair shops that they accredit.

You also need to know if there is a waiting period and how long before the coverage takes effect. For example, some providers require clients to drive their car for at least 1,000 miles, combined with a 30-day waiting period before enforcing the policy.

Ensure that your coverage for repairs specifies whether it covers both the cause of damage and its subsequent impact on other parts. There may be instances when a car component breaks down, leading to further damage to other parts. Some providers only cover the initial damage but not the resulting ones.

Is This for You?

After learning about extended auto warranty and what it does, you may now know whether it can be helpful for you. Ask yourself how long you plan to keep your car. If you’re thinking of upgrading to another model after a few years, you may not need it at all. It may even be a financial burden for you in the short term.

You may also rethink your risk tolerance as a car owner. If you worry about shouldering high-cost and unexpected repairs, extended coverage will be a good purchase for you. But if these things won’t keep you up at night and you’re more worried about short-term costs, you may want to skip on getting one.

Final Thoughts

An extended auto warranty is something you get for your peace of mind. If you’re confident that you won’t have any significant trouble with your car based on past experiences, you may save money for emergency repairs. However, if the thought of getting into debt due to unexpected repairs terrifies you, buying one makes the most sense. 

 

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Singapore’s latest entry policy

Singapore residents crossing the road

VTL entry

As of midnight on March 3, the Civil Aviation Authority has issued 348,518 Vaccinator Passes (VTPs) to travellers from 30 countries and territories, and 456,215 people have entered Singapore through the VTL so far.

Currently: Australia, Brunei, Cambodia, Canada, Denmark, Fiji, Finland, France, Germany, India, Indonesia, Italy, Malaysia, Maldives, Netherlands, Korea, Spain, Sri Lanka, Sweden, Switzerland, Thailand, Turkey, United Kingdom and United States, Hong Kong, Qatar, Saudi Arabia, United Arab Emirates, Israel and Philippines

In the future, Singapore will expand the Vaccinator Travel Gateway VTL programme to more cities in Malaysia, Indonesia and India, and launch VTL programmes with Greece and Vietnam.

From 16 March, Singapore’s airline VTL scheme with Malaysia will be extended to Penang with four return VTL flights daily, and Indonesia’s airline VTL scheme will be extended to Bali on the same day with two daily VTL flights to Singapore.

Travellers from Greece and Vietnam will also be able to enter Singapore under the VTL scheme from March 16 onwards. Short-term travellers and work permit holders who wish to enter the country under the scheme can apply for a Vaccinator Pass from 10am on 13 March.

Border measures

The Singapore Ministry of Health has released a number of policies to continue to liberalise Singapore’s border measures! Firstly, border measures will be simplified by standardising the home notification period to seven days.

Existing Category 2, Category 3 and Category 4 countries and territories will be categorised as General Travel, while those requiring stricter border measures will be categorised as Restricted, although no countries or territories currently fall under the latter category.

Under the General Travel category, all travellers arriving from 11.59 pm on the 21st will only have to fulfil a seven-day home notification, as the incubation period for Omicron is shorter. Travellers who have completed their vaccinations and entered via VTL, as well as those from Category 1 countries or territories, will continue to be exempt from quarantine. The travel history of travellers will also be reduced from 14 days to seven days.

Instead of having to undergo a Polymerase Chain Reaction (PCR) test upon arrival, VTL and travellers from Category 1 countries or territories will be able to undergo a supervised Rapid Antigen Test (ART) at one of the testing centres across the island within 24 hours of entry into the country.

In addition to work permit holders, vaccinated long-term document holders will no longer be required to obtain a Vaccinator Travel Permit (VTP) or entry permit upon entry into the country. However, they will still be required to comply with border health measures upon entry.

The Health Minister pointed out that following the end of the Omicron outbreak, Singapore should gradually transition to allow all vaccinated travellers to be exempted from quarantine and no longer require the Vaccinator Travel Track (VTL).

He also noted that imported cases now account for about 1% of the total number of daily cases. The authorities are now concerned whether travellers entering Singapore are sufficiently protected so that they do not place a burden on the local healthcare system. In practice, therefore, there should be less emphasis on home notification and testing of travellers, and instead ensure that they complete their vaccinations and additional doses.

 

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Consideration of Car Insurance When You Need One

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.

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Here’s how to quit your job properly

Resignation letter

Leaving a company on shaky terms can have long-term consequences, such as being shunned by other firms in your field or harming your professional image.

In Singapore, many industries are pretty small. It can be damaging to your next application process if people realize that you left your last job badly and on a sour note, or that you are quitting a freshly obtained position.

Here’s how to quit your job properly.

Set a meeting

A courteous approach is to set up a meeting with your superior. Managers are frequently packed, so emailing them a well-crafted meeting request in advance will assist you in setting up a swift meeting. Request a time slot on their schedule so you may speak with them face-to-face. Instead of quitting over an email, it’s best to have an honest chat.

Have your speech ready
a person writing something

Image Credits: unsplash.com

Organize your thoughts, then make a list of whatever you need to say to your boss before reading them aloud. This gives you an indication of how much time you will need to chat, which you will need to know when scheduling your meeting’s duration. Having prepared your speech also aids you in determining whether you require the participation of a third person in your discussion, such as an HR manager to assist you with an assertion.

Serve your required notice

A month is the typical notice period you should give a company before leaving. If you’ve entered an employment agreement, though, be sure you’re following any notice requirements. You may be content to remain longer than the standard one-month timeframe, based on your availability, more so if your new work doesn’t commence immediately. Whatever amount of notice you give, make sure you notify your organization as quickly as feasible and include your last day in your letter of resignation.

Do a proper handover before you leave
two women talking while using the laptop

Image Credits: unsplash.com

After notifying your workplace of your departure, you will most likely have some time remaining in your position before you formally leave. You should finish existing work and assignments and discuss with your manager to identify who should take over your current projects.

Keep track of your daily routines, where you’ve stored records in a database, and other relevant details that will help the next person taking over. This will guarantee a seamless transition for the new hire that takes your place. Your coworkers will also appreciate your professionalism if they have to be the ones who will share your workload for the time being.

Your business connections may help you find new possibilities in the future, and the way you leave a company creates a lasting impact. On your exit, don’t say anything negative about your boss. Make an effort to leave a favorable lasting impression, not just because it’s the respectful thing to do, but also because it can lead to chances down the road. You could end up working for the same firm, with the same coworkers, or for the same employer next time, so leave on a good note.

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Singapore Bids Farewell to Passport Stamps for Short-term Visitors

Passport stamps have long been regarded as a keepsake of your time abroad. It can function as a conversation starter to show off your adventures. However, many countries are ditching this practice to opt for alternative tracking methods.

A passport stamp is an inked impression found in a passport, which is a symbol given upon entering or exiting a territory. Authorities have used stickers apart from rubber stamps (e.g., entry stamps from Japan).

While most countries issue both entry and exit passport stamps, a few countries issue entry stamps alone. Other countries do not stamp passports upon entry nor exit. These countries include Hong Kong, Israel, Macau, and South Korea. These countries issue landing slips as documentation to travelers.

What about Singapore? The Immigration & Checkpoints Authority’s (ICA) recently announced that all short-term visitors will no longer have their passports stamped. Instead, electronic visit passes (e-Pass) will be issued. This transition is a part of ICA’s efforts to provide a “more secure, safer, and more seamless immigration clearance” as Singapore gradually reopens its borders, according to the agency.

e-Pass Provides Seamless Immigration Clearance

e-Passes were first issued at Changi Airport in October 2021. Since then, its issuance has been progressively extended to all checkpoints.

Short-term travellers will now receive the electronic passes through the email addresses they provided in their arrival cards after clearing immigration. The email will contain details of the visit pass granted, such as the maximum days of stay and the last day of stay allowed in Singapore.

To support the travellers, ICA launched an enquiry portal where they can check their short-term visit pass records.

e-Pass Promotes Greater Convenience

The lack of pages in your passport is no longer an issue! ICA said: “With the full implementation of the e-Pass, all foreign visitors on short-term visit pass will no longer have to worry about the lack of pages in their passports to accommodate immigration stamps.”

Visitors just need to enter the Disembarkation/Embarkation (DE) number issued to them through the portal after they have submitted the SG Arrival Card application. They will have the convenience of retrieving their e-Pass information through the ICA’s e-Pass Enquiry Portal on the SG Arrival Card e-Service platform any time they want.

Visitors were reminded to provide an accurate and valid email address in the SG Arrival Card. This card should be submitted within three days before the date of arrival in Singapore.

How about for family members without personal email accounts? You can provide a proxy email address.

e-Pass Leverages Technology

The implementation of the e-Pass is an important part of its shift towards automated immigration clearance.

According to ICA: “The e-Pass is one of the building blocks for ICA’s New Clearance Concept (NCC). The NCC, which would be operationalised at our checkpoints from 2023, will automate immigration clearance for all travellers.”

Image Credits: unsplash.com

Governments and immigration authorities relied on passport stamps to monitor the travel movements of travellers. Due to technological advances, many countries including Singapore steered away from the old practice. Adapting to these new policies is essential to future automation.

Sources: 1, 2 & 3 

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