What is Car Insurance

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Car insurance Singapore is also known as vehicle insurance, motor insurance or auto insurance is the insurance that is available to avail of coverage benefits for cars, trucks and other vehicles that are used on public roads. The terms of coverage generally include risk protection against physical damage as well as injury arising out of traffic accidents as well as the liabilities that could arise for you as a result of these accidents. In many countries of the world, the law makes it mandatory for you to possess some kind of car insurance though the exact requirements will vary.

It is important for you to understand that when you buy a car insurance policy, you are actually buying a combination package of several different types of insurance cover and the exact combination will depend on factors like the kind of car that you are driving and the exact risk coverage that you want.

Typically, this coverage may consist of the following:

Liability coverage
Liability coverage protects you against the financial consequences of bodily injury as well as physical damage to property relating to other people. Bodily injury liability would cover medical care expenses, damages for pain and suffering as well as for lost wages. Physical damage, coverage would include damage to other people’s cars as well as their property. Legal expenses and court costs are also reimbursed. In many states, the law lays down the minimum liability coverage that you should carry although nothing stops you from buying more insurance if you feel that it is required.

Comprehensive insurance
In comprehensive insurance, the insurer pays for any damage or loss on the insured car that is not the result of an accident. Coverage will include damage caused by fire, adverse weather conditions such as hail, damage caused by vandals and theft.

Underinsured/uninsured motorist
This coverage pays for damage to your car and your person when the accident is caused by a motorist who either has insufficient insurance or no insurance at all.

Medical coverage
Medical coverage pays the expenses caused in an accident regardless of whose fault the accident has been. Some states require what is called Personal Injury Protection insurance which pays medical expenses for the driver who has been insured regardless of fault for the accident or collision.

These are examples of some types of coverage and most car insurance policies will combine several types of coverage depending on your requirement. While many states will have some kind of minimum coverage, there is no reason why you should not purchase more insurance if you think it is required. For instance, if you are unable to replace your car, you can consider adding comprehensive insurance and collision insurance to your existing car insurance cover. Your ability to afford premiums will determine the extent of coverage that you can purchase.

You should also be familiar with the term “deductible” which is also known as an “excess”. This is a fixed contribution towards damages that you must pay for every single insurance claim before the insurer pays out. The excess can be a compulsory excess in which the insurer will stipulate will stipulate the minimum amount and this will vary from insurer to insurer. The excess can also be a voluntary excess pay you agree to pay more than the compulsory excess stipulated. The result will be a reduction in your premium because the risk of the insurer is reduced.

Probably the biggest though sometimes underestimated benefit of getting adequate car insurance is the peace of mind that it brings you.  Being free of worries about financial losses because of liability, medical expenses, repairs to damage to your car and is itself worth the premiums that you pay.  You can focus your attention on the road and driving properly instead of being bothered by the niggles at the back of your mind.  Naturally, the benefits of car insurance must come to you at an affordable price.

Let us consider the car insurance situation in a place like Singapore.  The insurer has to take many different factors into account in order to determine at what price to provide insurance.

Some of these factors include:

• Whether the vehicle is being used for personal use of for commercial use
• The make, the model and the age of the vehicle as well as the engine size
• The age and sex of the driver as well as the marital status
• The history of claims made by the driver
• The type of coverage that is being requested

Other important factors include your driving experience.  Your experience is reckoned from the date of passing your driving test.  If you have driven between 0 and 1 year, your insurance would be the most expensive.  If your experience is 1 to 2 years, it will be less expensive but still costly.  If you have driven for four years or more, your insurance will be the least expensive.  Similarly, age is another factor that determines the premium that you will pay.  Insurance is least expensive for the age group of 31 years to 65 years, more expensive for the age groups over 65 years old and between the ages of 26 years and 30 years.  The most expensive insurance will be for people in the age group of 18 years to 21 years.

If you have made no insurance claims over the past years, your premium can drop significantly.  You are normally entitled to a discount of 10% for every year without a claim so that, if you have made no claims for 10 years, your premium and drop by 100%.  This is why if you are involved in an accident with only minor damage, you would be well advised to settle the matter privately instead of involving the insurer.  You should also remember that, in Singapore, insurance costs more on cars that are large or more expensive.  The premiums will be a little less for older cars and some insurers may have a problem ensuring a car that is more than 7 years old.  Discounts are available on off-peak cars as well as a driving record that shows no traffic tickets.

There are three types of car insurance that are available in Singapore and many people choose the Comprehensive Cover which is the most expensive and gives you the best piece of mind.  Naturally this cover is more expensive than the other two.  Third-party is the basic minimum cover that is available while Third Party with Fire and Theft provides a little extra cover at a slightly higher cost.  You should make a choice depending on your requirements and how much you can afford to pay. Cheap car insurance may not give you the best coverage. Always get at least three quotations of car insurance online and compare them carefully before making up your mind.

Where to get cheap Car Insurance

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Where to get cheap Car Insurance?

How to get cheap Car Insurance

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Car insurance is necessary no matter whether you drive a car, truck or SUV and this applies to any country in the world.  Because there are so many car insurance companies offering so many different types of products, you need to lots of homework and to conduct your own research before taking your final decision.

These tips are based on getting cheap car insurance in Singapore but many of the principles are applicable in some form or another in most parts of the world.  First, get as many insurance quotes as you can because there is no limit on the number of quotes that you can request.  Get more quotes, so that you can compare and get the best deal. You can get these quotes either directly from the insurer or on the Internet.  The Internet lends itself particularly well for this kind of shopping because all you have to do is to put on your basic information on the car insurance website and the website will respond with an appropriate quotation.  Just to ensure that you do not attend any false or misleading information otherwise you may get a quotation that is not valid.  The other advantage of the Internet is that comparison-shopping online is easy and you will often discover specialist comparison websites.  Where you can perform your research conveniently and easily.

Some of the other factors that might help you to get the cheapest possible insurance:

• It may be better for you to apply for the insurance in the name of your wife if you are married.  Women are often considered to be better and safer drivers than men and therefore a lower risk.  They often tend to get charged less for car insurance cover.
• The safety features that you have on your car also make a difference.  These safety features help to prevent damage to the car as well as injury to the driver and the occupants.  Accidents will cost the insurer less and they will reward you in the form of lower insurance premiums.
• The size of your car engine is another factor in determining your premium and the smaller the engine, the lower the premium.  Many people have been known to choose the size of the engine based on the insurance premium that they will be required to pay.
• Your driving license and driving history is another factor because if you have a safe driving record, you are less likely to have an accident and therefore a lower risk as far as the insurer is concerned.
• Where you live is another factor in determining your premium.  If the insurer perceives the area where you live as safe, he is likely to offer you a lower premium because of the lower probability of theft… On the other hand, if you live in a theft prone area, your car is more liable to be stolen and you will therefore pay a higher premium.
• You should consider adding the name of an older person to the policy.  Like women, older people are regarded as safe drivers and therefore less liable to be involved in an accident.

How to make a successful Car Insurance claim

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If you recently had an accident and it’s not your fault, you have to claim compensation for the damaged car. Before that, you have to know how to make the claim successful as most of the time people make wrong claim and do not get the compensation from the company. There are some ways to follow for making car insurance claim successful. Here are the tips:

• Reporting: Write appropriately what has happened to your car. Car insurance criteria whether cover your happened accident or not. You have to be cautious about the informing process. Make sure that you have informed the right person about the incident that has happened. Open your policies and terms book so that you can be determined about the right of your claiming. Report to the person who is in your assigned pact.
• Evidences: Collect some evidences and proofs of your occurred accidents so that they cannot deny your claim. Take some photos of the accidents and inform the police so that your claim can be stronger to the company. If it is possible make a video of the damaged car especially from the back side so that your car number can be included there.
• Informing Police: It is a controversy that either you should inform to police or not. If it is a serious injury, then make ensure that police has been informed. If your car is stolen, then inform police immediately so that you may get your claimed compensation without any hassles. Informing police can be beneficial too when your car is stolen. Damage or accidents can cause injury to the people of the car were inside the car, so it is very important to have an insurance of both your body as well as car.
• Providing correct information: Statistics say that most of the claims fail for providing wrong information among the rejected claims. So, making the information too much accurate and evidences clear, you have to be more specific and cautious.
• Be aware of repairing: Be aware of repairing the car that has been damaged by an accident. If you try to repair it before the insurance has agreed to bear the expenses, then you may fall in to a falsified situation to the insurer company. So, to make your claim as much as strong, you have to follow some steps and tricks as well.
• Be serious: Be serious in dealing with the company. Make a commercial relationship so that you may be benefitted in case of proving your claim as rights. Otherwise, you have to follow the policies those have been signed between the insurer and customers. Because, it is the matter to take some money instead of nothing. So how much you should be paid, is a matter and should be careful of this.

Things to take note when buying Car Insurance online

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If you are in Singapore and are looking for a car insurance online, then you must to follow some tips before buying car insurance. In Singapore there are thousands of people who are really scared of accidents and unexpected incidents. Before buying car insurance online you have to know about the necessity of car insurance so that you will be able to understand yourself what you are actually going to do for. Car insurance are very much expected regulatory at present in Singapore for the dwellers of different cities. The expectations and necessity is the mother of invention and the people discovers everything when they are in a dire need of something. Here are several tips for the people who are looking for a car insurance to note so that they can but insurance without any hassles:

• Policy coverage: First of all, you have to know about the policy and laws of the insurance company so that you may come to know about the policies well. Policies will forward you to a good deal. You should take note of the things when buying car insurance online. Knowing about the policy details is the first condition before buying a car insurance online. You may have the tendency of driving car in a great speed, but you have to be ensured about the coverage that either the insurance allow compensation hi-speed car accidents or not.
• Cost fixing: Though most of the rules are written in the policies of car insurance, but these are not enough, because it has been seen from the experiences of the people that they had to pay more than the dealing rates. So, being careful and dealing fairly is the second things to know when buying a car insurance online.
• Different facts: When you are one of the buyers of a car and you need insurance online, and then make a deal with a car insurance company so that your new car may be damaged or stolen. You should make a deal of operating this in online but feel free of having this kind of services.
• Car insurance quotes: In Singapore, buying car insurance and choosing a better company depends on the quotes they are providing for the customers and buyers. So, before taking note of all the matters, you should check out the quotes of car insurance so that you can be determined which one you should buy for your comfort.
• Referrals: If you buy car insurance from totally stranger, then you may be cheated by the lack of behaviors and frankness. It is better to get referrals and buying one with referrals from your friends or family members. You should look for referrals so that the people of the car insurance may be well-known to you. They will take you with eagerness and cordiality, and then you will be benefitted and well accepted.

Buying insurance online is easy but you have to be cautious either they are cheating you or not, because it is a virtual kingdom and some of the people do not feel comfort with this process.

Tips of choosing the right Car Insurance

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It is important to choose a car insurance that provides sufficient coverage when you are in a distress with your car. So, before choosing car insurance, you have to be determined which one is better and will be suitable for you. There are some tips to choose the best insurance:

• Quotes detecting: Try to know about the quotes of the car insurance company so that you can have a chance to judge them online. Without being determined, which one you are going to choose, you may have cheated by the company. People do insurances for being out of tension when they are in anxiety about which one should choose for buying car insurance. The more you know about the quotes, the more you will get the chance to judge the company minutely. So, before buying car insurance, you have to know about the car insurance quotes of different companies.
• Reputations: Reputations help a person to choose a better insurance company. Get some referrals from your friends or relatives so that you may have got a chance to choose options for buying a better insurance for your car. if you know that this one is good or that one is better, this type of comments will lead you to the best one. Before buying car insurance, you should choose the best one that has a good reputation of helping the customers very cordially. Many of the companies are sometimes not reputed well but some Singaporeans though buy those companies, but it hampers the stream to choose the best one for car insurance.
• Policy: It is better and wise to know about the policy of the companies before buying one of the insurance companies. Sometimes, it is better to choose an insurance of a rich policy and costly insurance. Because, some reputed companies are offering low cost so that most of the people are going there and making the insurance company a publicly filthy place. In some cases, high costs make senses of insurances fair and nice service.
• Discounts: Many of the car insurance companies are offering discounts for attracting more customers towards them. People who buys car for the first time should not buy insurances on discount without knowing the company reputations, policy and terms. Before buying any kind of car insurance, it is matter to judge and not to enjoy on discounts. Because, later you may have cheated if you do not know about the terms and conditions as well as buy one based on discount.
• Suitable Insurance: Above all the conditions, you have to choose one of the insurances that may be suitable for you. Choose one that is may really suit you.

Top 5 reasons to get Car Insurance

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Getting a car insurance is a must if you want to drive in Singapore. Though there are many reasons behind getting car insurance, in fact there are five top reasons:

• Ensure safety: if you are a car owner then you have to think about the safety of your car. A person own a car for his/her own comfort, but if it is stolen or get damaged, then what to do with it? There must have nothing to do if you do not get car insurance after buying a car. Owning a car expands your liability and responsibility as well. To prove you are very much responsible and reliable as well as aware of anything or as a civil citizen, you have to buy car insurance. If you are quite traditional then you have to be a slight commercial in case of getting a car insurance.
• Investment: It is one kind of investments to buy car insurance. Because, you will get some feedback after you have lost your car or damaged by an accident. It is like to save money before having a new car. For example, you are giving some premium to the car insurance company, does not it sounds like to save money to buy a new car? When you are practiced with driving of your own car, then you must not ride on hiring cars after losing yours one. So, before losing yours one you should buy another car and the process of saving money when you are going to buy a new car, is getting car insurance.
• You never know when you need it: Car insurance usually comes in handy when you got into an accident. Thus, it is important to plan upfront to prevent such unforeseen situation. Many people choose the cheapest insurance available which if accidents do happen; they need to pay for high admin fee that can range from few hundreds to one or two thousands. It is important to get a car insurance with sufficient coverage and reasonable admin fee should you need to claim for it.
• Protection: If accident happens and you are at fault, your car insurance should be able to protect you from the damages claim from the other party. It is important to do so as the repair cost of a car can cost up to thousands of dollars. It is important to understand how much percentage of claims you can get from your car insurance. Another possible claim is the public stuff like lamppost etc. Even though it may look common but it’s never cheap. The repair cost can be close to a thousand depends on the severity of the damages.
• Peace in mind: every of the car owners search peace in mind after having a car. Notice that either you are being too much silly without car insurance or not. Without having car insurance you will not feel comfort at all.

The most important thing to get car insurance in Singapore is to ensure your safety on the road!

What are the Car Insurance coverage

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Everyone who drives needs car insurance in Singapore. In fact, most states require it by law. When you buy car insurance, you are buying what is called a policy. Your policy is based on a variety of factors including what kind of car you drive as well as what kind of insurance you want. Auto insurance policies are actually a package of different types of insurance coverage.

The first step in understanding an auto insurance policy is to learn the various types of coverage insurance companies offer. Some of this coverage may be required by your state and some of the coverage may be optional.

Liability coverage
This coverage pays for accidental bodily injury and property damages to others. Injury damages include medical expenses, pain and suffering and lost wages. Property damage includes damaged property and automobiles. This coverage also pays defense and court costs. State laws determine how much liability coverage you must purchase, but you can always get more coverage than your state requires.

Collision coverage
This coverage protects you against financial loss for damage caused to your car caused by a collision with another car or another object.

Comprehensive coverage
Comprehensive coverage covers damage to your vehicle that is not due to an automobile accident.  This could include damage caused by climatic conditions such as rain or hail as well as damage caused by fire or by theft and vandalism.

Medical coverage
Medical coverage pays expenses for medical treatment necessitated by an automobile accident regardless of which driver is responsible.

Personal Injury Protection (PIP)
This coverage pays for medical expenses incurred by the insured driver for an auto accident regardless of fault.  This is mandatory in some places.

In Singapore, the law requires insurance for every car.  This insurance is normally valid for one year and the policy has to be renewed on the due date by the payment of the premium.  Three types of insurance cover normally available in Singapore and these are:

Third Party Insurance (also called Type 3 coverage) covers the liability of the driver if he causes death or bodily injury to passengers and third parties.  Property damage caused to the property of others such as cars, fences, street lights and so on is also covered.  This is normally the cheapest form of insurance because it provides the least cover.

Third Party, Fire and Theft Insurance (also called Type 2 coverage) include some additional coverage to the above.  Damage caused by fire or by theft is also covered under this policy.  This coverage is mandatory for drivers driving cars more than 10 years old that are still being financed.  Because of the additional coverage, this coverage is slightly more expensive than Type 3.

Comprehensive coverage (also called Type 1 coverage).  In addition to Type 2 coverage, this insurance also covers damage to the insured vehicle including spare parts and accessories.  You should note that the policy does not cover damage caused by the following:

• Riots, strikes and civil commotion
• Floods and storms

The cover is valid in Singapore, West Malaysia as well as parts of Thailand within 50 miles of the border with West Malaysia.

What are the details needed for purchase of Car Insurance

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Before buying car insurance online you have to provide some information that will need to buy without hassles. If you do not provide information then you will not be paid your compensation when it will need. It is time to be aware of you. Compensation getting depends on the deal you have made with the people who are the owners of the car insurance. Making a good deal will make no harassment when you are going to claim your compensation. If you want to make your claim easier, then you have to make it informative by providing some information strictly. To make your claim stronger, it is important to provide all of your information included here-

• Personal Information: providing personal information will make your claim easier and stronger. You have to provide personal information like name, address, phone no, email address, birth date, occupation, present address and permanent address. You have to take your all occupational and professional relevant information.  If you are affiliated with business, then you have to provide all the business related information as well. You have to provide what is your occupation and all of your personal information like your office location, source of income, either you are paying income tax or not. The taxes and source of income are needed to make you clear to the company.
• Business details: If you are a businessman, then you have to provide some more information especially if you are a car businessman. Auto driver and businessmen have to provide information of business document.
• Coverage details: You have to provide information of the coverage details such as where you are going or not going. The details of your business and coverage information should need for your own betterment so that they can be clear about your area of coverage.
• Vehicle information: make, model, year, type and use of vehicle, vehicle number, name of driver and driver’s license number and if possible the licensing information are needed when you are going to buy car insurance. If you drive your car yourself, then you have to show the license number as well as license of your trade are needed. The most important thing is to provide the possible people who are going to drive the car.  It is your choice either you are going to trade with the car or not, but you have to provide some essential information about the car you are going to insure.
• Income details: Though it is not mostly important, but you have to provide your income details so that they may understand either you are capable of buying car insurance or not by providing the premium as well.

Buying car insurance is important thing and when you are going to buy it, you have to be cautious of providing information. In Singapore, buying car is not out of hassles when you will not provide your information needed. All the information will be effective in case of claiming the compensation when you are in a distress with your car.

What does Car Insurance not cover

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Singaporeans are used to the coverage of car insurance, but most of the people do not know the exclusions of car insurance. As a result they fall in a distress by not knowing the facts of exclusions when buying car insurance. Car insurance does not cover all the types of damages or losses and they have some terms and conditions, when you are signing up for car insurance, you should be aware of this. Car insurances do not cover all kinds of destructions or stealing. Some of them are enclosed below-

• Unlicensed driver: The first exclusions of car insurance should to know is about driver. Having an unlicensed driver is not so positive for you when you are intended to buy car insurance. If your friend takes your car and he is unlicensed or uninsured then no insurance company will provide assistance when you are in a distress with the car. No car insurance company covers an unlicensed driver.
• Damage to tyres: if your car’s tyre gets damaged when you are driving, then you will not get any compensation for it. If you are not concerned about any parts of the cars that will make any damage of your car, then you must not get any compensation for it.
• Own damage: if you are the cause of making any destruction of your cars, then you will not be paid for it. Suppose, you are in hurry and when you drove alone and left the key in the car and forgot to take it. If at this time your car is stolen, then you will not get any compensation for it. And then, you will lose your entire claim as well.
• Unexpected reasons: if your car is seized by the government, then you will not get any compensation from the car insurance company. If you are a smuggler and get the order of giving your car to the police, then no payment will be given by the car insurance company. Another reason can be for the involvement in political reason.
• Natural or higher reasons: If a natural disaster like radioactive contamination, nuclear explosions, war, terrorism or earthquake, damages your car, then you will not be paid any compensation from the car insurance company. it is very important to note, because every people things that if any reason damages your car, then you will be must paid but there are some reasons that can be avoidable for getting any compensation for the loss.

It is to say that you will not be paid for all the reasons that take place when you are driving and your car get damaged. There are some reasons those do not cover car insurance compensation.

Why is Car Insurance Important

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If you drive a car almost anywhere in the world, you must have car insurance.  In the first place, almost all countries including Singapore require that you must have car insurance before you can take your car on the road.  Without insurance, you are liable to pay fines and to lose your driver’s license if you are involved in an accident.  Depending on how serious the accident is, you could end up in jail and also be sued in court for large sums of money.  In the second place, depending on the kind of cover you purchase, you will be protected against financial loss such as liabilities to third parties.  It is important therefore to acquire the right kind of insurance cover and then to maintain it.

There are many car insurance companies and you will need to do some research on them in order to choose the right company for you.  Make sure the insurer is well-respected and reputable to avoid any problems with your insurance at a later stage.  There are also many different types of insurance policies and cover that are available so you will need to ensure that the cover you buy makes sense for your specific personal requirements.  Naturally, the amount that you can afford to pay as premium will determine the cover that you can buy but you should try and get the maximum value for your money.  There is a very fine line between carrying too much coverage and not enough coverage and you should be prepared for a balancing act between your budget and the optimum coverage.

Car insurance is too important to be taken lightly and you should give it give it the care and attention that it deserves.  For instance, if you are in a car accident that is your fault and your car insurance coverage is either inadequate or non-existent, you will become personally liable for the damages and any medical expenses that are incurred.  If you have no insurance, you could well find yourself in jail.  In addition, you will almost certainly be sued by the other family and you could well end up losing everything.  On the other hand, if you have the right insurance, all you have to do is to make a claim on your insurer.  The insurer will then pay for any damages to the vehicles as well as the medical expenses if any for the treatment of injuries.

Remember also that if another car hits your vehicle and you are not insured, they will not be liable to pay any damages that they have caused.  The other major often underestimated benefit of car insurance Singapore is your peace of mind when you are on the road.  You have transferred the risk of any unforeseen problems to the insurer and can therefore drive with a clear mind and focus on your driving.  There are lots of car insurance companies out there competing for your business and you can get adequate coverage for your specific needs at an affordable price.  All you need to do is to carry out some due diligence to make sure that you can get the best possible deal for your money.

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