Singapore Auto Insurance Rates, Singapore Auto Insurance Rate

Singapore auto insurance rates refer to the amount one has to pay in order to transfer vehicle-related risk over to the insurance company. In Singapore, the state requires every individual to buy mandatory third party insurance. Moreover, the government has set up the EDDIES (Electronic Driver Data Information and Enquiry System) account for each driver. This helps the authorities to track the insurance policy owned by an individual. So, there is no escape from buying auto insurance.

Singapore auto insurance rates refer to the amount one has to pay in order to transfer vehicle-related risk over to the insurance company. In Singapore, the state requires every individual to buy mandatory third party insurance. Moreover, the government has set up the EDDIES (Electronic Driver Data Information and Enquiry System) account for each driver. This helps the authorities to track the insurance policy owned by an individual. So, there is no escape from buying auto insurance. However, with increasing cost of insurance, it is essential to compare Singapore auto insurance rates before making the final decision.

How to Compare Singapore Auto Insurance Rates

• Payment options: Always look for the tenure for which the insurance rates are provided. It may be three months, six months or on a yearly basis. Also, consider the face value amount (to be paid at the time of purchasing a policy) and the premiums. It is advisable to buy a policy that requires the policyholder to pay equitable amounts on installment.
• Coverage: Compare the extent of coverage against the insurance rates. Those who want to buy the cheapest Singapore auto insurance policy should opt for lesser cover. However, if the premium amount is not a consideration, it is best to compare rates for extended cover.
• Discounts: Compare the policy rates in terms of discounts they offer, such as discounts for senior citizens, good students or good driving record. Usually, insurance companies offer 10 percent discount as ‘no-claims’ bonus at the time of renewal. This discount percentage rises with an increase in the no-claims period.
• Insurance company: Consider the reputation and trustworthiness of the insurance company. Check the claims settlement history of an insurance company. It will provide insight into the amount of difficulty you may face to redeem an insurance claim. Some of the companies offer cheapest quotes to attract customers. Check the financial stability of the insurance company before buying the policy.

 

Insurance companies tend to combine different covers under one policy to inflate the price. Such as combining breakdown or road assistance cover with collision insurance. So, one has to decide on what s/he wants to buy under the policy and what needs to be left out.