Comprehensive Car Insurance – Here’s everything you need to know to get the best car insurance for you: we help you understand what the cover is, terms like NCB and excess, how they apply to your salary and more open.
In Singapore, obtaining car insurance is a legal requirement to have a car under your name. There are three types of car insurance plans to choose from: third party only, third party, fire and theft and comprehensive car insurance.
Comprehensive Car Insurance
A TPO provides general insurance and is the minimum required in Singapore. It only applies to affected third parties and/or creditors.
Why Should You Invest In Fully Comprehensive Car Insurance?
TPFT provides additional coverage on top of the coverage covered in TPO. With TPFT, any loss or damage to your vehicle due to fire or theft will be covered.
Comprehensive car insurance is a comprehensive plan that covers you, your car, your passengers and your liabilities from minor and major accidents.
Three rules of car insurance every driver should know. They can make a big difference to your annual premium, depending on how you adjust your policy.
When you choose your car insurance claim, the balance is a fixed amount you pay out of pocket, for losses, before the balance is covered. You can exchange more money.
Understand Your Car Insurance Policy
Adam runs through PIE on his way to work. Suddenly a tree fell in front of his path. He couldn’t get in, and the cost to repair the car was $2,000. Fortunately, his reward was $500. So he only paid $500 and the supervisor kept the rest.
1. More on “Indicative Damage”: This is more applicable to your car only. It does not cover third party damages.
2. “Third-Third” excess: This excess refers to losses incurred by a third party. You may have to pay this on top of the rest of your ‘Private Damage’.
3. “All rights” excess: This excess refers to the amount paid for the accident, regardless of the resident of the night.
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In general, choosing a larger one will help keep your driving costs down. However, with reduced premium insurance, you are putting yourself at greater financial risk on the roads.
This reduction encourages drivers to practice safe driving. You get a 10% discount for every year of stay without a claim, up to 50%.
NCBs are not allowed for claims unless the driver’s liability exceeds 20% under the Barometer of Liability Agreement (BOLA). If so, their NCBs can be reduced by 10% or more.
Some vehicles charge extra for NCD protection plan. This allows them to apply and still retain their NSB rights.
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Your NCD can be transferred from one vehicle to another. Even if your car is cancelled, you can keep your NCD for 12 months. Another note, if you have two cars, your second car may not get the same NCD benefits as the first car.
Registered drivers are authorized by manufacturers to drive vehicles. They are covered by the owner’s insurance policy and have the same rights/protections.
Family members are often involved as designated drivers to handle financial matters. If an unregistered driver is involved in an accident while using your vehicle, the insurer may impose the maximum amount on your claim.
Insurance rates vary from car to car. Generally, the higher the risk of an accident, the higher your car insurance premium.
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1. Make and model of cars – European cars and parts are subject to higher import taxes, which increases the cost of prices.
2. Age of the car – The cost of car insurance decreases with the age of your car
3. Insurance Age – People under 30 and over 65 can expect to pay taxes.
4. Activity – Outdoor activity means you will be using your car more often and more prone to damage. This can mean higher prices
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5. Marital Status – Insurers can lower your car premium if you have a family to support
6. Years of driving experience – Drivers with four years of driving experience are required to pay a minimum driving fee.
7. Type of Car Use – Private car insurance premiums are higher than private car policies
8. Accident claim history – “accumulation fee” if you have filed one claim over $10,000 OR filed two claims in the last three years.
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9. No Claim – If you haven’t made a claim for a number of years, you will be charged a renewal fee. Learn more about NCDs here.
10. Truth and Honesty – Being dishonest about your driving record can cost you big fines if false information is provided.
11. Car Changes – Changes that are not eligible for LTA will require additional coverage which will increase the cost.
• File a police report on hit-and-run accidents, accidents involving unregistered vehicles in Singapore and government property
Comprehensive Car Insurance
Here are some common mistakes when making car insurance claims. Avoid this so that your claim is processed quickly and you receive your payment on time.
1. Failure to submit a valid claim within 24 hours – Generally, accidents must be reported within 24 hours and claims must be submitted as soon as possible. Otherwise, your requests may be terminated. You may need to send your vehicle in for inspection at some point.
2. Do not seek advice from a professional – from your insurer in case of an accident. They will direct you back to the website, if there is one, and advise you on the steps to take.
3. Acceptance of Guilt or Responsibility – Accepting to negotiate or make provisions for a personal settlement is an acceptance of responsibility. The party involved can use this against you to avoid liability for the accident.
What Is Comprehensive Insurance?
4. You’re not getting the full picture – The less details you know, the less likely your claims will be approved quickly. Here’s what you need to know in a car accident
5. Recording Off-the-record Evidence – Typically, an investigator uses dash cam footage to obtain the record. If you don’t have a photo of the car to show, you’ll need several photos from different angles. Try to get a good mix of close-ups, medium and wide-angle shots.
6. Unnecessary vehicle transfer – This applies to your report as you may forget important details and gives you the opportunity to challenge your rights. If necessary, ask for evidence.
7. Visit an unauthorized workshop – usually the manufacturer uses traffic camera footage to get the record. If you don’t have a photo of the car to show, you’ll need several photos from different angles. Try to get a good mix of close-ups, medium and wide-angle shots.
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More often than not, the best car insurance is not the cheapest car insurance. Here are some of the best car insurance options for different needs and wants:
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Don’t think that getting help when you have a car accident can be easy. Some providers do not offer 24-hour emergency care, and making an appointment for emergency services can complicate your process.
No, your claim reduction will not be canceled immediately when you are in an accident. If the accident was not your fault, you can retain your NSB rights.
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No, your NCB may not be significantly reduced for a claim. In general, being under your own policy leads to a 30% reduction in NCDs. However, some providers have additional policies to protect your NCD in such cases.
Refurbished vehicles may be insured, but this is subject to additional costs. Be aware of vehicle changes when switching insurers, or your insurer may cancel your policy or reject your accident claim.
Insurers provide loss of cover/benefits or want a car, only if it is included in your insurance plan. It also affects the waiting period and the amount of damages.
Not all accidents need to be reported, but it depends on the will of your employer. Some drivers do not require drivers to report accidents where they are not at fault.
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