July 13, 2021

How Car Insurance Works in Singapore

By Sophie

It is quite obvious why car insurance is important in Singapore. Car accidents are inevitable in this country. But having insurance will also ensure that you do not become a victim of theft or accident. Most insurance companies in Singapore require that you have a car insurance policy before they will issue your insurance policy. So how does car insurance work in Singapore? 

Types of Car Insurance 

First, let us discuss the different types of car insurance available to you. There are car insurance policies for private individuals, for companies and for whole families. You can also opt for third party insurance, which includes injury from collisions with other vehicles as well as medical expenses. Comprehensive car insurance also covers damage to properties and also bodily injury to others caused by you as well as damage to your vehicle. Make sure to compare these insurances so that you can avail of the best insurance deal at the right price. 

Applying for a Car Insurance in Singapore 

When applying for Singapore car insurance, you must choose a company that has been a trusted name in the industry for a long time. Ask friends or colleagues about their favorite insurance companies. The insurance industry is very competitive and if you take time to choose wisely, you can get motor insurance quote. Singapore is fast developing as an insurance hub so the competition is tough. Also do not forget to check out the track record of the company before making a decision. 

One of the best ways to find the best insurance deal is to do a search online. All you need to do is type the words “car insurance Singapore”, “asia” and “in Singapore” in any search engine and you will get plenty of results. You will also get company details as well as quotes on specific Singapore car insurance plans. Compare the plans and pick the one that suits your needs. 

Another important thing is to know the terms and conditions of the Singapore insurance company. You must not forget to read the fine print because this is where you can find the hidden charges or any extra services that you may be entitled to. Some of the important things that you should know include the premium and the deductible amount. The company will also have their own terms and conditions that you must be aware of. You should also ask for a proof of residence as well as proof of insurance before you actually sign up the agreement. 

It is important to note that Singapore car insurance rates are quite low. If you compare it with those in other countries, Singapore car insurance rate will surely be very competitive. This is why many car owners in Singapore have their own cars. As a result, the demand for these cars is high. 

Car insurance in Singapore is also very easy to obtain. Most of the insurance agents in Singapore today offer online services. You can just log on to their website and fill up the application form online. Then they will contact you with some of the best quotes. 

Singapore car insurance is also ideal for travelers. There are many insurance companies in Singapore that offer overseas car insurance services. These companies have offices across the world and they can easily ship your insurance documents when you need them. In addition, most of these companies offer discounts for their services. So if you are planning to travel around the world, Singapore car insurance is definitely a great option. 

One of the most popular car insurance options in Singapore is Third Party Only. This policy provides coverage only on third party damages. So if you damage your own car in an accident here in Singapore, you will not be covered for damages to another person’s car. However, this does not mean that you will not get compensation if you damage another person’s car in an accident here. You will be able to receive full compensation. 

In addition, if your car is financed in Singapore, your lender may also require you to have car insurance. In that case, you should ask your loan provider whether or not Singaporean car insurance is compulsory. If your loan provider says no, then you should look for other providers. 

Singapore car insurance offers low premium rates for various types of insurance.  

These include third party, fire and theft and general car insurance. You can also choose to add up safety features in your insurance package. Some of the most common safety features include automatic seatbelts, daytime running lights and automobile alarms. However, if you already have a car alarm installed in your car, you can also choose to include that in your car insurance Singapore package. 

In getting a car insurance in Singapore, remember to compare car insurance quotes Singapore. 

If you are also planning to travel in the future, you also need to find for the best and cheap travel insurance Singapore.