A Comprehensive Guide to Car Insurance

Overview of car insurance:

Car insurance is also known as auto insurance which protects you against financial loss in case of accidents, repairing, and maintenance. It gives you full coverage against the car damage that is caused by the accident or theft. This insurance plan is compulsory in Singapore, whether you are using a commercial vehicle or a personal vehicle. The purpose of this plan is to mitigate the risk of financial loss at the time of car damage.  

What is a car insurance quote? 

When you search for car insurance, you will come across many car insurance service providers like HL Assurance. You can get the best car insurance plan by comparing the car insurance quotes of the competitors – most of the insurance companies in Singapore tie-up with the manufacturer to get an instant car insurance quote. Once you have found a better loan APR online, your work will be easier. 

How to get a car insurance quote?

Getting a car insurance quote is a straightforward process. Below we have mentioned in the listicle sub-points so that you can easily understand it. 

Provide your car details: The car insurance companies will ask you for details about the car model, name, and what type of car insurance you exactly need it. 

Compare car insurance quote: You can compare the car insurance quotes by reviewing the features and premiums of the car insurance companies. 

Get Covered: Once you choose the plan and the best car insurance company, fill the form online and submit the required documents and then click on the submit button. 

Types of Car Insurance:

There are three types of car insurance in Singapore that we have mentioned below-

Third-party cover: 

This type of car insurance is designed when the damage to the car is done by the third party. It also includes driver legal liability for death or injury. It is an entry-level car insurance type that provides the least coverage to the policyholder. If your age is below 26, the premium rates are relatively higher than older age people. Because the younger generation drives much more harshly than adults. If you are an inexperienced driver and have two years of driving license, then you also have to pay higher premiums than experienced drivers. Premiums of car insurance are also based on gender. Women seem to be safer drivers than men, so their premiums are relatively lower than men. 

Third-party, fire, and theft: 

It is one of the most popular entry-level car insurance. It covers all the accidental loss, or damage by fire and or theft. The premium rates of this type of car insurance are relatively higher than others. If your driver receives numerous claims will not get a lower premium. To protect your car from the theft, it is advisable to lock the doors of the car and close the glasses. 

Comprehensive cover: It is one of the preferred types of car insurance. It gives you coverage against third-party damage, fire, theft and accidental damage. If you often use your car, then you should opt for this plan. The premium rates of the insurance are high, but the coverage you will get enables you to drive a car with peace of mind. 

Important terms in the car insurance policy:

Premiums: The amount that you give you the insurance company monthly/ half-yearly/ yearly to retain your car insurance policy is known as premium. The premiums vary from inexperienced to experienced drivers, women to men and age. 

Excess: An excess payment is the amount of money that you will have to pay out of pocket for damaging your car or another person’s car to cover the damage that is not included in the car insurance policy. 

No Claims Discount:

No claims discount is a count of the number of years that a policyholder doesn’t apply for the claim or not use the features of the policy to his/her benefits. 

Main driver/ Named driver:

The main driver is the name of the driver who drives the car mostly. Named drivers are the names that are declared by the policyholder that they can drive his car when he is not available. 

Things that can void your insurance:

There are plenty of things that can void your insurance policy. We have mentioned them below. 

Not being honest:

If you got into an accident and lied to the car insurance company like what was happened with you and who is driving, they can find out everything. In case, if they catch you lie, they will void your car insurance policy without any second thoughts. 

Not being cooperative:

If you refuse to work with the insurance company while an investigation, they can deny you coverage. 

Drink and driving:

Insurance companies will charge high premiums from the people who drive while drinking and fall themselves in accidents. 

Final Say:

We hope this comprehensive guide on the car insurance company will help you a lot. Get an instant car insurance quote online and get the best policy at an affordable premium.