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Finding the Best Car Insurance in Singapore - What You Need to Know

With the amount of car insurance companies providing motor insurance, it's not always easy to tell which is the best car insurance in Singapore. Depending on the type of car insurance plan, years of driving experience, and if you have any no-claim discount (NCD), the amount you have to pay to be insured in Singapore may vary. The best way to ensure that you are getting the best comprehensive coverage and avoid higher premiums, is to get a side-by-side comparison quote. That said, you should also be aware of what to consider when looking for the best insurance coverage. Here are some things that you should familiar with.

Insurance Premiums

Naturally, the first thing you’ll need to consider when finding the best car insurance in Singapore is to consider the premium that you will need to pay. This is important since it is the component that you will need to pay upfront for your coverage to be activated. It is also the component that is payable annually upon renewal of your car insurance. Generally speaking, the lower the insurance premium, the better for you as the consumer. Insurance premiums vary from car to car, as the insurance quote takes into account the type of car you are driving, the value of the car you are driving, as well as the driving record and experience of the driver. There are also differences between the type of insurance plans that you wish to be covered under - such as Comprehensive Insurance, Third Party Fire & Theft Insurance, and Third Party Only Insurance. Generally speaking, a vast majority of consumers in Singapore will opt for Comprehensive Insurance as the premiums are not vastly more expensive, and provides consumers complete peace of mind.

An important point to note however, is that even though we all wish for lower insurance premiums, the cheapest insurance plan for your car is not necessarily the best, as some insurance plans with lower premiums come with higher excess amounts. At the end of the day, it pays to compare various insurance quotes from various insurance companies to get a sensing of what works best for you. If you’d like to find out how much car insurance would cost for you in Singapore, click here to receive a side by side comparison quote from leading car insurance companies in Singapore.

Insurance Excess

Simply put, insurance excess refers to the amount you’ll have to pay on top of your insurance premiums in the event that you have to claim damages on your own insurance. This is applicable when you are the one liable for an accident, and you require repairs done to your own vehicle. Typically, the excess amount is a fraction of your repair costs, and serves to protect you from large and unexpected repair bills. As mentioned earlier in the article, low premiums for certain car insurance policies can sometimes be offset with higher excess costs, while vice versa, higher premiums are offset with lower excess costs. Neither configuration is good or bad, but you should be aware of this difference when choosing your car insurance in Singapore and choose what works best for you. To view a side by side comparison quotes from leading insurance companies in Singapore, click here to enquire.

NCD and NCD Protector

An NCD or No-Claim Discount, is a year on year discount that a driver accumulates in his or her name. A 10% discount is accumulated each consecutive year that a driver does not submit an insurance claim. Typically, this accumulates to a maximum discount value of 50%, and is applicable to the driver regardless of the insurance company chosen year on year. In the past, when a claim is submitted by a driver, the NCD is generally reset or drops to a lower tier. However, most insurance policies today come with an NCD protector included, which helps the driver to retain their NCD benefits up to the point of the insurance claim. Due to the unforeseen nature of road accidents, it is definitely a good idea to have a car insurance policy in Singapore with NCD protector. To view car insurance quotes from leading insurers in Singapore with NCD protector, click here to enquire.

Although applying for car insurance in Singapore can seem like a tedious and challenging process for some, it can actually be quite easy and hassle free with the right help. At Road Pilgrim, all you need to do is to submit a single enquiry with your details, and we’ll automatically provide a side-by-side comparison quote from multiple leading insurers in Singapore. From there, you can instantly compare the quotes and choose what’s best for you, make payment for the policy, and get your car insurance activated. The quote is FREE to enquire anyway, so its no harm getting an extra quote for your comparison.


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