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How to Save Money for Comprehensive Car Insurance Plans in Singapore

Getting a car in a city like Singapore is not cheap and it is consider a luxury item and it is indeed a very expensive expenses you need to fork out on a monthly basis. Based on a $100,000 car, you need to fork out the below on a monthly basis.

Sale Price of Car$100,000
Loan Amount$70,000
Instalment$1,000/month
Road Tax$80/month
Petrol$400/month
Season Parking$100/month
Maintenance$200/month
Insurance$100
Total$1,880/month

There are difference ways you can save for your car expenses and car insurance is one of the option for you to consider and knowing more about it will help you decide further how you can save and reduce the monthly expenses.

Coverage Type

There are different type of coverage for your consideration but if your car is under finance, the bank or the finance company will require you to take up the Comprehensive coverage to safeguard over the loan that they have given to you. If your car is more than 10 years, most car insurance companies will not give you Comprehensive coverage by Third Party Fire & Theft or Third Party Only coverage. (Do note certain car insurance companies will still over Comprehensive eg AXA Insurance Pte Ltd)

Below are the description of different coverage.

Comprehensive

It covers nearly everything that can happen to a car including accidents, burglary and injury to third party. Do check the exclusionary clause of the policy to understand what is not covered.

Third Party Fire & Theft

It provides coverage when the insured hits third party’s car, causing damage or injury to the other person. If a car catches on fire or stolen, the insured will also be covered.

Third Party Only

It is purchased by an insured from an insurer to protect against the claims of third party. The insured is responsible for his/her own damage or losses whether caused by himself/ herself or the third party.

Ever wonder, if you get involved in a car accident and vandalism?

What would be next? Can you afford to replace or repair your car if it's damaged badly? Just because you are a good driver doesn't mean that an accident won't happen nor you guarantee that everyone on the road is a great driver and they won't hit your car? Therefore, don't be penny wise pound foolish when you know that you can't afford to pay for the damage or loss.

Why Car Insurance is important?

Keeping in view all this, it is quite clear that Car Insurance is as much important as your life insurance. In fact, the law also makes it mandatory to have Car Insurance before car usage. Without that, you cannot drive your car on the roads.

Car Insurance has the following benefits:

• It benefits the survivor when an accident results in death.
• It protects you from lawsuits brought against you as the result of an accident
• It repairs your car due to the damage caused in an accident

How can your Car Insurance Plans be different and Save Money:

Under Comprehensive Plan, you can customizable Car Insurance plans with

No Claims Discount (NCD) Protector

Protects your NCD from dropping by 30% when accident happen.

Loss Of Use

Giving you cash or car replacement when your car is under repair due to accident.

Waiver Of Excess - $0 to fork out when you sent your car for repair due to own damage.

Restricted Driver

premium will be greatly reduce but do note that it can be detrimental if it is not the driver that is allow to drive the car.

Mileage

you can ask for a lower premium when you ask drive with a lesser mileage.

Type Of Use

If you only use your car to and from work and not for work purpose, you can also have the premium to be reduce.

Get a car insurance quote now.

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